Check out this blog by Keeping Matters Current. Spring is almost here, and many are wondering what it will bring for the housing market. Even though the pandemic continues on, it’s certain to be very different from the spring we experienced at this time last year. Here’s what a few industry experts have to say about the housing market and how it will bloom this season. Danielle Hale, Chief Economist, realtor.com: “Despite early weakness, we expect to see new listings grow in March and April as they traditionally do heading into spring, and last year’s extraordinarily low new listings comparison point will mean year over year gains. One other potential bright spot for would-be homebuyers, new construction, which has risen at a year over year pace of 20% or more for the last few months, will provide additional for-sale inventory relief.” Ali Wolf, Chief Economist, Zonda: “Some people will feel comfortable listing their home during the first half of 2021. Others will want to wait until the vaccines are widely distributed. This suggests more inventory will be for sale in late 2021 and into the spring selling season in 2022.” Freddie Mac: “Since reaching a low point in January, mortgage rates have risen by more than 30 basis points… However, the rise in mortgage rates over the next couple of months is likely to be more muted in comparison to the last few weeks, and we expect a strong spring sales season.” Mark Fleming, Chief Economist, First American: “As the housing market heads into the spring home buying season, the ongoing supply and demand imbalance all but assures more house price growth…Many find it hard to believe, but housing is actually undervalued in most markets and the gap between house-buying power and sale prices indicates there’s room for further house price growth in the months to come.” Bottom Line The experts are very optimistic about the housing market right now. If you pressed pause on your real estate plans over the winter, reach out to a local real estate professional to determine how you can re-engage in the homebuying process this spring. The post Will the Housing Market Bloom This Spring? appeared first on Keeping Current Matters.

EXIT Realty Corp. International is on the cutting edge of all things real estate. Please enjoy these blogs available exclusively from EXIT Realty Corp. International. Jonathan Lum, Broker/Owner of EXIT Realty Home Partners located in Lansing, MI, used his birthday as an opportunity to raise funds for the Allen Neighborhood […] The post EXIT Realty Home Partners Gets Help from the Spirit of EXIT to Further Birthday Fundraiser appeared first on Real Estate Industry Leaders.

Check out this blog by Keeping Matters Current. Last March, many involved in the residential housing industry feared the market would be crushed under the pressure of a once-in-a-lifetime pandemic. Instead, real estate had one of its best years ever. Home sales and prices were both up substantially over the year before. 2020 was so strong that many now fear the market’s exuberance mirrors that of the last housing boom and, as a result, we’re now headed for another crash. However, there are many reasons this real estate market is nothing like 2008. Here are six visuals to show the dramatic differences. 1. Mortgage standards are nothing like they were back then. During the housing bubble, it was difficult not to get a mortgage. Today, it’s tough to qualify. Recently, the Urban Institute released their latest Housing Credit Availability Index (HCAI) which “measures the percentage of owner-occupied home purchase loans that are likely to default—that is, go unpaid for more than 90 days past their due date. A lower HCAI indicates that lenders are unwilling to tolerate defaults and are imposing tighter lending standards, making it harder to get a loan. A higher HCAI indicates that lenders are willing to tolerate defaults and are taking more risks, making it easier to get a loan.” The index shows that lenders were comfortable taking on high levels of risk during the housing boom of 2004-2006. It also reveals that today, the HCAI is under 5 percent, which is the lowest it’s been since the introduction of the index. The report explains: “Significant space remains to safely expand the credit box. If the current default risk was doubled across all channels, risk would still be well within the pre-crisis standard of 12.5 percent from 2001 to 2003 for the whole mortgage market.” This is nothing like the last time. 2. Prices aren’t soaring out of control. Below is a graph showing annual home price appreciation over the past four years compared to the four years leading up to the height of the housing bubble. Though price appreciation was quite strong last year, it’s nowhere near the rise in prices that preceded the crash.There’s a stark difference between these two periods of time. Normal appreciation is 3.8%. So, while current appreciation is higher than the historic norm, it’s certainly not accelerating out of control as it did in the early 2000s. This is nothing like the last time. 3. We don’t have a surplus of homes on the market. We have a shortage. The months’ supply of inventory needed to sustain a normal real estate market is approximately six months. Anything more than that is an overabundance and will causes prices to depreciate. Anything less than that is a shortage and will lead to continued appreciation. As the next graph shows, there were too many homes for sale in 2007, and that caused prices to tumble. Today, there’s a shortage of inventory, which is causing an acceleration in home values.This is nothing like the last time. 4. New construction isn’t making up the difference in inventory needed. Some may think new construction is filling the void. However, if we compare today to right before the housing crash, we can see that an overabundance of newly built homes was a major challenge then, but isn’t now.This is nothing like the last time. 5. Houses aren’t becoming too expensive to buy. The affordability formula has three components: the price of the home, the wages earned by the purchaser, and the mortgage rate available at the time. Fifteen years ago, prices were high, wages were low, and mortgage rates were over 6%. Today, prices are still high. Wages, however, have increased, and the mortgage rate is about 3%. That means the average homeowner pays less of their monthly income toward their mortgage payment than they did back then. Here’s a chart showing that difference:As Mark Fleming, Chief Economist for First American, explains: “Lower mortgage interest rates and rising incomes correspond with higher house prices as home buyers can afford to borrow and buy more. If housing is appropriately valued, house-buying power should equal or outpace the median sale price of a home. Looking back at the bubble years, house prices exceeded house-buying power in 2006, but today house-buying power is nearly twice as high as the median sale price nationally.” This is nothing like the last time. 6. People are equity rich, not tapped out. In the run-up to the housing bubble, homeowners were using their homes as personal ATM machines. Many immediately withdrew their equity once it built up, and they learned their lesson in the process. Prices have risen nicely over the last few years, leading to over 50% of homes in the country having greater than 50% equity – and owners have not been tapping into it like the last time. Here’s a table comparing the equity withdrawal over the last three years compared to 2005, 2006, and 2007. Homeowners have cashed out almost $500 billion dollars less than before:During the crash, home values began to fall, and sellers found themselves in a negative equity situation (where the amount of the mortgage they owed was greater than the value of their home). Some decided to walk away from their homes, and that led to a wave of distressed property listings (foreclosures and short sales), which sold at huge discounts, thus lowering the value of other homes in the area. With the average home equity now standing at over $190,000, this won’t happen today. This is nothing like the last time. Bottom Line If you’re concerned that we’re making the same mistakes that led to the housing crash, take a look at the charts and graphs above to help alleviate your fears.     Agents: Check out our LIVE webinar on How to Confidently Answer the 4 Questions Buyers & Sellers Are Asking Today so you can position yourself as the leading knowledge broker in your area.   The post 6 Simple Graphs Proving This Is Nothing Like Last Time appeared first on Keeping Current Matters.

EXIT Realty Corp. International is on the cutting edge of all things real estate. Please enjoy these blogs available exclusively from EXIT Realty Corp. International. Diane Farr, Franchisee of EXIT Realty of the Smokies in Kodak, TN, and her team of real estate professionals,  wanted to be neighborly and assist […] The post EXIT Realty of the Smokies and the Spirit of EXIT Partner to Help Volunteer Fire Department Buy Needed Supplies appeared first on Real Estate Industry Leaders.

Check out this blog by 719Lending Home upgrades are a great way to showcase your personal style and potentially add value to your home. But they can also be costly and take specialized knowledge and skills to execute. Here are a few of the best Do-It-Yourself (DIY) projects that even a beginner can tackle to make a home inviting and fun. Paint: Sprucing up the interior of your home with a fresh coat of paint is one of the easiest and cheapest ways to get a big bang for your DIY buck. Talk to the professional at your hardware store about your project (room, use, color ideas) for some great tips. They can also help you pick out what equipment you will need, although it’s often not much more than a good roller, brush, tape, and drop cloth. Fire Pit: Adding a fire pit to your backyard setup creates a fun, cozy atmosphere that can’t be beat. You can purchase a kit that comes with all of the pieces you need or find easy tutorials online. Just be sure to research the regulations in your area about size or location restrictions. Update a Light Fixture: How many people does it take to change a lightbulb? Hopefully just you! You can create new ambient lighting using one of today’s bulbs. You can choose between a warm/soft light, a cool/neutral, and daylight, depending on the intended use and look of the space. If you have some basic knowledge of electrical systems, you can add a new pendant or fixture. Just be sure to turn off any circuits that you will be working with before beginning to DIY. Window Tricks: Add curtains to frame your windows and add texture to your room. Hang them as high as possible to create the look of high ceilings. Upgrade Cabinet Hardware: With just a simple screwdriver and some time, you can replace the drawer and cabinet pulls in your kitchen with newer, on-trend options. These can get pricey for large kitchens with a lot of storage space, but can change the entire look of one of the most used rooms in your home. The post Best Projects to DIY in Your Home appeared first on 719 Lending.

EXIT Realty Corp. International is on the cutting edge of all things real estate. Please enjoy these blogs available exclusively from EXIT Realty Corp. International. Tami Bonnell, CEO of EXIT Realty Corp. International, today announced that the subfranchisor rights to the state of Michigan have been awarded to Willard (Bill) […] The post EXIT Realty Corp. International Awards Subfranchisor Rights to Michigan to Bill Pankonin appeared first on Real Estate Industry Leaders.

Check out this blog by Keeping Matters Current. Last Thursday, Freddie Mac announced that their 30-year fixed mortgage rate was over 3% (3.02%) for the first time since last July. That news dominated real estate headlines that day and the next. Articles talked about the “negative impact” it may have on the housing market. However, we should realize two things: 1. The bump-up in rate should not have surprised anyone. Many had already projected that rates would rise slightly as we proceeded through the year. 2. Freddie Mac’s comments about the rate increase were not alarming: “The rise in mortgage rates over the next couple of months is likely to be more muted in comparison to the last few weeks, and we expect a strong spring sales season.” A “muted” rise in rates will not sink the real estate market, and most experts agree that it will be “a strong spring sales season.” What does this mean for you? Obviously, any buyer would rather mortgage rates not rise at all, as any upward movement increases their monthly mortgage payment. However, let’s put a 3.02% rate into perspective. Here are the Freddie Mac annual mortgage rates for the last five years: 2016: 3.65% 2017: 3.99% 2018: 4.54% 2019: 3.94% 2020: 3.11% Though 3.02% is not as great as the sub-3% rates we saw over the previous seven weeks, it’s still very close to the all-time low (2.66% in December 2020). And, if we expand our look at mortgage rates to consider the last 50 years, we can see that today’s rate is truly outstanding. Here are the rates over the last five decades: 1970s: 8.86% 1980s: 12.7% 1990s: 8.12% 2000s: 6.29% 2010s: 4.09% Being upset that you missed the “best mortgage rate ever” is understandable. However, don’t throw the baby out with the bathwater. Buying now still makes more sense than waiting, especially if rates continue to bump up this year. Bottom Line It’s true that you may not get the same rate you would have five weeks ago. However, you will get a better rate than what was possible at almost any other point in history. Contact a local real estate professional today so you can lock in a great rate while they stay this low. The post How Upset Should You Be about 3% Mortgage Rates? appeared first on Keeping Current Matters.

EXIT Realty Corp. International is on the cutting edge of all things real estate. Please enjoy these blogs available exclusively from EXIT Realty Corp. International. Carlos Alex Jesus, Franchisee of EXIT Golden Realty Group in North Arlington, NJ along with his fellow EXIT Realty associates, held a raffle to benefit […] The post EXIT Golden Realty Group and the Spirit of EXIT Support Pathways to Independence appeared first on Real Estate Industry Leaders.

Two Months before moving you should do the following: Sort and purge – Go through every room of your house and decide what you’d like to keep and what you can get rid of. Think about whether any items will require special packing or extra insurance coverage.Research – Start investigating moving company options. Do not rely on a quote over the phone; request an on-site estimate. Get an estimate in writing from each company, and make sure it has a USDOT (U.S. Department of Transportation) number on it.Create a moving binder – Use this binder to keep track of everything—all your estimates, your receipts, and an inventory of all the items you’re moving.Organize school records – Go to your children’s school and arrange for their records to be transferred to their new school district.

Check out this blog by Keeping Matters Current. When selling a house, most homeowners hope for a quick and profitable transaction that puts them in a position to make a great move. If you’re waiting for the best time to win as a seller, the market is calling your name this spring. Here are five reasons why this is the perfect time to sell your house if you’re ready. 1. There’s high demand from homebuyers. Buyer demand is strong right now, and buyers are active in the market. ShowingTime, which tracks the average number of buyer showings on residential properties, recently announced that buyer showings are up 51.5% compared to this time last year. Daniil Cherkasskiy, Chief Analytics Officer at ShowingTime, notes: “As anticipated, demand for real estate remains elevated and continues to be affected by low levels of inventory…On average, each home is getting 50 percent or more requests this year compared to January of last year. As we head into the busy season, it’s likely we’ll push into even more extreme territory until the supply starts catching up with demand.” When your house is positioned to get a ton of attention from competitive buyers, you’re in the best spot possible as the seller. 2. There aren’t enough houses for sale. Purchaser demand is so high, the market is running out of available houses for sale. Recently, realtor.com reported: “Nationally, the inventory of homes for sale in February decreased by 48.6% over the past year, a higher rate of decline compared to the 42.6% drop in January. This amounted to 496,000 fewer homes for sale compared to February of last year.” The National Association of Realtors (NAR) also reveals that, while home sales are skyrocketing, the inventory of existing homes for sale is continuing to drop dramatically. Houses are essentially selling as fast as they’re hitting the market – in fact, NAR reports that the average house is on the market for only 21 days. It’s this imbalance between high buyer demand and a low supply of houses for sale that gives sellers such an advantage. A seller will always negotiate the best deal when demand is high and supply is low. That’s exactly what’s happening in the real estate market today. 3. You have a lot of leverage in today’s market. Clearly, many more people are interested in buying than selling this spring, creating the ultimate sellers’ market. When this happens, homeowners in a position to sell have the upper hand in negotiations. According to NAR, agents are reporting an average of 3.7 offers per house and an increase in bidding wars. As a seller, this means the ball is in your court – so much so that you can use your leverage to negotiate the best possible contract. Demand is there, and now is the perfect time to sell for the most favorable terms. 4. It’s a great way to use your home equity. According to the latest data from CoreLogic, as of the third quarter of 2020, the average homeowner gained $17,000 in equity over the past year, and that number continues to grow as home values appreciate. Equity is a type of forced savings that grows during your time as a homeowner and can be put toward bigger goals like buying your next dream home. Mark Fleming, Chief Economist at First American, notes: “As homeowners gain equity in their homes, they are more likely to consider using that equity to purchase a larger or more attractive home – the wealth effect of rising equity. In today’s housing market, fast rising demand against the limited supply of homes for sale has resulted in continued house price appreciation.” 5. It’s a chance to find a home that meets your needs. So much has changed over the past year, including what many of us need in a home. Spending extra time where we currently live is enabling many of us to re-evaluate homeownership and what we find most important in a home. Whether it’s a house that has the features suited to working remotely, space for virtual or hybrid schooling, a home gym or theater, or something else, selling this spring gives you a chance to make a move and find the home of your dreams. Bottom Line Today’s housing market belongs to the sellers. If you’ve considered making a move but have been waiting for the right market conditions, your wait may be over. Contact a real estate professional so you’ll be positioned to win when you sell your house this spring. The post 5 Reasons to Sell Your House This Spring appeared first on Keeping Current Matters.

Check out this blog by Keeping Matters Current. The post How to Confidently Answer the 4 Questions Buyers & Sellers Are Asking Today [LIVE WEBINAR] appeared first on Keeping Current Matters.

Some market statics for 80917 in Colorado Springs: Median prices for home value are $342,000.00, active listing time on the Pikes Peak MLS is aproxiamently 6 days. Home value is up by 3.85%. In the last 12 months home values have gone up 17.26%. In 24 months, our Colorado Springs home value has gone up by 25.91%. Data is collected from the Pikes Peak Multiple Listing Service and RPR. It is deemed accurate but not guaranteed and does not factor in for sale by owner or off MLS listings.

EXIT Realty Corp. International is on the cutting edge of all things real estate. Please enjoy these blogs available exclusively from EXIT Realty Corp. International. By Melanie Robitaille, Sr. Staff Writer and Graphic Designer In a market full of big names, EXIT Realty Select Partners may have been the new […] The post Keeping Your Finger on the Pulse of Your Office appeared first on Real Estate Industry Leaders.

EXIT Realty Corp. International is on the cutting edge of all things real estate. Please enjoy these blogs available exclusively from EXIT Realty Corp. International. Sharee Body, Sales Representative of EXIT Flagship Realty in Upper Marlboro, MD hosted an online fundraiser for Sarah’s House. Sarah’s House is an organization that […] The post Sharee Body and the Spirit of EXIT Help Homeless Families in Maryland appeared first on Real Estate Industry Leaders.

Check out this blog by Keeping Matters Current. Some Highlights With so few homes available to buy today, houses are in high demand, and they’re selling fast. That means it’s a great time to sell if you’re ready to make a move. Reach out to a local real estate professional to make sure your house is ready for a top-dollar sale this spring. It may be closer than you think! The post How to Prepare Your House for a Winning Sale This Spring [INFOGRAPHIC] appeared first on Keeping Current Matters.

EXIT Realty Corp. International is on the cutting edge of all things real estate. Please enjoy these blogs available exclusively from EXIT Realty Corp. International. Chrissy Meadows, sales representative with EXIT Landmark Realty of White Plains, MD regularly partners with Last Chance Animal Rescue (LCAR) to give back. Here she […] The post Chrissy Meadows and the Spirit of EXIT Help Last Chance Animal Rescue appeared first on Real Estate Industry Leaders.

Check out this blog by Keeping Matters Current. Last year, many homeowners thought twice about selling their houses due to the onset of the health crisis. This year, however, homeowners are beginning to regain their confidence when it comes to selling safely. The latest Home Purchase Sentiment Index (HPSI) by Fannie Mae shows that 57% of consumers believe now is a good time to sell. Doug Duncan, Vice President and Chief Economist at Fannie Mae, explains: “Overall, the index’s monthly increase was driven largely by a substantial jump in the share of consumers reporting that it’s a good time to sell a home, with many citing favorable mortgage rates, high home prices, and low housing inventory as their primary rationale.” Normally, spring is the busiest season in the housing market – the time when many homeowners decide to list their houses. While this is obviously not a normal year since the pandemic is still very much upon us, experts are optimistic that consumer positivity around selling will lead to more homeowners making moves this year. Duncan continues to say: “We will pay close attention to see if this newfound optimism develops into a trend.” What does this mean if you’re thinking of selling your house? The fact that there are so few houses available for sale today is one driver that’s encouraging consumers to think more positively about selling. The National Association of Realtors (NAR) states: “Total housing inventory at the end of January amounted to 1.04 million units, down 1.9% from December and down 25.7% from one year ago (1.40 million).” With so few homes available to buy, your house will be more likely to rise to the top of an eager purchaser’s wish list in this competitive market. Today’s high buyer activity is creating upward pressure on home prices and more multiple-offer scenarios. According to the Realtors Confidence Index Survey from NAR, the average home for sale is receiving 3.7 offers today, up from 2.3 offers just one year ago. This makes selling even more enticing. In this kind of sellers’ market, you have a huge advantage in the process. And here’s another win – you can also use your equity toward a down payment on a new home when you move. Wondering where you’ll go if you try to move while it’s so challenging to find a home to buy? Well, in many areas, there are more homes available at the higher end of the market, so finding a move-up home may be less of an issue if you’re ready to search for your dream home this spring. Bottom Line If you pressed pause on selling your house last year, now may be the best time to put your plans back into motion while inventory is so low. Contact a local real estate professional today to get the process started. The post Is It a Good Time to Sell My House? appeared first on Keeping Current Matters.

Becoming an owner is, in fact, a lot easier than you think. There are several ways to become an owner in something to create wealth. Investments: By investing in stocks, you are a partial owner of the company. You take your hard-earned cash and buy a share of the company. You do not maintain control (unless you own 51%). You can invest in private companies too. This is much harder and requires much more capitalReal Estate / Hard Assets: By owning real estate, you own the property and all the potential capital appreciation. By using someone else’s money (usually a mortgage), you can enhance your return and reduce your risk. If you are renting the property, you earn the income from the property and the capital appreciation.Start a company: I love this wealth creation strategy. While this wealth creation strategy does not come without risks, it offers some of the best upside and the best flexibility. Some form of this must be in your wealth creation plans. By starting a company, you can select an industry with low barriers to entry and low startup costs (think blogging!). Or, if you have more capital to work with you can start something completely new that is a software tool online. The world is your oyster. These are core, fundamental wealth creation strategies that every person needs to consider. All of these do not take too much money to do. You can either save early on to participate in investments then move down the list as you get more comfortable with risk.

EXIT Realty Corp. International is on the cutting edge of all things real estate. Please enjoy these blogs available exclusively from EXIT Realty Corp. International. by Melanie Robitaille, Sr. Staff Writer and Graphic Designer Every decision we make and action we take creates a ripple, not just in our own […] The post EXIT Compass Realty: Impacting Generations to Come appeared first on Real Estate Industry Leaders.

Check out this blog by 719Lending It takes a whole team of people to make a real estate deal go from start to finish. Even new home buyers or sellers often expect to work with a real estate agent, a loan officer, and other experts in their fields, such as inspectors or appraisers. One of the optional, but extremely helpful, members of the team is the real estate transaction coordinator. The real estate transaction coordinator often works for the real estate agent on their behalf to help things move along with the real estate transaction. Keep in mind that this individual is not a licensed real estate agent (and does not need to be in most cases), but that means there is a limit to the actual work they can perform. Not all real estate agents use a transaction coordinator, but if yours does, here is what you can expect. The transaction coordinator often handles the administrative work of the real estate transaction. This can include preparing and submitting purchase documentation, gathering information or documentation from you (the buyer or seller), communicating with other real estate agents, and more. They often coordinate with other members of the team, such as the inspector or appraiser, to schedule and follow up on appointments. Having a transaction coordinator as part of the team is not required, but it does free up your real estate agent to spend his or her time working directly with you, the client. By taking some of the administrative tasks off their plate, they may be able to better meet your real estate needs overall. Your real estate agent is still the lead member of your team who is working on your behalf (either as the buyer or seller). The transaction coordinator is there to help follow up on some of the details and make sure everything is communicated efficiently. This valued member of the team can be a driving force behind getting your real estate deal to closing on time. The post Understanding the Role of Real Estate Transaction Coordinator appeared first on 719 Lending.