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Category Archives: inventory
Even some veteran renters are looking at today’s housing market and wondering whether it’s time to start an Eastern Monmouth County home search. With prices and mortgage rates as low as they are while rents continue to move higher, the numbers point to home ownership as an ever more obvious choice.
But that’s just the quick, back-of the envelope budget equation: monthly rent vs. mortgage payment less tax savings. If this Summer finds you at the start of your own Jersey Shore home search, many financial advisors recommend that you also consider another rule of thumb – you should plan to stay in your new home for at least five years.
Last week’s report indicated that the 5.9% increase was more than three times greater than economists expected. According to the National Association of Realtors in Washington, the index of pending home resales climbed 5.9% to 101.1. This matches the two-year high reached in March. Continue reading
According to the National Association of Realtors®, first quarter statistics again point to better home sales figures. This time it was the prices of single family homes that rose in half of the major cities in the United States. Because of the wide differences between regional and state conditions, these figures are never in 100% lockstep, but Eastern Monmouth homeowners should be encouraged by the report’s breadth: prices rose in more than twice as many cities as fell. Continue reading
March 2012 Market Update
Opportunities in the housing market continue to grow for buyers and sellers. Home affordability, driven mostly by record low interest rates, is among the lowest it has ever been. According to the National Association of Realtors, and based on national averages, the payments on a home today represent 12.8% of the median household income. This is both a good sign for those looking to purchase a home, and for the economy overall as consumers are keeping more money in their pockets.
If you’re a seller, the housing market shows signs of transitioning from a buyers’ market to a more balanced one. This means that home owners should start to see prices stabilize and begin to grow, presenting more favorable opportunities for those looking to sell their homes. In regards to the number of homes on the market, a key indicator of the health of the housing market, Lawrence Yun, NAR chief economist, said, “The broad inventory condition can be described as moving into a rough balance, not favoring buyers or sellers.”
With continuing job creation, the improving housing sector, and signs that the banks are beginning to lend more, 2012 looks to offer promising opportunities to both those looking to buy or sell a home.
Real Estate Market Update: February 2012
Interest Rates – Home Price – Housing Inventory – Home Sales
2012 is off to a promising start. Mortgage rates continue to drop and have remained under 4% for nearly two months. Home sales are strengthening and pending home sales, a measure to gauge future sales, are at their highest levels since March 2010.
2012 shows signs of an improving housing market as the U.S. economy continues its forward-moving yet slow road to recovery. Although there are economists projecting housing prices will decline further, aided by distressed property sales that sell at a greater discount, these prices are expected to rebound considerably later in the year and continue into 2013.
Factors that continue to impede a speedier recovery in the housing are consumer confidence, job-growth uncertainty, and tough lending standards that keep many otherwise qualified buyers from financing a home purchase. However, consumer confidence may be showing signs of improvement according to a report released by Fannie Mae on December 7, which revealed that consumer sentiment toward home prices is stabilizing and that, for the first time in six months, more people believe that prices will soon begin to rise. This is an encouraging development, as much of our economic vitality depends upon the overall confidence of the consumer, and could trigger even stronger home sales as more people feel confident that prices will go up.
2011 was the year of rentals, and 2012 shows this trend will continue to increase.
Patrick Parker Realty can help you list your rental property. Or, if your a renter, you can contact us to find the perfect property for you. Our community is ripe for rentals and we have the local know-how to get you, and find you, the perfect deal! Continue reading