More Home Buyers Putting Less Down

by Chris Druesedow May 29, 2015

A recent post by the National Association of Realtors (NAR) revealed that in the months of December 2014 through February 2015, there was an increase in the number of first-time buyers making a down payment of 6% or less as compared to last year: 2014: 61% of first time home buyers 2015: 66% of first time home buyers While the number of small down payments is lower than it was in 2009 when 77% of down payments were 6% or less, it does show the recent decisions by both Fannie Mae and Freddie Mac to offer 3% down payment options to certain buyers is impacting the market. FHFA Director Mel Watt recently explained why Freddie … Continue reading

Thinking of selling? NOW is the time!

by Chris Druesedow May 28, 2015

If you thought about selling your house this year, now may be the time to do it. The inventory of homes for sale is well below historic norms and buyer demand is skyrocketing. We were still in high school when we learned the concept of supply and demand: the best time to sell something is when supply of that item is low and demand for that item is high. That defines today’s real estate market. Jonathan Smoke, the chief economist of realtor.com, in a recent article revealed: “Our preliminary review of April activity on realtor.com shows that traffic, searches, and listing views are up more than 35% over last year. With 3 million jobs created … Continue reading

“Lagging Supply” Leads to Slowdown in Sales

by Chris Druesedow May 27, 2015

The National Association of Realtors (NAR) recently released the results of their Existing Home Sales Report. Despite the fact that properties are selling faster than they have at any other time since July of 2013, existing home sales declined 3.3% from March. NAR’s Chief Economist Lawrence Yun explained the main reason for the slow: “April’s setback is the result of lagging supply relative to demand and the upward pressure it’s putting on prices.” One major news organization actually used this headline about the decline: Existing home sales crater in April, falling 3.3% They certainly haven’t cratered! April marked the second month in a row that the annual sales pace remained above the five million mark … Continue reading

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