Housing News 3.27.2017
This week in housing news you can use, inventory hits new lows, an appraiser gives you buying tips, the housing market goes up in value, and house hunters say what they’re really thinking.
Starter home inventory hits a two-year low
A new Trulia report on How Rising Home Values May Be Stifling Inventory revealed that the number of starter homes has dropped 8.7 percent in the last year to reach the lowest point since 2015. That’s contributing to rising prices, costing new home buyers an average of 2.9 percent more of their annual income. Trade-up and premium homes also declined. The solution? Find an experienced agent with a tech-based brokerage that can track home availability in real time.
How to buy in a hot market
Frustrated trying to buy a house? Sacramento-based appraisal expert and acclaimed blogger Ryan Lundquist shares strategies for buying a home in an aggressive market. His sound advice applies to first-timers and repeat buyers in any hot U.S. market.
Source: The Home Front
Housing market value reaches 10-year high
According to the latest Urban Institute report, the U.S. Housing market reached a 10-year high in 2016. In addition, the Federal Reserve’s Flow of Funds report showed that “total debt and mortgages held steady at $10.3 trillion, but household equity reached a new high of $14 trillion. The total value of the housing market increased to $24.3 trillion, surpassing even the pre-crisis peak of $23.9 trillion in 2006.”
House hunters (if couples were honest)
Source: Lighter Side of Real Estate
Joining the house hunters? Redefy‘s got the experience and access to real-time listings you need. Need to sell? Our #flatfeefullservice promise saves you thousands for more important things — like granite counters and a formal dining room (seriously, watch the video!).