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The Louisville Real Estate Blog

Buying a Home/Selling Your Home

How Supply and Demand Impacts Real Estate Home Values

How Supply and Demand Impacts Real Estate Home Values [INFOGRAPHIC]

How Supply and Demand Impacts Real Estate Home Values [INFOGRAPHIC] | Simplifying The Market

Some Highlights:

  • The concept of supply & demand is a simple one. The best time to sell something is when the supply of that item is low & the demand for that item is high!
  • Anything under a 6-month supply is a seller’s market!
  • Nationally, there has not been a 6-months inventory supply since August 2012!
  • Inventory levels differ depending on the area of the country and price range, so let’s get together to discuss the exact market conditions in our area.
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Existing Home Sales Surge into Summer

Existing Home Sales Surge into Summer [INFOGRAPHIC]

Existing Home Sales Surge into Summer [INFOGRAPHIC] | MyKCM

Some Highlights:

  • Existing Home Sales reached their third highest mark this year in May.
  • Inventory of homes for sale has dropped 8.4% since last year, marking the 24th consecutive month of year-over-year declines.
  • NAR’s Chief Economist, Lawrence Yun had this to say: “Those able to close on a home last month are probably feeling both happy and relieved. Listings in the affordable price range are scarce, homes are coming off the market at an extremely fast pace and the prevalence of multiple offers in some markets are pushing prices higher.”
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Buyer's Market Helps Premium Home Sales Soar

Buyer's Market Helps Premium Home Sales Soar

Buyer's Market Helps Premium Home Sales Soar | MyKCM

We previously reported how a shortage of inventory in the starter and trade-up home markets is driving prices up and causing bidding wars, creating a true seller’s market. At the same time, in the premium home market, an over-abundance of inventory has started to see prices come down and put buyers in the driver’s seat, creating the beginning of a buyer’s market.

Last week, the National Association of Realtors released their Existing Home Sales Report which shed some additional light on the impact of inventory levels on sales in each price range.

The chart below shows the year-over-year difference in sales at each price range.

Buyer's Market Helps Premium Home Sales Soar | MyKCM...

75% of Homeowners Think Now is a Good Time to Sell!


75% of Homeowners Think Now is a Good Time to Sell!

75% of Homeowners Think Now is a Good Time to Sell! | MyKCM

The National Association of Realtors (NAR) recently released the findings of their Q2 Homeownership Opportunities and Market Experience (HOME) Survey. The report covers core topics like, “if now is a good time to buy or sell a home, the perception of home price changes, perceived ability to qualify for a mortgage, and [an] outlook on the U.S. economy.”

The survey revealed that 75% of homeowners think now is a good time to sell, compared to 70% last quarter. This is a considerable increase from more than a year ago when 66% agreed.

Even though homeowners believe that now is a good time to sell, many have not taken the step to list their homes, as inventory shortages still exist across the country. Lawrence Yun, NAR’s Chief Economist, had this to say:

"There are just not enough homeowners deciding to sell because they’re either content where they are, holding off until they build more equity, or hesitant seeing as it will be difficult to find an affordable home...

MORTGAGE INTEREST RATES REVERSE COURSE IN 2017

Mortgage Interest Rates Reverse Course in 2017 | Simplifying The Market

Mortgage Interest Rates Reverse Course in 2017

To start the year, housing experts all agreed on one thing: 2017 was going to be the year we would see mortgage interest rates begin to rise. After years of historically low rates, and an improving economy, the question wasn’t if they would increase but instead how much they would increase. Some thought we could see rates hit 5-5.5% by the end of the year.

However, the exact opposite has happened. Instead of higher rates as we head into the middle of 2017, we now have the lowest rates of the year (as reported by Freddie Mac). Here is a graph of mortgage rate movement since the beginning of the year:

Mortgage Interest Rates Reverse Course in 2017 | Simplifying The Market...

Spring Forward: The Difference an Hour Makes

 

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Builder Confidence Hits 11-Year High

Builder Confidence Hits 11-Year High | Simplifying The Market

Builder Confidence Hits 11-Year High

According to a recent survey conducted by the National Association of Home Builders (NAHB) and Wells Fargo, housing market confidence amongst builders reached an 11-year high last month.

What Does High Confidence Mean for the Housing Market?

In a recent interview, Rob Dietz, Chief Economist and SVP for NAHB, put it this way:

“Higher market confidence will translate into more building and more inventory in 2017. We expect single-family construction to grow 10 percent next year.”

With 2016 marking the...

Housing Market Expected to 'Spring Forward'

Housing Market Expected to “Spring Forward” | Simplifying The Market

Housing Market Expected to “Spring Forward”

Many potential sellers believe that waiting until Spring is in their best interest, and traditionally they would have been right.

Buyer demand has seasonality to it, which usually falls off in the winter months, especially in areas of the country impacted by arctic temperatures and conditions.

That hasn’t happened this year.

Demand for housing has remained strong as mortgage rates have remained near historic lows.

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How Long Do Most Families Stay in Their Home?

How Long Do Most Families Stay in Their Home? | Simplifying The Market

How Long Do Most Families Stay in Their Home?

Do You Know the Real Cost of Renting vs. Buying?

Do You Know the Real Cost of Renting vs. Buying? [INFOGRAPHIC]

Do You Know the Real Cost of Renting vs. Buying? [INFOGRAPHIC] | Simplifying The Market

Some Highlights:...

The Impact of Homeownership on Educational Achievement

The Impact of Homeownership on Educational Achievement | Simplifying The Market

The Impact of Homeownership on Educational Achievement

The National Association of Realtors recently...

5 Reasons to Love Using a Real Estate Professional

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Buyer Demand is Outpacing the Supply of Homes for Sale

Buyer Demand Is Outpacing the Supply of Homes for Sale | Simplifying The Market

Buyer Demand Is Outpacing the Supply of Homes for Sale

2 Myths that may be holding back buyers

2 Myths That May Be Holding Back Buyers | Simplifying The Market

2 Myths That May Be Holding Back Buyers

Buyer Traffic per State January 2017

buyer traffic per state jan 2017

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Sales at Highest Pace in 10 Years!


Sales at Highest Pace in 10 Years! [INFOGRAPHIC]

Sales at Highest Pace in 10 Years! [INFOGRAPHIC] | MyKCM

Highlights:

  • 45 million existing homes were sold in 2016! This is the highest mark set since 2006.
  • Inventory of existing homes for sale dropped to a 3.6-month supply, the lowest level since NAR began tracking in 1999.
  • The median price of homes sold in December was $232,200. This is the 58th consecutive month of year-over-year price gains.
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Will Housing Affordability be a Challenge in 2017?

Will Housing Affordability Be a Challenge in 2017? | Simplifying The Market

Will Housing Affordability Be a Challenge in 2017?

Some industry experts are saying that the housing market may be heading for a slowdown...

Is this the year to move up to your dream home? If so, do it early!

Is This the Year to Move Up to Your Dream Home? If So, Do it Early | Simplifying The Market

Is This the Year to Move Up to Your Dream Home? If So, Do it Early

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What Would a Millennial Baby Boom Mean for Housing?

What Would a Millennial Baby Boom Mean for Housing? | Simplifying The Market

What Would a Millennial Baby Boom Mean for Housing?

Recently released data from the National Center for Health Statisticsrevealed that 1.3 million Millennial women gave birth for the first time in 2015. There are now over 16 million women in this generation who have become mothers.

“All told, Millennial women (those born between 1981 to 1997) accounted for about eight in ten (82%) of U.S. births in 2015.”

The data also shows that this generation has waited until later in life to become parents as only 42% of Millennial women were moms in 2014, compared to 49% of Generation X at the same age. A Pew Research Centerarticle discussing the data, points to social influences that may have contributed to the delay:

“The rising age at first birth is hardly limited to the Millennial generation. It has been a trend since at least 1970. Many factors may contribute, including a shift away from...

2016 Will be the best year in a Decade

Real Estate: 2016 Will Be the Best Year in a Decade

Now, Freddie Mac has doubled down on that claim and is saying that 2016 will be the best year that the real estate industry...