Home prices: Biggest rise in more than 2 years


Home prices: Biggest rise in more than 2 years

In another sign of a housing market rebound, home prices posted the biggest percentage gain in more than two years in the third quarter, according to the closely followed S&P/Case-Shiller index.

Home Prices Trend

The 3.6% increase from a year earlier is more than three times the rise in the previous quarter and was the biggest jump in prices since the second quarter of 2010. But that 2010 rise was much more of a temporary blip caused by a homebuyer’s tax credit of up to $8,000 on homes purchased in late 2009 and early 2010.

This latest rise comes as the housing market has shown numerous other signs of recovery in recent months. The rebound is spurred by a combination of record low mortgage rates, an improving jobs market and a drop in foreclosures to a five-year low, reducing the supply of distressed homes available. There is also a tighter supply of both new and previously owned homes on the market.

The improvement in housing market fundamentals have helped to lift the pace of both home sales and home building.

Dean Baker, the co-director of the Center for Economic and Policy Research who was one of the earliest economists to warn about the housing bubble and the trouble that lay ahead, said this recovery in the housing market should lead to some sustained housing price increases in the coming years.

“I’ve been an optimist as of late,” he said. “Some think it’ll get back to bubble prices and that’s crazy. But we’ll probably do better than inflation for the next few years, and people who have been underwater on their mortgage will get out from that, and build some equity.”

If you are thinking of buying or selling, talk to a REALTOR who can give you the information you need to make an informed decision.

As always, if I can help with any of your real estate needs, please feel free to text or call me at 615 417-8182 or email me at RolandLow1@gmail.com

Roland

source: CNN Money
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Five Tips for Home Buyers During the Holidays


Five Tips for Home Buyers During the Holidays

If you are in the process of buying a home during the holidays there are several things to keep in mind to make your house hunting a little less hectic.

Although sales may slow down during the holidays, they still do occur and people are still selling their homes.  But with a few things in mind it can be a little easier on you, the agents involved and the sellers.

  1. Plan ahead if you want to view a house.  Remember that the house you may want to look at right away may be a house that the sellers have out of town guests or a party planned.  Be flexible.
  2. Like most agents I have shown houses during the holidays only to have clients marvel at the Christmas tree instead of the house they may be buying.  It’s a simple trap, but one that is difficult to overcome.
  3. It is important to remember that buying a house is a huge financial investment – one of the largest, if not the largest, most people make in their life time.  Many times when buyers begin the buying process they report to the lender their income and the amount of money they have in savings.  The lenders use that information to determine the viability of the loan security.  All too often, buyers, in their excitement of getting a home will immediately start spending the money to buy furniture, washer and dryer, etc.  It is important that you not spend unnecessary money without talking to the mortgage lender to see how it will affect the loan process.
  4. If you are looking to close at the end of the month as most buyers do, remember that December is a little more difficult to schedule a closing.  There are three holidays at the end of the month that may affect closing dates – Christmas Eve. Christmas day and New Years Eve.
  5. If you are on the verge of making an offer on a house, you may want to consider offering to close at the end of January, rather than December.  Sellers may be more open to a little less amount on the offer if it is not requiring them to move out of their home at the end of December – a time that would be hectic for sellers and buyers.

Remember, in real estate, if it isn’t illegal, immoral or unethical, it is negotiable!!

As always, if I can help with any of your real estate needs, please feel free to text or call me at 615 417-8182 or email me at RolandLow1@gmail.com

Roland

Five Tips for Selling During the Holidays


Five Tips for Selling During the Holidays

The holidays may be upon us, but if you are selling your home, there is no holiday from that task.

Several years ago, as a new real estate agent, I signed a new listing shortly before the holidays. I did the normal open houses with little luck and had a few showings, but as expected, it was slow going.  Needless to say, I received a call Christmas week and had an offer.  If you think the holidays are hectic, try throwing the sale of a home in the mix.

Sales certainly do slow down, but sales still happen and it is important for home sellers to be mindful of that and be prepared.  I have compiled a few things that I think need to be kept in mind when you are selling during the holidays.

  1. If you are listing right before the holidays, be sure the real estate agent has the needed pictures for the MLS before you put up your Christmas decorations.  They may be delightful to look at, but the day after Christmas, those pictures in the MLS of your Christmas tree will make the listing look dated.
  2. In Tennessee we do not have as serious of a problem as other states with the weather, but if you have your house listed during the winter months be sure that the driveway and walks are always ice free.  Not only is there liability on your part should someone fall and get hurt, but it is a major turnoff to potential buyers if they have to struggle through snow and ice to get to the house.
  3. If you are going to be gone for the holidays, talk to your agent to let them know.  I always suggest that sellers leave lights on in the house if potential buyers are coming through.  If a seller is going to be out of town and they let me know, I will make a special trip to turn the lights on a head of time before the buyers show up – it just looks better.
  4. This tip is good year round – be sure to secure any valuable jewelry or other gifts of high value.  In addition, prescription drugs should always be placed out of sight.
  5. Be sure to maintain a comfortable temperature in your home.  Buyers don’t expect the house to be roasty-toasty warm, but they should feel comfortable to the point that they do not think about the temperature.  If it is too cold or too hot, that is what they are thinking about, not the prospect of buying the house.

Simple planning during the holidays can go a long way in helping you have a smooth transaction.  If you are thinking of selling or buying, talk to a REALTOR who can provide you with the professional input you need to help with a real estate transaction.

As always, if I can help with any of your real estate needs, please don’t hesitate to text or call me at 615 417-8182 or email me at RolandLow1@gmail.com

Roland

Mortgage Rates Hit All-Time Low


Mortgage Rates Hit All-Time Low

Thirty-year fixed mortgage rates fell to unprecedented lows this past week, reports Freddie Mac. Average interest on 30-year loans hit 3.34 percentthe lowest since record keeping began in 1971 — down from 3.40 percent a week earlier! The 15-year mortgage, meanwhile, dropped to 2.65 percent from 2.69 percent.

If you are thinking of buying or selling, talk to a REALTOR who can give you the facts you need to make an informed decision.

As an added incentive, anyone who lists or buys with me and had a closing by February 28, 2013 will be provided with a home owners warranty at no cost!  Contact me for details as some restrictions apply.

As always, if I can help with any of your real estate needs, please feel free to text or call me at 612 417-8182 or email me at RolandLow1@gmail.com.

Roland