NAR released a summary of existing-home sales data showing that housing market activity this January rose modestly 0.6% from December 2020. January’s existing home sales reached a 6.69 million seasonally adjusted annual rate. January’s sales of existing homes rose 23.7% from January 2020.
With all of the volatility in the stock market and uncertainty about the Coronavirus (COVID-19), some are concerned we may be headed for another housing crash like the one we experienced from 2006-2008. The feeling is understandable. Ali Wolf, Director of Economic Research at the real estate consulting firm Meyers Research, addressed this point in a recent interview:
“With people having PTSD from the last time, they’re still afraid of buying at the wrong time.”
There are many reasons, however, indicating this real estate market is nothing like 2008. Here are five visuals to show the dramatic differences.
During the housing bubble, it was difficult NOT to get a mortgage. Today, it is tough to qualify. The Mortgage Bankers’ Association releases a Mortgage Credit Availability Index which is “a summary measure which indicates the availability of mortgage credit at a point in time.” The higher the index, the easier it is to get a mortgage. As shown below, during the housing bubble, the index skyrocketed. Currently, the index shows how getting a mortgage...
...Use This Spring Clean-Up Guide To Enhance Your Home's Curb Appeal
Spring has sprung, which means it's the perfect time to get the outside of your home in top shape before the summer months. A little sprucing can go a long way with enhancing your home's curb appeal. In fact a property's outdoor appeal can dictate people's home buying decision.
...10 Important Tips To Prepare Your Garden For Springtime
If you're like most people, as soon as the weather starts to warm up, and the mornings are bright and sunny, you start thinking about your garden, and what you can do to have the most successful growing season ever!
...5 Tips To Get Your Home Ready For Warmer Weather
Spring is in full swing, and you know what that means: the days are getting longer, the temperatures are rising, and in just a few short weeks we'll be heading into the warmer months of summer.
...26 Times Friends Nailed What It's Like To Be A Real Estate Agent
There hasn't been a new episode of Friends in yeeeears, but people still love and watch it. It's timeless, and there's at least a scene or two in each episode that resonates with people forever. They just nailed certain life situations so well... What they didn't realize, though, is how much some of the scenes...
...The Biggest Landscaping Trends of 2020
It's a new year, and with every new year comes new design trends-including in landscaping. The National Association of Landscape Professionals recently released their picks for the top landscaping trends of 2020. Some of the biggest trends poised to take over lawns across the US this year include: Multi-season landscape design.
...How Buyers & Sellers Can Prepare For An Early Start To The Spring Market
Is January the new April? When it comes to the real estate market, experts say yes. Regardless of whether that famous groundhog sees his shadow, a recent article on CNBC suggests spring will arrive early this year-at least when it comes to the housing market. In fact, some are speculating that January may very well...
...5 Upsides to Downsizing Your Home
If you've been thinking about shrinking your square footage and moving into a smaller home, you're probably well-aware of the obvious advantages: There's less to clean, heat, and cool, which means a savings of time and money. But that's only the beginning. Downsizing offers several other, less-talked-about benefits that make scaling back very appealing.
...5 Ways to Improve Your Garage
If you have a garage, you know it offers a range of benefits. Not only does it shelter and protect your car from the elements, it also serves as a spot to store tools and other equipment. But, it's easy (and common) for a garage to get so filled and disorganized with everything else that...
...Dear Real Estate (A Valentine's Day Love Letter)
Remember when we first got together? People didn't think we'd last. Maybe they didn't always say it, but they thought it. "You could do so much better. Why would you be a real estate agent?" "What's your back-up plan?" "You should get a real job..." I'm sure they were well-intentioned.
...Realtors See the Darndest Things...
When you're in and out of homes for a living, you see some pretty unusual things. From surreal artwork and outlandish furnishings to quick-fix-it jobs and animal-related issues, working as a Realtor often means you have to be ready for anything.
...12 She Sheds Cheryl Should See
Oh, Cheryl! Our collective hearts melted for you, right along with your she shed. Good thing Zachary from State Farm has your back, though. Thanks to him, you're getting another one! (For those of you living under a rock, this all went down in a commercial - one that's gone quite viral, mind you.
...Average Credit Score In The US Hits 8-Year High
Your credit score is one of the most important numbers to your financial health-especially when it comes to real estate. The higher your credit score, the better interest rate you'll be able to get on your mortgage, which can save you tens of thousands of dollars over the life of your loan.
...Going Into The New Year, Consumers Are Optimistic About Home Buying
The most recent Fannie Mae Home Purchase Sentiment Index (HPSI) shows that consumers are feeling optimistic about the state of the market-and what it means for the home buying process. The HPSI increased 2.7 points in November to 91.5. That was not only a rebound from the prior month's decline, but also approached the survey's...
...What Kind Of Energy Is In Your Home?
Have you ever wondered?
...First-Time Homebuyers Finding That They Don't Need A Large Down Payment
Many would-be buyers think that in order to make their dream of homeownership a reality, they need to have 20 percent of the home's purchase price to put down as a down payment. But, that's just not true. The truth is, the vast majority of first-time buyers are buying their homes with significantly less.
...Worried About Qualifying For A Mortgage? It May Be Easier For You Right Now
Buying a home is a big purchase and most buyers rely on a mortgage in order to pay for one. So, there's good news for would-be homeowners... New data from the Mortgage Bankers Association shows that qualifying for a mortgage has gotten easier for many buyers over the past few months.
...5 Features Home Buyers Are Most Likely To Fight About
When you're shopping for a property, you probably have a list of must-have features for your dream home. But when you're shopping for a home with your partner, your list of must-haves and their list of must-haves might not quite align-and those discrepancies can lead to disagreements, arguments, and some good, old-fashioned bickering.
