Selling a House? Here Is What the Market Looks Like In the USA

Selling a House? Here Is What the Market Looks Like In the USA

Selling a House? Here Is What the Market Looks Like In the USA

The US economy is doing fine. It is the hottest we have seen since the 1990s. Salaries are high and unemployment is low. Generally, that brings good news for the housing market. Sellers benefit from the fact that there are more buyers in the market. In retrospect, 2018 was largely a seller’s market but things seem to slow down since August.

Higher interest rates and rising home prices are driving sellers away at the moment. Stats from August till October point toward a cool down. Home sales are around 13 percent down compared to last year.

Does that mean the market will soon flip in buyers’ favor? What does that mean for someone interested in selling a house?

Things aren’t as simple as they seem. Real estate experts believe that the market will stay on the seller’s side for yet another year. Despite the lack of buyers, sellers will still be able to take advantage of the booming economy and lack of inventory.

If you are interested in selling a house fall may not be a bad time for you. To know if the market is still on your side, you need to understand how and why the market swings between a seller’s market and a buyer’s market.

When Is the Market in Seller’s Favor?

Seller’s market shows a good time to sell a house while a buyer’s market means buyers are more likely to find a good bargain.

Many factors affect the market such as the number of buyers and volume of inventory. A higher number of buyers means a better chance of selling your home at a good price. A higher volume of inventory means buyers have more choices and an upper hand.

Economic factor also plays an important part. As the economy improves, so does the affordability. More and more people will own a home because they are more confident about their affordability power.

However, excessively high property prices and mortgage rates can often overshadow these economic factors.

So, who does the market favor at the moment? Here are some key facts and findings that will help you get a clearer picture of the current housing market in the US.

Higher Prices, Lower Inventory

Higher prices push buyers away from the market, forcing sellers to reduce prices. However, a flourishing economy boosts buyers’ confidence despite the price hike. People are still looking for a home to buy.

There may be fewer buyers at the moment, but lack of inventory balances the equation for the sellers.

Almost all the major housing markets in the US suffer from an inventory shortage. This means even though there are fewer buyers, they have fewer options to choose from. Together, both trends play out well for the sellers. The property might spend more days on the listings, but there is still a better chance to sell it at your desired rates.

Recently, the market has seen an improvement in terms of inventory. The rate of inventory decline is down 2.2 percent from the last year. It is the first annual increase in the housing stock in three years. While it may not be enough to balance the supply and demand equation as of now, it puts sellers in “better now than later” situation.

The Fear of Future

The housing market is always riddled with uncertainty. Even these uncertainties favor either the buyers or the sellers.

As for sellers, housing prices are unaffected by the gradual rise in inventory. If new homes continue to be constructed at the same rate, it will eventually become more difficult for you to sell your property. The buyers will have more choices and options, and sellers will have to decrease the prices to sell.

On the flip side, buyers are also in a similar dilemma. Mortgage rates don’t seem to slow down and the feds have shown no intention of bringing them down in the near future. As a matter of fact, mortgage rates are expected to rise by 5 percent in 2019. Shall the interest rates rise, most buyers can no longer afford a home despite the increasing inventory and negotiable housing prices.

Due to these uncertainties, many buyers will buy a home right now rather than waiting for the situation to worsen.

The Buyers Are Serious

Currently, millennials make for the majority of the world’s population and most of them have now entered the home buying age. Contrary to what it is said about the millennials and home ownership, recent stats show a different side of the story. With the economy in favor, millennials are now interested in buying their own homes. There may not be a lot of them looking for properties, but those who do are all serious buyers willing to pay the right price for the right property.

Moreover, fall isn’t usually a peak season. There aren’t as many sellers as there are in spring and summer. Buyers looking for a home in fall are the ones who are serious about the purchase. With a lack of competing properties, you have a better chance of selling at a desirable price.

Conclusion

Is it a good time to sell a house? It definitely is. The economy is still strong on its feet and all the factors point towards a solid seller’s market for at least another year. The uncertainties regarding mortgage rates and home prices may have pushed buyers away, but they also put many in a “now or never” situation. As a seller, this may be your best opportunity to make a move.

 

 

 

WRITTEN BY JENNY HARRISON

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Transforming Your Home With Wallpaper

Transforming Your Home With Wallpaper

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How to Make Single-Family Renters Stay Put

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Your Guide for Buying a Second Home

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545 vs. 300,000,000 People

Politicians are the only people in the world who create problems and then campaign against them.

Have you ever wondered, if both the Democrats and the Republicans are against deficits, WHY do we have deficits?

Have you ever wondered, if all the politicians are against inflation and high taxes, WHY do we have inflation and high taxes?

You and I don’t propose a federal budget. The President does.

You and I don’t have the Constitutional authority to vote on appropriations. The House of Representatives does.

You and I don’t write the tax code, Congress does.

You and I don’t set fiscal policy, Congress does.

You and I don’t control monetary policy, the Federal Reserve Bank does.

One hundred senators, 435 congressmen, one President, and nine Supreme Court justices equates to 545 human beings out of the 300 million are directly, legally, morally, and individually responsible for the domestic problems that plague this country.

I excluded the members of the Federal Reserve Board because that problem was created by the Congress. In 1913, Congress delegated its Constitutional duty to provide a sound currency to a federally chartered, but private, central bank.

I excluded all the special interests and lobbyists for a sound reason. They have no legal authority. They have no ability to coerce a senator, a congressman, or a President to do one cotton-picking thing. I don’t care if they offer a politician $1 million dollars in cash. The politician has the power to accept or reject it. No matter what the lobbyist promises, it is the legislator’s responsibility to determine how he votes.

Those 545 human beings spend much of their energy convincing you that what they did is not their fault. They cooperate in this common con regardless of party.

What separates a politician from a normal human being is an excessive amount of gall. No normal human being would have the gall of a Speaker, who stood up and criticized the President for creating deficits. The President can only propose a budget. He cannot force the Congress to accept it.

The Constitution, which is the supreme law of the land, gives sole responsibility to the House of Representatives for originating and approving appropriations and taxes. Who is the speaker of the House? John Boehner. He is the leader of the majority party. He and fellow House members, not the President, can approve any budget they want. If the President vetoes it, they can pass it over his veto if they agree to.

It seems inconceivable to me that a nation of 300 million cannot replace 545 people who stand convicted — by present facts — of incompetence and irresponsibility.. I can’t think of a single domestic problem that is not traceable directly to those 545 people. When you fully grasp the plain truth that 545 people exercise the power of the federal government, then it must follow that what exists is what they want to exist.

If the tax code is unfair, it’s because they want it unfair.

If the budget is in the red, it’s because they want it in the red.

If the Army & Marines are in Iraq and Afghanistan it’s because they want them in Iraq and Afghanistan.

If they do not receive social security but are on an elite retirement plan not available to the people, it’s because they want it that way.

There are no insoluble government problems.

Do not let these 545 people shift the blame to bureaucrats, whom they hire and whose jobs they can abolish; to lobbyists, whose gifts and advice they can reject; to regulators, to whom they give the power to regulate and from whom they can take this power. Above all, do not let them con you into the belief that there exists disembodied mystical forces like “the economy”,”inflation,” or “politics” that prevent them from doing what they take an oath to do.

Those 545 people, and they alone, are responsible.

They, and they alone, have the power.

They, and they alone, should be held accountable by the people who are their bosses.

Provided the voters have the gumption to manage their own employees.

We should vote all of them out of office and clean up their mess.

Charlie Reese is a former columnist of the Orlando Sentinel Newspaper.

What you do with this article now that you have read it is up to you. This might be funny if it weren’t so true. Be sure to read all the way to the end:

Tax his land,
Tax his bed,
Tax the table,
At which he’s fed.

Tax his tractor,
Tax his mule,
Teach him taxes
Are the rule.

Tax his work,
Tax his pay,
He works for
peanuts anyway!

Tax his cow,
Tax his goat,
Tax his pants,
Tax his coat.

Tax his ties,
Tax his shirt,
Tax his work,
Tax his dirt.

Tax his tobacco,
Tax his drink,
Tax him if he
Tries to think.

Tax his cigars,
Tax his beers,
If he cries
Tax his tears.

Tax his car,
Tax his gas,
Find other ways
Taxes to pass

Tax all he has
Then let him know
That you won’t be done
Till he has no dough.

When he screams and hollers;
Then tax him some more,
Tax him till
He’s good and sore.

Then tax his coffin,
Tax his grave,
Tax the sod in
Which he’s laid…

Put these words
Upon his tomb,
‘Taxes drove me
to my doom…’

When he’s gone,
Do not relax,
Its time to apply
The inheritance tax.

Accounts Receivable Tax
Building Permit Tax
CDL license Tax
Cigarette Tax
Corporate Income Tax
Dog License Tax
Excise Taxes
Federal Income Tax
Federal Unemployment Tax (FUTA)
Fishing License Tax
Food License Tax
Fuel Permit Tax
Gasoline Tax (currently 44.75 cents per gallon)
Gross Receipts Tax
Hunting License Tax
Inheritance Tax
Inventory Tax
IRS Interest Charges IRS Penalties (tax on top of tax)
Liquor Tax
Luxury Taxes
Marriage License Tax
Medicare Tax
Personal Property Tax
Property Tax
Real Estate Tax
Service Charge Tax
Social Security Tax
Road Usage Tax
Recreational Vehicle Tax
Sales Tax
School Tax
State Income Tax
State Unemployment Tax (SUTA)
Telephone Federal Excise Tax
Telephone Federal Universal Service Fee Tax
Telephone Federal, State and Local Surcharge Taxes
Telephone Minimum Usage Surcharge Tax
Telephone Recurring and Nonrecurring Charges Tax
Telephone State and Local Tax
Telephone Usage Charge Tax
Utility Taxes
Vehicle License Registration Tax
Vehicle Sales Tax
Watercraft Registration Tax
Well Permit Tax
Workers Compensation Tax

STILL THINK THIS IS FUNNY?
Not one of these taxes existed 100 years ago, and our nation was the most prosperous in the world. We had absolutely no national debt, had the largest middle class in the world, and Mom stayed home to raise the kids.

What in the heck happened? Can you spell ‘politicians?’

I hope this goes around THE USA at least 545 times! YOU can help it get there!!!

GO AHEAD. . . BE AN AMERICAN.

Existing-Home Sales Suffer Sharp Decline

Real Estate market

Existing-home sales declined for the second consecutive month in January and last month’s decrease was the sharpest in three years.

Total existing-home sales slumped by 3.2% in January to a seasonally adjusted annual rate of 5.38 million, according to the National Association of Realtors.  The annual rate during December 2017 was 5.56 million.

Sales are down by 4.8% compared to this time a year ago, which is the lowest annual drop since August 2014.

Once again, low inventory is at the forefront of the market’s problems. Housing inventory actually increased by 4.1% last month to 1.52 million existing homes available for sale. Good news, right? Sort of. Inventory is still 9.5% lower than a year ago and has fallen year-over-year for 32 consecutive months, according to the NAR. Unsold inventory is at a 3.4-month supply at the current sales pace.

NAR chief economist Lawrence Yun believes the market desperately needs a correction from a supply standpoint to satisfy rampant buyer demand.

“While the good news is that Realtors® in most areas are saying buyer traffic is even stronger than the beginning of last year, sales failed to follow course and far lagged last January’s pace,” Yun said. “It’s very clear that too many markets right now are becoming less affordable and desperately need more new listings to calm the speedy price growth.”

The good news for agents and sellers is that prices increased for the 71st consecutive month. The median existing-home price in January was $240,500, up 5.8% from January 2017.

Agents can seriously control the market by accumulating a sufficient inventory of listings. Not only can you grow your network by connecting with sellers and buyers, you’ll put yourself in a prime position to cash in on the current market conditions. Until supply meets demand, housing prices should continue to rise.

Keep generating leads and kicking the tires on prospective, hesitant sellers. Remember: those who list, last.

by Matt Barbato

Home Buyers & Sellers, Pay Attention in 2018!

Pay Attention in 2018!

Pay Attention in 2018!

We may have a tricky year ahead of us, so what’s the best and easiest strategy for consistent success in 2018?

Pay Attention!

Start the year with or without New Year’s Resolutions, but commit to success this year by paying attention:

#1. To how well informed you and information sources you rely on are

#2. To what’s really going on around you — real and fake, and

#3. To how you react to what’s going on around you — online and off.

Whether you are a real estate owner or a wanna-be… whether you intend to buy or sell in 2018, so much is shifting in real estate, in the economy, and everywhere else that nothing should be taken for granted or assumed in 2018. Concentrate on getting the facts not just someone else’s bias view of where advantages lie for you.

#1. A lot changed in 2017 and the full implications of those changes will continue to emerge in 2018.

Pay attention to ramifications and compromises, subtle and otherwise, attached to changes in everything from tax law and net neutrality to technology’s continued re-write and disruption of much we’ve take for granted:

  • Real estate ownership will be impacted by changes to tax law, estate planning, resulting neighborhood development, and interactions between these and many more elements. Where will advantages lie for you?
  • Changes in the business world may directly or indirectly influence job or retirement security for your family. This in turn may impact qualification for financing, mortgage renewal, and real estate affordability. Projected reductions in funding and donations for social and community support programs and organizations may have widespread impact in neighborhoods, community development, and in education. These shifts may reduce location benefits which, in turn, can affect real estate value. How will your location be affected in 2018?

#2. Whoever or whatever you blamed for distractions in 2017 will be with you in 2018 and might even be worse.

There are only so many hours in the day and only so many dollars in your pay check. Distractions that erode concentration on your needs and goals, and distractions that feed impulse spending will be expensive in many ways. Pay attention to what takes you off point, off track, and off goal to ensure you stay in control. You may blame others for distracting you, but it’s your powers of concentration that should be continually honed and improved to keep you ahead of the pack.

  • Saving for a down payment, home renovation, or to pay down an existing mortgage requires a written budget strategy to guide you toward clearly-defined results.
  • Paying monthly condominium fees, mortgage payments, or heating bills is exhausting when approached as month-to-month catch-up. Shift your focus to cutting costs and increasing income long-term and you’ll move beyond a monthly survival perspective to establish a constructive, long-term frame of reference for success.
  • Steady, dramatic increases in online shopping over the 2017 holiday season mean many households may be combining the impulse spending facilitated by credit cards and click-here shopping carts to undermine their budgets even more dramatically than ever. As the volume of online shoppers increases, convenience, cost saving, and product satisfaction may be compromised, so it’s only the novelty of online shopping that addicts. What’s all this got to do with achieving your core real estate ownership goals?

#3. Significant amounts of what you believed you knew in 2017 about real estate, finance, insurance, home security, mortgages, work, and the internet will be out of date in 2018.

Pay attention to which laws, regulations, services, and real estate expenses have actually changed not just been endlessly, sensationally rehashed in the media and online. Accurate information and clever strategies are gold.

  • Tweets, posts, and other online content arrive in increasingly-overwhelming rates and volumes. This leaves less and less time to uncover facts and realities and to actually learn and think about relevance to you. From shopping or applying for a mortgage to searching for a new home or viewing property, virtual video and online content bring these and other real estate activities onto your laptop and your mobile phone. Is this distance-learning leaving you better informed and smarter real estate-wise than face-to-face meetings with real estate experts and hands-on location and property investigations?
  • Searching out professionals who keep up with change within their profession is a challenge. Time pressures leave some professionals parroting what they hear and see in media and online instead of carrying out thorough research themselves. How do you make sure you receive the professional advice you need to interpret changes from your real estate point of view?

Realty Times and my “Decisions & Communities” column will continue to provide you with real estate facts and perspectives that keep you asking more of yourself and the professionals who advise and serve you.

Let’s meet the challenges and opportunities of 2018 head on!

 

 

 

 

WRITTEN BY

Home Negotiation tips to close the deal

Home Negotiation tips to close the deal

  There is no simple formula for home negotiations.  There is no if C happens then you should go to counter F.  It’s not that simple.  Some of it comes with past experience.  Some if it comes with being able to read the opposite party and to read between the lines.  This home negotiation tip is for both buyers and sellers.  Negotiating the sales price or repairs on a home is so different than many other types of sales negotiation. That is what confuses people. Here in Detroit we have many Tier 1, Tier 2 and 3 negotiators that deal with Ford, GM, and Chrysler. These negotiators are hard nosed and good at what they do, and they wonder why the tactics they use everyday do not work with home sales.  In most cases you cannot be a hard nosed negotiator and expect the other party to succumb to your demands or to close the deal.

There are a few reasons why hard nosed negotiations do not work and why some negotiators end up frustrated and not at the closing table.  After all the ultimate goal is to get to the closing table.

1.) There are emotions involved. Sellers have an emotional attachment to the house because they have remodeled the home, or raised their children there, or think the house is the greatest in the world even though it needs major updating. Seller’s sometimes have the rose colored glasses on. Buyers are usually less emotional about the house, but they too get emotional sometimes when the negotiations get tough. In car sales, equipment sales, and many other types of sales and sales jobs there is no emotions. It’s about product and price. Not so with all home sales.

2.) In equipment sales or negotiating with the big auto companies both sides want to make the deal work and work hard to come to an agreement.  They are negotiating to meet in the middle because there are a limited amount of companies to deal with.  There is may be prior relationships between the companies.  In house sales that is not always the case.  Seller’s usually DO NOT HAVE TO SELL THE HOUSE, nor DO BUYERS HAVE TO BUY.   The buyers can move onto the next home, and the sellers can keep turning down offers as long as they want. In equipment sales there are usually only a few companies to choose from. Not in real estate there are always more homes coming to the market. They may not be as nice, or as updated, but there will be more homes coming to the market if you are willing to wait.  They can put up the house for sale next year, or wait until spring to buy.

It is the same with sellers. I just heard yesterday about a seller that has turned down 5 offers. After 5 offers you should get an idea of what a buyer is willing to pay for your home. Yet there are some unreasonable sellers that will still want more after multiple offers on their house. The seller just rejected my clients offer that was higher than the previous 4 offers.  Sellers and buyers do not have to close the deal. And it is common for buyers or a seller to quit negotiating and walk away from the deal. Sometimes they just don’t care or are unreasonable in their demands and wants. It is common for one party to base their price in reality and the other party in the transaction living in dream land.

So when negotiating on a sales price you want to be the one grounded in reality. You want your agent to look at the recent solds in the neighborhood. That way the agent or you can look at the recent sold prices of comparable homes and be able to give a range of what the home is worth. That is so important whether you are the seller or buyer. Know what the current market value of the home is your priority.

Having the knowledge of the range of what the home is worth gives you a basis of what to offer (if you are the buyer ) or what to accept (if you are the seller). If you are unreasonable in what you want then do not be surprised when the other party stops negotiating or walks away. It is the same way for you. If the other party is unreasonable in their demands then it is smart for you to walk away.   The other party has an incentive to close on the home, but they cannot be forced to accept what you think or what you want. Even if you are right on, they may be the unreasonable one. There is nothing you can do about it. Many buyers do not have to buy the one house or the seller does not have to sell.  That is the difference in home sales in most cases…. they do not have to.  If you are a hard nosed negotiator you may learn the hard way and lose the house.  So the key is how bad do you want to buy or sell?

I hope this negotiating tip of understanding the mind set of the opposite party, and what has to be done in the home sales process will help make your home sales negotiation more fruitful. It will save you aggravation if you understand this up front. It does not matter if it is waterfront home for sale in Oakland County or any home in Mesquite, NV. …..realize that many times hard nosed negotiations fail in the real estate business.

The goal should always be to find a win win for both parties.

 

 

Why Do Home Buyers Wait For Spring?

Why Do Home Buyers Wait For Spring?

Search Mesquite NV. homes for sale at; Mesquite-realestate.com

Why Do Home Buyers Wait For Spring?

Why do they wait until the competition ramps up and all the other buyers are ready to buy? Why do buyers wait for the “hot” spring market with its price increases and multiple offers?

  • Some buyers delay because they are doing what is expected – “we’re always done it this way” thinking is common in real estate.
  • Others may need the first warm rays of sun and the fragrance of spring flowers for motivation.
  • There may be more listings later in the spring, as sellers react for the same two reasons above, but increased buyer competition may cancel out advantages.Indications are that this will be an active spring market with real estate price and mortgage rate increases which extend deep into 2017. Getting ahead of this momentum may bring benefits and real estate you can love.

    You’re got nothing to lose by shopping now and a lot to gain. Here are Five Smart-Buying Tips for Getting a Jump on Spring:

    Tip #1: Find a real estate professional who is has a lot of experience in the locations you’d consider and with the type of property (detached house or condominium) you want to own.

    Learn what you need to do to prepare to make an offer and what to look for in the properties you’ll view. You’ll also discover the listing price range to shop in and which are the best locations in your buying range. If you don’t start this strategic relationship first, you’ll miss out on many of the advantages of an early start.

    Tip #2: Build your professional team to be ready for offer time.

    Your real estate professional may have recommendations for mortgage brokers, home inspectors, real estate lawyers, and surveyors. Take three names for each and interview them to determine the fit and what they consider the extent of their professional responsibilities to you.

    • For example, concentrate on locating a mortgage broker who has the experience, contacts, and interest to help you finance your purchase. The questions you ask the real estate professional about price range, size of mortgage, and steps in the buying process should also be directed to the mortgage broker. The mortgage pre-approval letter, which may be essential at offer time, will only be truly useful when you’ve been professionally vetted and stamped as mortgage-worthy.

    #Tip 3: Stop Wasting Time and Concentrate on Real Estate.

    There’s a lot to learn and to think about when buying real estate, so your productivity matters. The US 2016 versionof Deloitte’s sixth annual Mobile Consumer Survey revealed more online time wasting than ever:

    • More than 40 percent of consumers check their phones within five minutes of waking – text messages (35%) and email (22%)
    • Each day is disrupted since we look at our phones approximately 47 times. Sleep is disrupted: more than 30% check their devices 5 minutes before sleep and about 50 percent in the middle of the night.
    • Every 60 seconds on Facebook, 510,000 comments are posted, 293,000 statuses are updated, and 136,000 photos are uploaded. The average Facebook visit is 20 minutes; Facebook reports visitors spend more than 50 minutes a day using Facebook, Instagram and Messenger. (Source: Zephoria)
    • Millennials (25 to 34-year-olds) demonstrated higher levels of mobile device interest and use than the phone-hooked younger demographic.
    • Postpone binge watching the latest hyped series until after you buy your dream home.

    Tip #4: Sell Yourself on Success

    According to sales inspiration Dale Carnegie, author of How to Win Friends and Influence People, “The only way to influence someone is to find out what they want, and show them how to get it.” To achieve success, clarify, with the help of professionals, exactly what you want and need from a real estate purchase. Then decide to get it. The professional team you select will provide the know-how and will help you refine your dreams into an achievable goal for the location and price range involved. Do your homework, so you understand what they show you.

    Tip #5: Motivate Yourself During This “Buy-athon”

    What motivates you to want to own real estate? Postpone as many non-real-estate distractions as possible. Clarify what will sustain you through the often-stressful buying process. Use slogans, affirmations, or whatever it takes to persist. You may make offers and lose out on one or more properties before you find yours. Persist using self-motivation – that’s your job. No one else can motivate you. No one cares as much about the outcome as you do.

    What are you waiting for? Get the jump on spring!

    Final Smart-Buying Tip:Don’t get in the way of the professionals finding out what you want and helping you get it.