- For the 5th year in a row, the Northeast saw a concentration of “High Outbound” activity.
- For the first time ever, South Dakota held the top spot for “High Inbound” states.
- Much of America’s outbound activity can be attributed to Boomers relocating to warmer climates after retiring.
There is no doubt that historically low mortgage interest rates were a major impetus to housing recovery over the last several years. However, many industry experts are showing concern about the possible effect that the rising rates will have moving forward.
According to a recent survey conducted by ClosingCorp, over half of all homebuyers are surprised by the closing costs required to obtain their mortgage.
The National Association of Realtors (NAR) keeps historical data on many aspects of homeownership. One of the data points that has changed dramatically is the median tenure of a family in a home. As the graph below shows, for over twenty years (1985-2008), the median tenure averaged exactly six years. However, since 2008, that average is almost nine years – an increase of almost 50%.
Today, many real estate conversations center on housing prices and where they may be headed. That is why we like the Home Price Expectation Survey.
- Sales of existing homes reached the highest pace in a decade at a seasonally adjusted annual rate of 5.69 million.
- January marked the 59th consecutive month of year-over-year price gains as the median home price rose 7.1% to $228,900.
- NAR’s Chief Economist, Lawrence Yun had this to say, ‘Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home.’
The National Association of Realtors recently released a study titled ‘Social Benefits of Homeownership and Stable Housing.’ The study confirmed a long-standing belief of most Americans:
According to a survey conducted by Bankrate.com, one in four Americans are considering buying a home this year. If this statistic proves to be true, that means that 59 million people will be looking to enter the housing market in 2017.
So, you’ve decided to sell your house. You’ve hired a real estate professional to help you with the entire process, and they have asked you what level of access you want to provide to potential buyers.