Falling inventory forces homebuyers to move at fastest pace ever
Source: Housing Wire
Housing inventory fell 8.9 percent from last year in the second quarter of 2017, sending homebuyers scurrying to beat the rising competition.
Housing inventory dropped for nine consecutive quarters, and is currently down a full 20 percent from inventory levels five years ago, a new report from Trulia shows.
And now, homebuyers are snatching up homes at the fastest pace since Trulia began tracking in 2012. While 57 percent of homes were still on the market after two months in 2012, today that number shrank down to 47 percent.
Competition is so fierce, in fact, that 33 percent of Americans who bought a home in the last year made an offer without even seeing the home in person, according to a survey from Redfin, an online real estate brokerage.
This is up from 19 percent of buyers who placed an offer on a home without seeing it first last year. Among millennials, even more placed offers without seeing the home in person — a full 41 percent.
Home repairs are an issue that many of us tend to dodge. We understand the necessity of the repairs; however when it comes down to it many of us do not have the time or money to fix everything.
The following list of minor home repairs could end up costing you big money if you continue to procrastinate:
Rodent incursions – Rats, mice and other vermin love to chew through insulation and wiring and are suspects in many house fires.
Soaring fuel bills – This is more than a pocketbook issue, since poorly functioning systems can cause deadly carbon monoxide buildup in your home.
Peeling paint – Paint is like a home’s skin. It’s the first line of defense against incursions by water and pests. Water that seeps into wood can lead to rot.
Flickering lights – It might be that the wiring in your house is dysfunctional or you have too many appliances hooked up to a single circuit. Either one can cause a fire.
A water leak – Left unchecked, leaks can lead to rot, dry rot, mold and termite infestations. Water can cause roofs to collapse, foundations to buckle and all manner of expensive repairs. Water-related problems can also get your home blackballed by insurance companies worried about mold-related claims.
Whether you’ve been letting your home improvement to-do list get the best of you, or are finding yourself comparing your real-world home to professionally styled and photographed ones, it’s natural to get a little down on your home from time to time.
Luckily, feeling content at home is something available to everyone, no matter the size or condition of your space. By working your way through these nine suggestions, you can gain a deeper appreciation of your house, just as it is today. Continue reading →
Have you had a house crush before? How did you know whether or not that home was “the one”?
It’s imperative to have a list of must-haves and deal breakers when shopping for a home. The California Association of Realtors (CAR) surveyed home buyers on Realtor.com to find out what house attributes are crucial and which were must-not-haves for the average real estate buyer.
While both men and women agreed that the outdoor living spaces were of the highest priority (46% and 54%, respectively) and curb appeal was third on the list for both genders (29% for women and 35% for men), they were split on other important house factors.
42 percent of women ranked open floor plans as a must-have, with updated appliances and fixtures falling in as necessary attribute number four for 29% of women. Men, on the other hand, found garages to be secondly important to outdoor living areas, with 40% putting where they parked their cars on the top of their house must-haves list. Open floor plans rounded out men’s lists, with 30% wanting them in their future home. (This infographic/information is from CAR.org)
What do you have on your home must-have list? Any of the above, or something else? Please share below!
Springtime is here and as the weather gets warmer it’s time to start the annual tradition of sprucing up your home and getting your living space in its best shape. But before you start, if you want to get your entire house sparkling and address all those forgotten nooks and crannies, then you might want to consider these tips to get your spring cleaning ritual underway. After all, sometimes the hardest part of any cleaning project is figuring out exactly where to start. Continue reading →
Will the Federal Mortgage Debt Relief Act be extended for another year in 2014?
Yes. The Mortgage Debt Relief Act (MDR) will be extended. The National Association of Realtors (NAR) is working with the lawmakers to get the MDR extended for at least another year. Here are the details for you: Continue reading →
We all know short sales are not so “short”–but this proposed bill outlined by DSNews.com’s article may speed up the process, while also preventing foreclosure.
To avoid losing homes to foreclosure due to long response times for short sale transactions, three senators introduced legislation to speed up the short sale process.
Senators Lisa Murkowski (R-Arkansas), Scott Brown (R-Massachusetts), and Sherrod Brown (D-Ohio) proposed the bill addressing the issue of short sales timelines on February 17. A short sale is a real estate transaction where the homeowner sells the property for less than the unpaid balance with the lender’s approval.
“There are neighborhoods across the country full of empty homes and underwater owners that have legitimate offers, but unresponsive banks,” said Murkowski. “What we have here is a failure to communicate. Why don’t we make it easier for Americans trying to participate in the housing market, regardless of whether the answer is ‘yes,’ ‘no’ or ‘maybe?’”
The legislation, also known as the Prompt Notification of Short Sale Act, will require a written response from a lender no later than 75 days after receipt of the written request from the buyer.
The lender’s response to the buyer must specify acceptance, rejection, a counter offer, need for extension, and an estimation for when a decision will be reached. The servicer will be limited to one extension of no more than 21 days.