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Real Estate News You Can Use

How’s the Real Estate Market? Find Out What the Experts Are Saying

How's the Real Estate Market? Find Out What the Experts Are Saying | Simplifying The Market

As we head into summer, it is a great time to review how the 2017 real estate market is doing so far. Here is what the experts are saying:

Doug Duncan, Fannie Mae Chief Economist

“Positive demographic factors should continue to reshape the housing market, as rising employment and incomes appear to be positively influencing millennial homeownership rates.”

Diana Olick, CNBC

“Even as more homes come on the market for this traditionally popular sales season, they’re flying off fast, with bidding wars par for the course. Home prices have now surpassed their last peak, and at the entry level, where demand is highest, sellers are firmly in the driver’s seat.”

Daren Blomquist, Senior VP at Attom

“I am guessing we will see it get even better… If you are considering moving, it could be a really good time to sell.”

Lawrence Yun, NAR Chief Economist

“The early returns so far this spring buying season look very promising as a rising number of households dipped their toes into the market and were successfully able to close on a home last month. Although finding available properties to buy continues to be a strenuous task for many buyers, there was enough of a monthly increase in listings…for sales to muster a strong gain. Sales will go up as long as inventory does.”

Mark Fleming, First American Chief Economist

“Despite higher mortgage rates, the potential for home sales increased on an annual basis driven by steady income and job growth, along with a surge in building permits. While it may be a little late for this spring, the increase in building permits is a welcome sign that some relief may be in sight for the inventory shortages that are holding back many markets from realizing their full potential this spring.”

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More Americans Chose to Own a Home Than Rent in Q1

More Americans Chose to Own a Home Than Rent in Q1 | Simplifying The Market

According to the latest report from the US Census Bureau, more Americans chose purchasing a home over signing a lease to rent in the first quarter of 2017. This marks the first time since 2006 that the number of new homeowner households outpaced the number of new renter households.

Of the 1.22 million new households that were formed in the first quarter, 854,000 were new-owner households making the jump straight to homeownership rather than renting first.

That means that the homeownership rate amongst new households was 70%!

This is huge news as the national homeownership rate is currently 63.6% and has only ever come close to this figure in the second quarter of 2004 when the homeownership rate reached an all-time high of 69.2%.

A recent Wall Street Journal article pointed to the uptick in first-time homebuyers coming to market as a reason for the jump:

“The return of first-time buyers is accelerating. In all they have accounted for 42% of buyers this year, up from 38% in 2015 and 31% at the lowest point during the recent housing cycle in 2011, according to Fannie Mae, which defines first-time buyers as anyone who hasn’t owned a home in the past three years.”

Ralph McLaughlin, Trulia’s Chief Economist, had this to say about what a bump in new homeowner households could mean for the housing market:

“Strong renter household formation is one of the reasons why the homeownership rate has continued to drop since the onset of the housing crisis, so any sign this trend is reversing is something to take note of. We look forward to future releases of these data to determine whether this is a statistical blip or a trend.”

Bottom Line

As more and more potential first-time buyers realize their ability to buy a home without having to rent first, not only will the homeownership rate benefit, but so will the overall economy.

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Is Now a Good Time to Rent?

Is Now a Good Time to Rent? | Simplifying The Market

People often ask if now is a good time to buy a home, but nobody ever asks when a good time to rent is. Regardless, we want to make certain that everyone understands that today is NOT a good time to rent.

The Census Bureau recently released their 2017 first quarter median rent numbers. Here is a graph showing rent increases from 1988 until today:

Is Now a Good Time to Rent? | Simplifying The Market

As you can see, rents have steadily increased and are showing no signs of slowing down. If you are faced with making the decision of whether or not you should renew your lease, you might be pleasantly surprised at your ability to buy a home of your own instead.

Bottom Line

One way to protect yourself from rising rents is to lock in your housing expense by buying a home. If you are ready and willing to buy, let’s meet to determine if you are able to today!

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agent photo

Barbara Carter
RE Associate Broker
Century 21 Alliance
Realty Group

203 Main Street
New Paltz NY 12561
Cell: 845-505-3160  
Office:845-297-4700
Barbara@NewPaltzRealEstate.com




2015-2016 Century 21 Centurion Award
2014 Century 21 Quality Service Award
2015-2016 Century 21 Quality Service Pinnacle Award
2015-2016 Century 21 Presidents Producer Award
2015-2016 Hudson Valley Magazine "Five Star Professional Real Estate Agent Award"

Testimonials

It's important to know oneself when choosing a realtor. Knowing that my wife and I would be buyers that need a patient and highly responsive agent, we met with several experienced realtors before choosing Barbara Carter. We chose Barbara in part because of her excellent reputation and in part because of her extraordinary knowledge of the mid-Hudson Valley market. But most of all, we just knew that Barbara had the warm and conscientious personality we could work with. In every way, Barbara exceeded our expectations. Ours was a two year process to find the right home. We started with one idea and ended with a very different one. Dozens of properties were visited. Throughout the process, Barbara was remarkably patient, carefully listening to and responding to our evolving criteria. She was quick to bring newly listed properties to our attention. If we had questions about a property, she was quick to get us answers. Property after property, Barbara never wavered. When we found what we wanted, a number of complexities unfolded. Most were unexpected and many would have rattled a less experienced realtor. It is here that a buyer wants a real pro, and Barbara skillfully guided us through the details of a very challenging 6 month offer-to-closing process. Often she did much more for us than her professional duties required. From the first day we started looking for a home to the day of closing, Barbara never missed a beat. She is a total professional . Eugene Lebwohl
Having Barbara Carter as your Realtor is equivalent to the ultimate professional, successful, and pleasurable real estate experience. My house was on the market with another agency for over a year and no offers were achieved. When Barbara became my agent; a marketing report was generated within days, proper pricing was achieved, and three bids were received within the first week. From the first days of showing to the actual closing on the property, Barbara was brilliant and enthusiastic about all matters related to the sale of my home. Her attention to detail, knowledge of the market conditions, willingness to share her wisdom, high standard of ethics, and generosity of spirit are the best I have ever experienced. Barbara Carter receives my absolute highest level of recommendation. Marda Reid
It was our great pleasure working with Barbara.Barbara is very professional, informative,honest hard working and all the good qualities.She will get you a beautiful home for your money in a nice environment. Barbara had found a dream home for me and my husband in a short period of time.She did not only sold us this house she chose a home that she likes for herself too. We fell in love with the house and made our decision the first time we saw it.I would highly recomend Barbara she is the BEST.Thanks again Barbara. Deneise Clacken
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