The spring housing market is off to the races! The inventory of homes for sale is increasing, buyers are out in force, and interest rates have remained low, piquing the interest of buyers and sellers previously on the fence about making a move.
New research from realtor.com shows that the first week of April is actually the best time to list your house for sale! The report used “trends in median listing prices, views per property on realtor.com, home price drops, median days on market, and number of listings on the market over the last three years,” to determine a ranking for every week of the year.
Listing your home in the first week of April contributes 14x more property views, 5% less competition from other home sellers, and results in the home being sold 6 days faster!
Below is a graph indicating the average score for each month of the year.
It should come as no surprise that April and May dominate as the top months to sell. The second quarter of the year (April, May, June) is referred to as the Spring Buyers Season, when competition is fierce to find a dream home, often leading to bidding wars.
However, there is one caveat worth mentioning. When broken down by metro, realtor.com noticed that while warmer climates share an overall trend, they have different top sales months. The best month to get the most exposure in Miami, FL, for instance, is August, while in Phoenix, AZ, June leads the charge.
If you’re thinking of selling your home this year, the time to list is NOW! According to the National Association of Realtors, 41% of homes sold last month were on the market for less than 30 days! If you list now, you’ll have a really good chance to sell in April or May, setting yourself up for the most exposure!
Let’s get together to discuss the market conditions in our area to get you the most exposure to the buyers ready and willing to make a move!
In today’s society, technology has become a crucial part of our everyday life. So big, that we tend to involve it in everything we do; home buying is no exception. Just like in any other industry, customer experience has become a key aspect and companies all over the world have finally started to step up in this area. And what better way to do so than digitizing everything in order to entertain better communication with clients and give them quick access to information?
Whether you’re a first-time home buyer, or you’re a real estate agent who’s looking to better advise clients, in this article we’ll help you by listing some of the best tools and resources to use for home buying.
First and foremost, you need to make sure that you are financially ready to take this step. After all, buying a home will probably be one of the biggest expenses that you’ll have in your entire lifetime. If the time is right indeed, you’ll need to figure out what you can actually afford to buy. This is where a budget worksheet could become extremely handy, especially when it comes to keeping things organized. Try to see a little bit into the future, and imagine your life in the next few years while having to pay the mortgage. Use the worksheet to figure out your budget, and then you’ll be ready to make a decision.
Like most people nowadays, you probably don’t have a huge amount of money available for buying an entire house, so you’re gonna end up going for a home loan. But there’s nothing wrong about this, as there are so many great calculators and financial tools out there, that can make the process ten times easier for you.
From working out how much you can actually borrow based on what you earn and what you owe to figuring out how much money will go to a mortgage payment for a certain property. All of these are readily available to you with only a few keystrokes. These tools help you take the first steps towards buying a house, without even having to leave your current one.
We live in an era where we practically have our smartphones glued to our hands. So why not take advantage of that and download some apps that can help you in the process of buying a new house?
If everything works out well with your home loan, now it’s time for house hunting! House hunting can be a very tiring process and also a very stressful one. What the modern home buyer can do about this, is to use real estate mobile apps that include map features, information about schools and other points of interest around properties, and maybe some other high-tech features, like virtual tours of the properties. At the end of the day, not only will you be able to save time, but you’ll also be less stressed when you’re able to go through multiple houses in a matter of minutes.
After you’ve narrowed your options down to a few houses, it’s time for you to go and visit them. This part of the process might be the key to a successful purchase, as you’ll need to talk to the real estate agent (in this case, call Norma!). And if you don’t know how to entertain one such conversation, you might want to do a little research beforehand. Be aware of the fact that a real estate agent can’t actually lie to you, but if you won’t ask the right questions, you probably won’t get the information that you need. You don’t want to end up buying a home that is not what you’ve thought it was in the first place.
And lastly, make sure that the house that you buy has the potential to become your actual home. You’ll never find your dream house while hunting for it, but you’re definitely able to find one that has the potential of becoming one.
The real estate business is adapting to our digitized world, a change that could bring nothing but profit and satisfied customers. Websites are still the standard for online house hunting, but mobile apps are so much more efficient! People take countless trips to the bank for home loans, while there are online tools that you can use from the comfort of your own bed. Buying a home is definitely a very time and energy consuming process, but fortunately, with the help of technology, it is gradually becoming easier to be a homeowner.
Congratulations! You’ve found a home to buy and have applied for a mortgage! You are undoubtedly excited about the opportunity to decorate your new home! But before you make any big purchases, move any money around, or make any big-time life changes, consult your loan officer. They will be able to tell you how your decision will impact your home loan.
Below is a list of 7 Things You Shouldn’t Do After Applying for a Mortgage! Some may seem obvious, but some may not!
1. Don’t change jobs or the way you are paid at your job! Your loan officer must be able to track the source and amount of your annual income. If possible, you’ll want to avoid changing from salary to commission or becoming self-employed during this time as well.
2. Don’t deposit cash into your bank accounts. Lenders need to source your money and cash is not really traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer.
3. Don’t make any large purchases like a new car or new furniture for your new home. New debt comes with it, including new monthly obligations. New obligations create new qualifications. People with new debt have higher debt to income ratios… higher ratios make for riskier loans… and sometimes qualified borrowers no longer qualify.
4. Don’t co-sign other loans for anyone. When you co-sign, you are obligated. As we mentioned, with that obligation comes higher ratios as well. Even if you swear you will not be the one making the payments, your lender will have to count the payment against you.
5. Don’t change bank accounts. Remember, lenders need to source and track assets. That task is significantly easier when there is consistency among your accounts. Before you even transfer money between accounts, talk to your loan officer.
6. Don’t apply for new credit. It doesn’t matter whether it’s a new credit card or a new car. When you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), your FICO score will be affected. Lower credit scores can determine your interest rate and maybe even your eligibility for approval.
7. Don’t close any credit accounts. Many clients have erroneously believed that having less available credit makes them less risky and more likely to be approved. Wrong. A major component of your score is your length and depth of credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both those determinants of your score.
Any blip in income, assets, or credit should be reviewed and executed in a way that ensures your home loan can still be approved. The best advice is to fully disclose and discuss your plans with your loan officer before you do anything financial in nature. They are there to guide you through the process.
Just like our clocks this weekend, in the majority of the country, the housing market will soon “spring forward!” Similar to tension in a spring, the lack of inventory available for sale has been holding back the market.
Many potential sellers believe that waiting until Spring is in their best interest. Traditionally, they would have been right.
Buyer demand has seasonality to it. Usually, this falls off in the winter months, especially in areas of the country impacted by arctic conditions.
That hasn’t happened this year.
Demand for housing has remained strong as mortgage rates have remained near historic lows. Even with an increase in rates forecasted for 2019, buyers are still able to lock in an affordable monthly payment. Buyers are increasingly jumping off the fence and into the market to secure a lower rate.
The National Association of Realtors (NAR) recently reported that in 2018 the top 10 dates sellers listed their homes all fell in April, May, or June.
Those who act quickly and list now, before a flood of increased competition, will benefit from additional exposure to buyers.
If you are planning on selling your home in 2019, contact the Norma Langston Group to evaluate the opportunities in your market.