There are some people that have not purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent free, you are paying a mortgage - either yours or your landlord’s.
As The Joint Center for Housing Studies at Harvard University explains:
“Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return.
That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.”
I'm going to tell you about how buyers from California, found the perfect Woodley Park home in just 24 hours! And the savvy sellers who were smart enough to sell it to them before the open house!
Remember the seller who got an extra $400,000? That's how I met the mom, a former real estate agent. She was scouting houses for her son and his wife, who were in California. I showed her the Cleveland Park house before it was "market-ready."
Remember the story about "pin-point" pricing in Cleveland Park? You know...the sellers got an extra $150,000. I showed her that house, too. We hit it off and her son and daughter-in-law decided to hire me to represent
I just wanted to write about how much we loved having our son, Rhett, home for the summer. It went so fast! He’s headed back to Atlanta for his junior year. I’m going to miss him, but I’m thrilled for him.
He decided to major in film. Summer in our home was an Alfred Hitchcock “Movie Marathon.”
Since it’s an election year, my husband, Bill, suggested I include the following, remarkably foresighted selections from IndieWire posted a year ago, August 13, 2015.
P.S. Remember MadLibs? Let’s play! To make sense of the “Race for the White House,” insert the name of a candidate in each blank.
2016 Election Coverage: Political Commentary Ripped From Today’s Headlines disguised as reviews of: Alfred Hitchcock's Top 25 Films
Recent research by the National Association of Realtors (NAR) examined certain red flags that caused the housing crisis in 2005, and then compared them to today’s real estate market. Today, we want to concentrate on four of those red flags.
Price to Rent Ratio
Price to Income Ratio
Mortgage Transactions
House Flipping
All four categories were outside historical norms in 2005. Home prices were way above normal ratios when compared to both rents and incomes at the time.
NAR explained that mortgage transactions as a percentage of all home sales were also at a higher percentage:
“Loose credit was one of the main culprits of the housing crisis. Mortgage lending expanded dramatically as unhealthy housing speculation reached its
Have you ever been flipping through the channels, only to find yourself glued to the couch in an HGTV ‘show hole’*? We’ve all been there… watching entire seasons of “Love it or List it,” “Fixer Upper,” “House Hunters,” “Flip or Flop,” “Property Brothers,” and so many more, just in one sitting.
When you’re in the middle of your real estate themed show marathon, you might start to think that everything you see on TV must be how it works in real life, but you may need a reality check.
Reality TV Show Myths vs. Real Life:
Myth #1: Buyers look at 3 homes and make a decision to purchase one of them.
Truth: There may be buyers who fall in love and buy the first home they see, but more often than not the process of buying a home means touring
July’s median sales price gained 3.6 percent from last year to $570,000, tying the highest July median sales price on record. The 757 closed sales in July represented a 7.8 percent decrease versus last year. New pending sales increased by 1.3 percent overall with gains in the detached home segment but a loss in the Townhouse segment and no change in the Condo/Coop home type segment. New listing activity decreased 0.4 percent compared to last July. Based on the average sales pace over the past twelve months, the 1,263 active listings represent only 1.9 months of supply, which continues to put sellers in an advantageous position. Half the homes sold in July were on the market for 11 days or less and the competition among buyers kept the
Yesterday, we shared the results of the latest Home Price Expectation Survey by Pulsenomics. One of the big takeaways from the survey is that over the next five years, home prices will appreciate 3.5% per year on average, and cumulatively will grow by around 18%.
So what does this mean for homeowners and their equity position?
For example, let’s assume a young couple purchased and closed on a $250,000 home in January of this year. If we only look at the projected increase in the price of that home, how much equity would they earn over the next 5 years?
Since the experts predict that home prices will increase by 4.5% this year alone, the young homeowners will have gained over $11,000 in equity in just one year.
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.
Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts, and investment & market strategists about where they believe prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.
The results of their latest survey:
Home values will appreciate by 4.5% over the course of 2016, 3.6% in 2017 and about 3.2% in the next two years, and finally 2.9% in 2020 (as shown below). That means the average annual appreciation will be 3.5% over the next 5 years.
Amazing location! Quiet cul-de-sac just over the DC line. Grand, updated 6 bedroom, 5.5 bath brick colonial in excellent condition with 2 car garage. 2 story foyer, curved stairway, gourmet kitchen & breakfast room with wall of windows overlooks the back yard, patio & deck. Living room with fireplace, formal dining room, large family room & office with built-in book cases. Lower level rec room, exercise room & kitchenette. Nothing else like it on the market!
Visit www.5115CapeCod.com for architectural photos and color floor plans.
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