selling a home
Is Fall The Best Time To Buy A House?
If you’re serious about buying a home, fall might be the perfect time of year to make it happen. But it has a particular set of challenges too. READ MORE
Ready to Sell Your Home? Ready to Buy? Search for Homes for sale in Columbia, South Carolina & Search for Homes for sale in Lexington and Lake Murray, South Carolina
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Existing Home Prices: Q2 UP 8.2% Over Q2 of 2014!
The National Association of Realtors (NAR) reports that in Q2, the national median existing home price was UP 8.2% over Q2 of 2014. Single family home prices posted gains in 93% of metropolitan areas–that’s 163 out of 176–up from 85% of markets showing increases in Q1. The nineteen best-performing metro areas saw double-digit gains. The NAR’s chief economist attributes rising prices to rising demand brought on by steady rent increases, a slower than expected rise in mortgage rates, and stronger local job markets.
Funny about those rising rents. An online listing site’s analysis of rental affordability in Q2 reports renters are paying an average of 30.2% of their income on rent. That’s the highest percentage ever, looking at data going back to 1979. From 1995 to 2000, renters spent on average a little more than 24% of income on rent. Home buyers overall seem to have a better attitude about borrowing. A behavioral finance analyst found that consumers are now less financially stressed than they were back in January. He says the reasons are: the improving labor market, the prospect of future employment in higher paying jobs, and a rise in current earnings.
This Week’s Forecast
HOMEBUILDING UP, EXISTING SALES COOL, INFLATION OK, WE LISTEN IN ON THE FED… An engaging week this, as we get back to the housing market, expected to show continued growth in Housing Starts in July, but a small slippage in Existing Home Sales. Inflation as measured by the Consumer Price Index (CPI) should be very moderate, good for us, but bad for the Fed who would like to see more inflation before they raise rates. We may get some indication of when that might happen with Wednesday’s release of FOMC Minutes from the last Fed confab. Do pay attention.
The Week’s Economic Indicator Calendar
Weaker than expected economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and rising loan rates.
Economic Calendar for the Week of Aug 17 – Aug 21
Date | Time (ET) | Release | For | Consensus | Prior | Impact |
M Aug 17 |
08:30 | NY Empire Manufacturing Index | Aug | 5.0 | 3.9 | Moderate |
Tu Aug 18 |
08:30 | Housing Starts | Jul | 1.200M | 1.174M | Moderate |
Tu Aug 18 |
08:30 | Building Permits | Jul | 1.257M | 1.343M | Moderate |
W Aug 19 |
08:30 | Consumer Price Index (CPI) | Jul | 0.2% | 0.3% | HIGH |
W Aug 19 |
08:30 | Core CPI | Jul | 0.2% | 0.2% | HIGH |
W Aug 19 |
10:30 | Crude Inventories | 8/15 | NA | -1.682M | Moderate |
W Aug 19 |
14:00 | FOMC Minutes | 7/29 | NA | NA | HIGH |
Th Aug 20 |
08:30 | Initial Unemployment Claims | 8/15 | 272K | 274K | Moderate |
Th Aug 20 |
08:30 | Continuing Unemployment Claims | 8/8 | 2.265M | 2.273M | Moderate |
Th Aug 20 |
10:00 | Existing Home Sales | Jul | 5.42M | 5.49M | Moderate |
Th Aug 20 |
10:00 | Philadelphia Fed Index | Aug | 7.0 | 5.7 | HIGH |
Th Aug 20 |
10:00 | Leading Economic Indicators (LEI) | Jul | 0.2% | 0.6% | Moderate |
Federal Reserve Watch
Forecasting Federal Reserve policy changes in coming months… A growing minority of economists see the Fed starting to hike rates in September. An October guess is now made by a thin majority of Fed watchers. An overwhelming majority expect a rate gain by the end of the year. Note: In the lower chart, a 38% probability of change is an 62% certainty the rate will stay the same.
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Will You Be Ready When You’re in a Buyer’s Market?
These days, most homeowners trying to sell a home have the upper hand—the seller’s market means home prices are high, inventory is low, and sellers can afford to be choosy with the offers that are presented to them.
But what happens when that changes? Places such as Boston, paralyzed for weeks by a brutal winter, are already bucking the trend and moving toward a buyer’s market, when potential home buyers hope to leverage their bargaining power.
When the number of homes on the market outnumbers the number of buyers, sellers may be more willing to negotiate on the price of their home and offer concessions to seal a deal. But potential buyers would be wrong to assume they’ll be able to find bargain-basement prices.
Follow these five tips to make sure you don’t make mistakes when trying to take advantage of a buyer’s market.
1. Know the market
Gary Lucido, president of Lucid Realty in Chicago, says…
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