Home Affordability Conditions Improve

The U.S. Home Affordability Index looks at how affordable homes are based on the percentage of average wages needed to make a monthly payment on a median-priced house in 406 counties across the country. According to the results, affordability conditions improved, compared to the previous quarter, in 60 percent of all analyzed counties. That’s an encouraging trend for anyone thinking about buying a home this winter, as it means buyers can expect to find more favorable conditions than they did over the summer.

Daren Blomquist, ATTOM’s senior vice president, said the improvement was brought on by decreasing interest rates. “Falling interest rates in the third quarter provided enough of a cushion to counteract rising home prices in most U.S. markets and provide at least some temporary relief for the home affordability crunch,” Blomquist said. “More sustainable relief for the affordability crunch, however, will need to be some combination of slowing home price appreciation and accelerating wage growth.” For example, since hitting bottom in 2012, home prices have risen 73 percent, while average weekly wages have only improved 13 percent over the same time period.

To find out what your home is worth in today’s market call Jennifer Bixby at Don Peterson & Associates today.

 

This advertisement was provided by Jennifer Bixby, the broker for Don Peterson and Associates Real Estate, 100 E 6th St. Jennifer can be reached at 402-721-9700 for answers to questions regarding your real estate needs.

 

Home Buying Made Easier

When asked, Americans overwhelmingly say they value homeownership and believe it increases financial stability. In fact, one recent survey found 93 percent of respondents said they felt that homeownership was an important part of the American dream.

Still, despite their desire to buy and own a home, many Americans hesitate before pursuing their dream of becoming homeowners. And while there are many reasons for this, one of them is misconceptions about the home buying process. A national housing survey, for example, found a growing number of respondents who say the home buying process is confusing. According to the results, 74 percent of adults said they strongly or somewhat agree that “the home buying process is complicated.” That’s up from 67 percent last year.

What accounts for the increase is anybody’s guess but it reinforces the fact that prospective buyers should make choosing a reputable lender and real estate agent among the first steps they take after deciding to buy a home. Working with experienced professionals will demystify the buying process and help you navigate the ins-and-outs of purchasing a house. For professional representation call Jennifer Bixby today at Don Peterson & Associates.

 

This advertisement was provided by Jennifer Bixby, the broker for Don Peterson and Associates Real Estate, 100 E 6th St. Jennifer can be reached at 402-721-9700 for answers to questions regarding your real estate needs

Cash Sales Are A Sign Of A Competitive Market

Most people don’t buy their house with cash. In fact, historically cash sales account for just 10 percent of all home sales. But, according to Freddie Mac’s most recent monthly outlook, the fact that the number of homes for sale remains lower than normal has caused a higher than normal number of cash sales.

“Usually, not many people like to invest a lot of cash into real estate, which is illiquid and has high transaction costs,” Freddie Mac’s chief economist, Sean Becketti, says. “However, in the current, highly competitive housing market, a cash offer is an effective way to gain an advantage over other bidders.” Still, cash sales are well below their peak of 35 percent, with a share closer to 18 percent according to the most recent data.

Overall, Freddie Mac expects mortgage rates to remain low through the end of the year and home sales to surpass last year’s numbers. However, low inventory remains an issue. The outlook says home sales would have been much higher if not for the fact that many markets have fewer homes for sale than is typical. Locally here in Fremont, we are still experiencing a lower than average number of homes for sale. If you are considering a change, it’s still a great time to sell!

 

This advertisement was provided by Jennifer Bixby, the broker for Don Peterson and Associates Real Estate, 100 E 6th St. Jennifer can be reached at 402-721-9700 for answers to questions regarding your real estate needs.

Number Of Showings Up 10% Over Last Year

If you had any doubt that home buyers are active this fall and looking to buy, some new numbers should help put that notion to rest. New research shows that the number of showings – which refers to a professionally arranged tour of a home for sale – are up 10.3 percent nationally over the same time last year.

Regionally speaking, the Northeast saw the largest jump, with a 15.2 percent increase as of June. However, the Midwest and South also saw double-digit improvements. In fact, only the West saw a slight year-over-year decline. The numbers are a good indication of how much interest there is this fall from potential home buyers.

That’s good news for homeowners who are looking to sell their house, as it adds to the growing evidence that, in many markets, there are more buyers than homes for sale. Of course, that also means home buyers that are looking to buy this season should be prepared to move quickly, as good homes aren’t going to stay on the market very long.

 

This advertisement was provided by Jennifer Bixby, the broker for Don Peterson and Associates Real Estate, 100 E 6th St. Jennifer can be reached at 402-721-9700 for answers to questions regarding your real estate needs.

Don Peterson & Associates – Ask The Experts – KFMT 105.5FM – September 21, 2017

Connie Hladik and Angie Kuester discuss acreages, the housing inventory, upcoming open houses, current listings.  Listen below!

 

Today’s Home Buyer Is More Market Savvy

One result of the housing crash is that American home buyers are now more savvy about the housing market. In addition to finding a house they love, they are also concerned with market fluctuations and whether or not they are buying at the right time. In fact, a recent survey from Value Insured shows 63 percent of all buyers and 72 percent of millennials say they worry that they’ll buy a house just as home prices peak.

This concern is natural considering recent history. However, the longer you live in a house, the less likely you are to suffer the effects of market fluctuations. That means, if you’re buying a house you love and plan to live in for, at least, the next five to seven years, you can feel more comfortable buying regardless of where the market may be.

Joe Melendez, CEO of Value Insured, says the fact that this is a common concern shows Americans are more informed these days. “Beyond the jitters, I see in our survey an increasingly informed nation of home buyers, who understand the risk of the market,” Melendez says. “To those concerned about a price correction, or waiting to time the market, I recommend a proactive approach. Have an exit plan, then anytime you find a home you love is a good time to buy.”

 

 

 

This advertisement was provided by Jennifer Bixby, the broker for Don Peterson and Associates Real Estate, 100 E 6th St. Jennifer can be reached at 402-721-9700 for answers to questions regarding your real estate needs.

Why New Home Sales Should Matter To You

There are many parts to a healthy housing market. Whether you’re talking about home prices, mortgage rates, new home construction, or another housing metric, each one of them have an effect on home buyers and sellers – even if some of those effects aren’t as obvious as others.

Take new home sales. If you’re not looking to buy a new house, how does it affect you? Well, for one, when new homes are in demand, more new homes get built. And, when more new homes get built, the boosted inventory of homes for sale can help reduce price increases. For example, the current housing market’s main challenge is too few homes for sale. Because inventory has been low in many markets, buyers have seen prices go up and choices decline.

So, news that new home sales increased nationally for the second straight month is encouraging because increasing sales could help spur more new homes to be built, which would help balance the market and keep prices from becoming unaffordable for the average buyer.

Locally here in Fremont, the city has permitted 21 new residential homes thru July with 6 more in review. Compared to previous years, this is quite an increase! So, even if you aren’t in the market for a new home, you could indirectly benefit from more new homes being bought and sold in your neighborhood.

 

 

 

This advertisement was provided by Jennifer Bixby, the broker for Don Peterson and Associates Real Estate, 100 E 6th St. Jennifer can be reached at 402-721-9700 for answers to questions regarding your real estate needs.

Don Peterson & Associates – Ask The Experts – KFMT 105.5FM – August 24, 2017

Kevin Prinz and Dan Frink discuss the West Point office, selling farms and much more.  Listen below!

Millennials Say Having A Dog Is A Top Reason To Buy

There are a handful of common answers that come up time and time again when Americans are surveyed about their reasons for buying a home. For example, a desire for more space is always at or near the top of any list documenting prospective buyers’ main motivations. After all, if you’ve run out of space where you are – whether it’s because you’ve started a family or because you’ve got a lot of stuff – you’re probably going to be eager to move somewhere bigger. But, though survey after survey finds we all share some common wants and needs when it comes to our homes, a new survey of young Americans who have never owned a home found a surprising reason behind their desire to become homeowners.

So, what was it? Well, 42 percent of respondents said their dog, or desire to have one, was a key factor in wanting to one day buy a home of their own. And, though that may seem unusual to those of us who don’t have pets, those that do, more often than not, consider them a part of their family. So, for a renter who may have trouble finding a landlord that will allow pets at all or one that won’t charge them extra for having one, buying a home can provide a less stressful environment for both the homeowner and their beloved pet.

 

 

This advertisement was provided by Jennifer Bixby, member of the Bixby & Sorensen Team and the broker for Don Peterson and Associates Real Estate, 100 E 6th St. Jennifer can be reached at 402-721-9700 for answers to questions regarding your real estate needs.

Is Buying a Home Still an Affordable Choice?

These days, determining the affordability of buying a home isn’t such a simple calculation. There are always a lot of variables to consider – including prices, mortgage rates, wages, and local factors – but today’s housing market contains a number of contradictions that may make it even more difficult for potential buyers to figure out.

For example, home prices have recently been making a lot of news, mostly because they’ve regained much or all of the value lost following the housing crash. At the same time, though, mortgage rates have remained just above historic lows for the past several years. In other words, if you live in an area where home prices have been slower to rebound, low mortgage rates likely mean homes are still a good deal in your neighborhood. On the other hand, in some areas – where home prices have pushed beyond previous highs and low inventory is limiting available choices – favorable mortgage rates make less of an impact.

Here in Fremont buying is affordable for the average household, though challenges remain. Thanks to very low mortgage rates, monthly mortgage payments are affordable for the average household despite currently high house prices. Nevertheless, hurdles to homeownership arise from the difficulty of finding a house.

 

This advertisement was provided by Jennifer Bixby, of the Bixby & Sorensen Team and the broker for Don Peterson and Associates Real Estate, 100 E 6th St. Jennifer can be reached at 402-721-9700 for answers to questions regarding your real estate needs.