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Tuesday, November 5, 2013

How Men, Women Differ on Home Buying

DAILY REAL ESTATE NEWS | TUESDAY, NOVEMBER 05, 2013

Men are from Mars, women are from Venus — and that couldn't be more true when it comes to home buying. According to Prudential Real Estate's third-quarter Consumer Outlook Survey, men and women are quite different when it comes to what they value most about home ownership and the process of buying and selling.

Women enjoy the home search more than men, with 87 percent of women versus 77 percent of men saying they like looking at homes, the survey finds. More women associate home ownership with "pride," "accomplishment," or "independence," while men tend to associate it with "control over living space" and "more space for my family."

"As the real estate market strengthens and household formation grows, men and women approach the buying-selling process from different angles," says Earl Lee, president of Prudential Real Estate. "What's most interesting is the dynamic that exists among couples and the role that agents play in balancing couples' real estate objectives."

Agents may often find themselves stuck in the middle, but both sexes say they trust their agent to be the voice of reason and settle any disagreements among couples. Eighty-three percent of survey respondents say their real estate agent was helpful in moderating an agreement, and 86 percent value the agent's point of view as much as — or more than — their partner's, according to the survey. Both sexes cited "honesty" and "knowledgeable" as the most important traits in a real estate agent.

Men and women tend to take on different responsibilities when it comes to home buying, the survey finds. Men take on more of the financial aspects, while women tended to take the lead on planning aspects, such as neighborhood research. Nearly 40 percent of men said they researched banks and secured the mortgage; 42 percent of women said it was their responsibility to manage appointments, and 34 percent took the lead in researching neighborhoods.

When it comes to the most important home features, men and women are mostly in agreement. Both genders ranked "safe neighborhood," "overall condition of home," and "number of bedrooms" the highest.

Source: Prudential Real Estate

http://realtormag.realtor.org/daily-news/2013/11/05/how-men-women-differ-home-buying

http://www.rebeccasellsaz.com

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Tuesday, October 29, 2013

Mortgage Rates Become Housing’s Thorn

DAILY REAL ESTATE NEWS | TUESDAY, OCTOBER 29, 2013

Higher mortgage rates and home prices are being blamed for a fall in home sales in September.

The National Association of REALTORS® reported Monday that contracts on pending home sales fell 5.6 percent in September, the fourth consecutive month that the measure has dropped. NAR’s Pending Home Sales Index, which reflects contracts, not closings, is at its lowest level since December 2012.

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“Declining housing affordability conditions are likely responsible for the bulk of reduced contract activity,” says Lawrence Yun, NAR’s chief economist. Affordability has dropped to a five-year low due to rising mortgage rates and home prices that have outpaced income growth, NAR says.

Mortgage rates began rising in May when the Federal Reserve announced that it would likely reduce its $85 billion-per-month bond-purchasing program before the end of the year. The program has kept rates at record lows the past few years. The Fed decided at its mid-September meeting to hold off on tapering the program for now. The move has helped rates decline somewhat in recent weeks.

Still, 30-year fixed-mortgage rates averaged 3.41 percent a year ago compared to 4.13 percent last week, Freddie Mac reports.

“Expected rising mortgage interest rates will further lower affordability in upcoming months,” Yun said recently.

Every time mortgage rates tick up, it can effect a buyer’s purchasing power. For example, a 1 percent rate change — which occurred over the summer — could decrease a buyers’ purchasing power by more than 10 percent, according to mortgage blogger Dan Green with The Mortgage Reports.

— By Melissa Dittmann Tracey

http://realtormag.realtor.org/daily-news/2013/10/29/mortgage-rates-become-housing-s-thorn

http://www.rebeccasellsaz.com

Monday, October 7, 2013

NAHB Says Housing Will Strengthen in 2014

DAILY REAL ESTATE NEWS | MONDAY, OCTOBER 07, 2013

Despite many headwinds, the housing recovery is expected to pick up in the next year.

“The cards are in play for a decent and fairly strong recovery in 2014 and particularly in 2015,” says David Crowe, chief economist for the National Association of Home Builders. "From the standpoint of GDP growth, housing has been a plus, growing at two, three, and four times the rate of the rest of the economy in recent quarters."

Crowe made the statements during the Fall 2013 Construction Forecast webinar, hosted by NAHB last week. He noted that a double-digit increase in home prices over the past year has helped spur a housing rebound. But Crowe warned that the steep price increases won't last forever.

"We expect to see price increases moderate in the next few years as we see additional inventory on the market and investors back away as the bargains disappear," Crowe said.

The growth in household formations is a bright spot aiding the recovery, economists noted during the webinar. During the recession, household formation growth was delayed as young professionals moved back home with their parents or doubled up with roommates.

During the height of the housing boom, the U.S. was producing 1.4 million additional households each year. However, during the recession, that figure dropped to 500,000 per year. Today, the figure has risen to 700,000.

Still, plenty of challenges remain to the housing recovery, economists note.

"Credit conditions are much tighter now, builders are increasingly facing labor shortages, lot supplies are tight, building material prices are rising, and inaccurate appraisals are hurting home sales." Crowe said. "You can't charge more than you can get an appraisal for. Even though we are seeing price increases in labor, land, and materials, 36 percent of builders recently said they had lost at least one sale over appraisals coming in below the cost of production."

NAHB made some of the following projections in housing starts:

Housing starts in 2013 are projected to reach 924,000—up 18 percent from last year.
Single-family housing starts are expected to rise 17 percent this year and an additional 31 percent next year. NAHB projects that single-family production will surpass the 1 million mark in 2015.
Multifamily starts are expected to rise 20 percent in 2013 and another 10 percent in 2014. Crowe characterized that as a “normal level” of multifamily production.

Source: National Association of Home Builders

http://realtormag.realtor.org/daily-news/2013/10/07/nahb-predicts-stronger-housing-market-in-2014

http://www.rebeccasellsaz.com/

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Wednesday, May 29, 2013

Investors Place Big Bets on Widespread Housing Recovery

DAILY REAL ESTATE NEWS | WEDNESDAY, MAY 29, 2013

Investors are picking up shares of appliances, building materials, and even pickup trucks in betting on a widening housing recovery, The Wall Street Journal reports. Investors say that the increase in residential construction and home renovation represents a big opportunity on Wall Street.

The recovery is in "the very early innings," Russell Croft, a portfolio manager at Croft Leominster Inc., told The Wall Street Journal. "[I’m trying] to find the secondary or tertiary stocks that might be influenced by housing."

Following a run-up in shares of homebuilder stocks -- like Lennar, KB Home, and Toll Brothers -- investors are now diversifying, looking at such companies like appliance maker Whirlpool (which has surged more than 170 percent since the end of 2011) and Ford Motor Co. for pickup trucks. Investors are looking for anything housing-related, including companies that manufacture related items from roofing and floorboards to drywall and faucets.

Home improvement retailers Lowe’s and Home Depot have each soared by about 60 percent over the last 12 months.

With home prices still below about 28 percent from their 2006 peak, investors are seeing plenty of opportunity ahead for the housing market.

"The housing market is one of the best investible themes out there for 2013 and for 2014 as well," says analyst Kevin O'Keefe with Brown Advisory, which oversees $33 billion in assets.

Source: “Investors Spread Their Housing Bets,” The Wall Street Journal (May 27, 2013)

http://realtormag.realtor.org/daily-news/2013/05/29/investors-place-big-bets-widespread-housing-recovery?om_rid=AACssQ&om_mid=_BRpi0MB8y26XTu&om_ntype=RMODaily

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Friday, May 3, 2013

Millennials Poised to Put Their Mark on Housing

DAILY REAL ESTATE NEWS | WEDNESDAY, MAY 01, 2013

Sixty-five percent of the millennial generation, ranging in age roughly from 18 to 34, say that their intention to purchase a house has significantly increased in the past year, according to a survey from PulteGroup.

“As the economy continues to stabilize, more young adults will wean off of mom and dad and start to live on their own, spurring added economic growth,” HousingWire reports.

Nearly 20 percent of men ages 25 to 34 reportedly live with their parents, while 9.7 percent of women that age still live at home.

As this generation gains greater financial security, more millennials will begin to embark on their own.

A recent article from Barron’s notes that Generation Y could surprise the nation in upcoming years with their spending power and economic growth. The generation is 7 percent larger than the baby boom generation.

"Millennials have witnessed the housing boom and bust, but still believe home ownership is a good investment," says Fred Ehle, vice president for PulteGroup.

Source: “Millennials Rightly Positioned to Boost Economy,” HousingWire (April 29, 2013)

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