The Kallhoff Team

Friday, November 8, 2013

Gov't Shutdown Having Lingering Effects on Confidence

DAILY REAL ESTATE NEWS | FRIDAY, NOVEMBER 08, 2013

The government shutdown deflated Americans’ outlook toward the economy and the housing market, according to the October National Housing Survey conducted by Fannie Mae of 1,000 home owners and renters. In the latest survey, the gap widens between those who think the economy is on the right track and those who think it’s headed in the wrong direction.

"Housing market sentiment has clearly suffered in the wake of the recent government shutdown and debt ceiling debate,” says Doug Duncan, chief economist at Fannie Mae. “In October, we saw attitudes toward both the economy and the current buying environment experience their largest one-month drops in the survey’s three-year history. While this decline in consumer optimism may portend a slowing of the housing recovery, supply constraint data suggest that we are likely to see continued positive growth in home prices.

“That being said, October’s survey results suggest that consumer attitudes are highly responsive to ongoing debate and decision-making in Washington,” Duncan notes. “Three key budget and debt ceiling dates loom in December, January, and February. The handling of each will likely play a key role in determining the pace and timing of any recovery in consumer sentiment."

The percentage of Americans who said they expect their financial situation to worsen in the next year reached a survey high -- 22 percent.

Fewer home owners also said now is a good time to buy a house, falling to 65 percent and reaching another survey low. The percentage had been 72 percent who said it’s a good time to buy.

Fewer Americans also thought it was a good time to sell, with the percentage dropping from 38 to 37 percent in the latest survey.

Home owners aren’t expecting much appreciation in their homes in the next year. Expectations over home appreciation in the next 12 months fell by 4 percentage points to 46 percent. Meanwhile, 52 percent of Americans surveyed said they expect rents to rise, on average, by 4.4 percent in the next year.

Fewer Americans are expecting mortgage rates to increase over the year, falling from 63 percent to 57 percent.

Source: Fannie Mae October 2013 National Housing Survey

http://realtormag.realtor.org/daily-news/2013/11/08/govt-shutdown-having-lingering-effects-confidence

http://www.rebeccasellsaz.com

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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

Monday, November 4, 2013

Report: Singles and First-Timers Squeezed Out

DAILY REAL ESTATE NEWS | MONDAY, NOVEMBER 04, 2013

The latest research on home buyers from the National Association of REALTORS® shows the effects of tight mortgage lending standards on the market. The association says that these conditions are keeping qualified buyers, especially singles and first-time buyers, from reaching their dreams.

The NAR's 2013 Profile of Home Buyers and Sellers is the latest release in a long-running series that dates back to 1981. Results are representative of owner-occupants and do not include investors or vacation homes. The overall market share of single buyers declined from 32 percent in 2010 to 25 percent in both 2012 and 2013. First-time home buyers slipped to a 38 percent market share in the past year from 39 percent in the 2012 study.

“Single home buyers have been suppressed for the past three years by restrictive mortgage lending standards, which favor dual-income households who are more likely to have higher credit scores,” says Lawrence Yun, NAR chief economist. He added that “historically, first-time buyers are instrumental in housing recoveries because they help existing home owners sell and make a trade.”

While many potential buyers were still absent, the report did reveal some bright spots for those emerging from housing crises.

“Interestingly, 6 percent of all buyers had previously sold a foreclosure or short sale, showing that sellers of distressed property are beginning to recover financially,” Yun said.

NAR mailed a 122-question survey in July 2013 to a national sample of 148,011 home buyers and sellers who purchased their homes between July 2012 and June 2013, using a random sample of county records. Sixty-six percent of respondents were married couples, 16 percent were single women, 9 percent single men, and 7 percent unmarried couples. Fourteen percent of all survey respondents were multi-generational households, including adult children, parents and/or grandparents. The full report can be ordered online or by calling 800-874-6500.

Source: NAR

http://realtormag.realtor.org/daily-news/2013/11/04/report-singles-and-first-timers-squeezed-out

http://www.rebeccasellsaz.com

Friday, November 1, 2013

Aging Homes May Present Big Bargains

DAILY REAL ESTATE NEWS | FRIDAY, NOVEMBER 01, 2013

More than 70 percent of the U.S. housing stock was built prior to 1990, and an aging housing stock may present more opportunities for buyers searching for a bargain, according to RealtyTrac’s Aging Homes Analysis.

"The high percentage of homes that are at least 20 years old and likely in need of some major repairs is eye-opening," says Jake Adger, chief economist at RealtyTrac. "However, given the low inventory of homes available for sale in today's market, this challenge of aging U.S. housing supply can also be an opportunity for buyers looking for a bargain and home owners looking to update their living space and improve the value of their homes."

Older homes often need upgrades for energy efficiency and may lack floor plans or amenities that home buyers desire today, according to RealtyTrac’s analysis.

On average, homes built prior to 1990 sold for $233,211 this year, compared to $256,292 for newer homes.

"The lower price point on older homes is not surprising given many are in need of some rehab and are more likely to have maintenance issues," Adger says. "But this also presents an opportunity for buyers willing to take on that older inventory. Those buyers can purchase at lower price points and face less competition from institutional investors," who tend to buy newer homes.

Fourteen states were found to have the largest number of homes built prior to 1990 (making up more than 80 percent of its home sales). Nearly all of those states were located in the Northeast, except for Louisiana, New Mexico, and Kentucky, RealtyTrac notes.

Meanwhile, older homes made up less than 40 percent of sales in Utah and Nevada.

Source: “Aging Housing Inventory Presents Bargain-Hunting Opportunities,” Mortgage News Daily (Oct. 31, 2013)

http://realtormag.realtor.org/daily-news/2013/11/01/aging-homes-may-present-big-bargains

http://www.rebeccasellsaz.com

The Kallhoff Team

Friday, November 8, 2013

Gov't Shutdown Having Lingering Effects on Confidence

Tuesday, November 5, 2013

How Men, Women Differ on Home Buying

Monday, November 4, 2013

Report: Singles and First-Timers Squeezed Out

Friday, November 1, 2013

Aging Homes May Present Big Bargains

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