The Kallhoff Team

Wednesday, June 12, 2013

Top Reasons Renters Say They Want to Own

DAILY REAL ESTATE NEWS | WEDNESDAY, JUNE 12, 2013

A recent study by mortgage giant Fannie Mae showed that 90 percent of renters aspire to be home owners one day, and the top reason behind that desire is for the sense of gaining greater control over their living arrangements.

The survey revealed the following top reasons why renters want to own:

“Control over what you do with your living space”: 84% of renters said this was their main desire for owning;
“Having a sense of privacy and security”: 80%
“Having the best investment plan”: 78%
“Having a good place for family or to raise your children”: 78%
“Living in a nicer home”: 71%
“Building wealth”: 70%
“Saving for retirement”: 69%

In the survey, renters identified the following reasons for why they are renting:

“Living within your budget”: 57%
“Having less stress”: 52%
“Making the best decision given the current economic climate”: 50%

Source: “Why It's True: You Should Own, Not Rent,” TheStreet.com (June 11, 2013)

http://realtormag.realtor.org/daily-news/2013/06/12/top-reasons-renters-say-they-want-own

arizona homes sale, arizona house,arizona real estate, az houses, az real estate, business, chief economist, economy, for sale by owner, FSBO, gilbert arizona, gilbert az, gilbert real estate, home for sale in arizona, homes for sale in san tan valley az, homes for sale in san tan valley az san tan valley arizona arizona homes sale home for sale in arizona real estate az real estate arizona arizona real estate san tan san tan heights homes in az for sa,homes for sale valley, homes in az for sale, houses for sale, houses in Arizona for sale, how to sell my home, johnson ranch, queen creek,queen creek arizona, queen creek az, real estate arizona, real estate az, real-estate, san tan, san tan heights, san tan valley arizona, san tan valley real estate, Selling my home, short selling my home, valley homes sale, where is san tan valley az

Tuesday, June 11, 2013

6 Ways a Home May Turn Off Buyers

DAILY REAL ESTATE NEWS | TUESDAY, JUNE 11, 2013

Bankrate.com recently featured a list of the top ways buyers back away from a home listed for sale. Its list includes these items, among others:

1. Dirt: "The No. 1 biggest mistake is not getting the home in the best possible condition. That's huge," says Chad Goldwasser of Goldwasser Real Estate in Austin, Texas. "I won't even represent sellers at this point unless they are fully aware of how important it is to get their home in the absolute best condition that they've ever had it in." Goldwasser suggests also steam-cleaning tile and grout and carpets and replacing carpets if necessary.

2. Odors: "Odors are a big one, especially kitchen odors," says Julie Dana, co-author of The Complete Idiot's Guide to Staging Your Home to Sell. "I advise my clients not to cook fried food, fish, or greasy food while the house is on the market. ... Interestingly, next to the kitchen, the smelliest room in the house is actually the living room. That's typically the room that has the most fabric, so that is where odors get absorbed." She recommends having curtains and upholstery cleaned, particularly if someone in the home is a smoker, and taking steps to eliminate any pet odors.

3. Old fixtures: "You need to change out old fixtures in your house," Goldwasser says, adding outdated ceiling fans and light fixtures should be replaced prior to listing a home. "New cabinet hardware and doorknobs will probably cost all of $400 or $500, but it makes a huge difference."

4. Wallpaper: When buyers see wallpaper, they think of another thing to add to their to-do list, says Dana. "Wallpaper is extremely personalized. You've spent hours looking over books to pick out the wallpaper you want," she says. "What are the odds that the person walking in the door will also like that wallpaper that you picked out?"

5. Popcorn acoustic ceilings: These ceiling were popular in the 1960s and 1970s but now can date a home. Still, it can be a mess and costly to remove, so real estate professionals say sellers may need to be prepared to credit a buyer in certain markets if they decide to keep the popcorn ceiling when selling a home.

6. Too many personal items: Cluttered homes make it difficult for buyers to see past the home owner’s belongings and start envisioning themselves there. "Anything that makes your house scream 'you' is what you don't want," Dana says. "I tell all my clients that how we decorate to live and how we decorate to sell are different, and right now, we're decorating to sell."

Source: “10 Ways to Turn Off a Would-Be Homebuyer,” Bankrate.com (June 10, 2013)

http://realtormag.realtor.org/daily-news/2013/06/11/6-ways-home-may-turn-buyers

homes for sale in san tan valley az san tan valley arizona arizona homes sale home for sale in arizona real estate az real estate arizona arizona real estate san tan san tan heights homes in az for sa,homes for sale in san tan valley az,san tan valley arizona, arizona homes sale, home for sale in arizona, real estate az, real estate arizona, arizona real estate, san tan, san tan heights, homes in az for sale, az houses, queen creek az,gilbert arizona, az real estate,houses for sale, queen creek arizona, san tan valley real estate,gilbert real estate, homes for sale valley, arizona house, queen creek,valley homes sale, gilbert az,houses in Arizona for sale, where is san tan valley az, johnson ranch,Selling my home, short selling my home, FSBO, for sale by owner,how to sell my home, real-estate,chief economist, economy,business

Monday, June 10, 2013

More Sellers Jump Into Favorable Market

DAILY REAL ESTATE NEWS | MONDAY, JUNE 10, 2013

Inventories of for-sale homes are increasing as more owners see rising home prices and faster sales as a reason to try to sell now, according to industry reports.

In April, the number of listings was higher than the level of homes that were under contract in that month, according to a study by the real estate brokerage ZipRealty, which measured listings in 24 major metro markets.

“It’s less of an indication of buyer momentum flagging and more of seller momentum picking up, finally,” says Lanny Baker, the company’s chief executive.

The reports find that homes are selling faster—on average, within 32 days of being listed. In April 2012, that average stood at 48 days for homes to sell.

“A market in which the sale prices are happening very close to the list prices, a market in which the list prices seem to be moving sequentially higher, and a market in which any of those houses are selling speedily is one that is bringing sellers back,” Baker says. “That makes it feel to a seller that this isn’t going to be a long passive despair that I tried three years ago.”

Source: “Why More Sellers Could Test the Market,” The Wall Street Journal (June 10, 2013)

Read more

10 Best Markets for Home Sellers

http://realtormag.realtor.org/daily-news/2013/06/10/more-sellers-jump-favorable-market

Friday, June 7, 2013

Most Renters Plan to Buy, But Fear Lending Standards

DAILY REAL ESTATE NEWS | FRIDAY, JUNE 07, 2013

Ninety percent of renters say they expect to buy a home in the future, but the majority are fearful of their ability to qualify for a mortgage at today’s stringent underwriting standards, according to a new survey conducted by Fannie Mae. In fact, 42 percent of those who intend to buy a home one day say they don’t think they’ll be able to do so for at least five years.

"Younger renters who prefer to own are much more likely than their older counterparts to say that they are renting mainly to make themselves financially ready to own," according to the survey.

The majority of renters surveyed said that if they had trouble qualifying for a mortgage, they would take steps to improve their credit score or financial situation, or consider buying a less expensive home. Only a quarter of renters said that if they were denied a mortgage, they would stop pursuing a mortgage altogether.

The survey showed that renters believe home ownership is better than renting in terms of privacy, security, and for raising a family. Fifty-one percent of renters say that owning makes more sense than renting when comparing both the financial and lifestyle benefits, according to the survey.

"The strength of the economy, particularly job creation and real income growth, as well as the favorability of credit conditions should play significant roles in determining if and when many of these renters will see the fruit of their efforts to become home owners," says Sarah Shahdad, analyst of Economic & Strategic Research at Fannie Mae.

Source: “Renters pursue the American Dream of homeownership,” HousingWire (June 6, 2013)

http://realtormag.realtor.org/daily-news/2013/06/07/most-renters-plan-buy-fear-lending-standards

Thursday, June 6, 2013

Return to 'Buyer's Market' Still Years Away

DAILY REAL ESTATE NEWS | THURSDAY, JUNE 06, 2013

It may be two to three more years before prospective home buyers get a break from escalating property prices and tight supply, according to experts speaking at a National Association of Real Estate Editors conference Wednesday.

That is the time frame for institutional speculators, who currently are dominating the market, to pull out of their investments and still make a profit, explained Bill Rayburn of the mortgage technology firm FNC. The market also will need to see the return of individual home buyers in order to normalize, he said, which will be propelled by employment gains.

Source: "Better Times for Home-Buyers Will Take a Few Years, Experts Say," Los Angeles Times (June 5, 2013)

http://realtormag.realtor.org/daily-news/2013/06/06/return-buyers-market-still-years-away

Wednesday, June 5, 2013

Home Prices Soar to Largest Gain in 7 Years

DAILY REAL ESTATE NEWS | WEDNESDAY, JUNE 05, 2013

The housing recovery has picked up speed, as home prices posted their highest year-over-year gain since February 2006, according to the latest housing data from CoreLogic.

CoreLogic's home price index climbed 12.1 percent in April over year-ago levels. Home prices have been on the rise for more than a year.

"The pace of the housing market recovery quickened in April as home prices rose across the U.S.," says Anand Nallathambi, CoreLogic's chief executive officer. "We expect this trend to continue, bolstered by tight supplies and pent-up buyer demand."

CoreLogic economists predict home prices will rise another 2.7 percent in May.

The following five states had the largest price gains over the past year:

Nevada: +24.6%
California: +19.4%
Arizona: +17.3%
Hawaii: +17%
Oregon: +15.5%

Source: “April home prices see biggest yearly gain in seven years: CoreLogic,” Reuters (June 4, 2013) and “U.S. Home Prices In April Jumped Most in 7 Years,” The Associated Press (June 4, 2013)

http://realtormag.realtor.org/daily-news/2013/06/05/home-prices-soar-largest-gain-in-7-years