Buyer traffic is likely increasing so much because of the severe shortage of existing homes for sale. Realtors are reporting the lowest supply on record and are not expecting the situation to improve anytime soon. While housing starts did rise steadily throughout 2017, they did so very moderately and are still not close to historically normal … [Read more...]
Go Small or Go Home
Sales prices jumped 7 percent annually in November, according to a new report from CoreLogic. That is the third straight month at that pace, far higher than the price gains in the first half of 2017. Low supply and high demand are fueling the spurt and neither of those is expected to ease up anytime soon. With affordability constraints … [Read more...]
Spring Buying Season is Sweet and Sour
The divide between the prices of homes Americans want to buy and the inventory of such homes is growing, suggesting first-time home buyers and high-end sellers might have a difficult year ahead of them. The result is likely to be swiftly rising prices at the low end and challenges for first-time buyers, and sluggish price increases and lingering … [Read more...]
The California Housing Crisis
The backlash comes as California’s lack of housing supply is becoming a crisis. A postwar building boom gave birth to a labyrinth of freeways and sprawling suburbs, and between 1980 and 2010, coastal metro areas in California added new housing units at about half the rate of the typical U.S. metro area. Our golden state of California seems to be … [Read more...]
2017: The Focus Ahead
Some shocking numbers have just come in. It has been reported that total housing inventory dropped 10.8% in December to 1.65 million existing homes available for sale, the lowest level since the National Association of Relators (NAR) began tracking housing supply in 1999. Inventory decreased 6.3% from last year and has fallen for 19 consecutive … [Read more...]
The Great Divide
Urban areas have benefited in recent years from an influx of younger workers seeking high-paying jobs. At the same time, land-use regulations have constricted supply, helping drive up prices. While the wealthiest homeowners had a rocky ride during the past decade, their homes have recovered most or all of the value they lost during the … [Read more...]
Virtual Reality for a Seller’s Market
Sellers in the current housing landscape often have the luxury of listing their homes “as is” without fixing it up or with only minimal window-dressing since demand for homes has been high and inventory low. It’s common for sellers to receive multiple bids, and in the hottest markets, sell for over asking price. An inventive idea is just the … [Read more...]
Shifting Demographics: A New Norm
The quickening pace of home sales over the past year included a small rebound from two key segments of buyers who have been missing in action in recent years: first-time buyers and single women. A new normal means interest rates will be staying low – well below 5% for the next several years – amid shifting demographics bringing homebuyers to the … [Read more...]
Declining Housing Affordability & the California Economy
For the first time in nearly a year, declining housing affordability topped lack of inventory as realtors’ number one concern, with 26% stating they were concerned about low housing affordability. However, worries over a tight housing supply were not too far behind, with 19% indicating their concern. Looking toward 2017, the California realtor … [Read more...]
It’s A Revolution: Millennial Buyers
Millennials are finally expected to unleash their buying arm in 2017. They are predicted to make up 61 percent of first-time home buyers under age 35 in the new year. The top motivators getting millennials moving now are getting married or moving in with a partner, growing tired of their current living space, and planning to increase their family … [Read more...]
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