As Fall Hits, Homebuying Frenzy Remains in Full Swing

As Fall Hits, Homebuying Frenzy Remains in Full Swing: Mortgage demand is up 25% year over year, defying the traditional seasonal patterns in real estate.

Buying Sprees Continue, Contract Signings Surge to Record High

Buying Sprees Continue, Contract Signings Surge to Record High: Pending home sales are exceeding pre-pandemic levels and defying forecasts.

Fall Checklist: Yard Work That Sets Up Spring Benefits

Fall Checklist: Yard Work That Sets Up Spring Benefits: Pass along these five lawn tips to homeowners preparing for seasonal changes.

Why Selling this Fall May Be Your Best Move

 

Why Selling this Fall May Be Your Best Move

If you’re thinking about moving, selling your house this fall might be the way to go. Here are four highlights in the housing market that may make your decision to sell this fall an easy one.

1. Buyers Are Actively in the Market

ShowingTime, a leading real estate showing software and market stat service provider, just reported that buyer traffic jumped 60.7% compared to this time last year. That’s a huge increase.

It’s clear that buyers are ready, willing, and able to purchase – and they’re in the market right now. In many regions of the country, multiple buyers are entering bidding wars to compete for the home they want. Take advantage of the buyer activity currently in the market so you can sell your house in the most favorable terms.

2. There Are Not Enough Homes for Sale

In the latest Existing Home Sales Report, the National Association of Realtors (NAR) announced that there were only 1.49 million units available for sale. That number was down 18.6% from one year ago. This means in the majority of the country, there aren’t enough homes for sale to satisfy the number of buyers.

Due to the health crisis, many homeowners were reluctant to list their homes earlier this year. That will change as the economy continues to recover. The choices buyers have will increase going into the new year. Don’t wait until additional sellers come to market before you decide to make a move.

3. The Process Is Going Quickly

Today’s ultra-competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and simpler, as buyers know exactly what they can afford before shopping for a home. According to the latest Origination Insights Report from Ellie Mae, the time needed to close a loan is just 49 days.

4. There May Never Be a More Important Time to Move

You’ve likely spent much of the last six months in your current home. Perhaps you now realize how small it is, and you need more space. If you’re working from home, your children are doing virtual school, or you just need more space, your current floor plan may not work for your family’s changing needs.

Homebuilders are beginning to build houses again, so you can choose the exact floor plan to match what your family needs, and you can make sure the outdoor space is what you want too.

Bottom Line

The housing market is prime for sellers right now, so let’s connect to get the process started this fall. If the timing is right for you and your family, the market is calling your name.

August Closings: Properties Averaged 3 Offers

August Closings: Properties Averaged 3 Offers: “Buyers have to be better prepared to make an offer, including already getting prequalified,” NAR researcher says.

Existing-Home Sales Hit Highest Level Since December 2006

Existing-Home Sales Hit Highest Level Since December 2006: Each of the four major regions experienced both month-over-month and year-over-year growth, with the Northeast seeing the greatest improvement from the prior month.

Inventory Is Way Down From Last Year

Inventory Is Way Down From Last Year: Since the start of the COVID-19 pandemic in March, there have been nearly 400,000 fewer homes listed than in the same time period in 2019.

Why Pricing Your Home Right Matters This Fall [INFOGRAPHIC

 

Why Pricing Your Home Right Matters This Fall [INFOGRAPHIC]

Some Highlights

• As a seller today, you may think pricing your home on the high end will result in a higher final sale price, but the opposite is actually true.
• To sell your home quickly and for the best possible price, you should eliminate buyer concerns by pricing your home competitively right from the start.
• Let’s connect today to make sure you have the guidance you need to price your home right this fall.

Sherwin-Williams Announces Its 2021 Color of the Year

Sherwin-Williams Announces Its 2021 Color of the Year: The paint firm’s color choice is a bronze hue that aims to evoke a sense of calm and the great outdoors.

Wondering how the market’s doing in Portland? Here’s a real-time look.

 

Wondering how the market’s doing in Tigard? Here’s a real-time look.

 

Wondering how the market’s doing in Tualatin? Here’s a real-time look

 

Home Builder Confidence Hits All-Time Record

 

Home Builder Confidence Hits All-Time Record

Last week, the National Association of Home Builders (NAHB) reported their Housing Market Index (HMI) hit an all-time high in the 35-year history of the series with a score of 83. The index gauges builder perceptions of current single-family home sales and sale expectations for the next six months, as well as the traffic of prospective buyers of new homes.

As the following chart shows, confidence dropped dramatically when stay-in-place orders were originally mandated earlier this year. Since then, it has soared back.Looking at the three-month moving averages for HMI scores, confidence increased in every region of the country:

• The Northeast increased 11 points to 76
• The Midwest jumped 9 points to 72
• The South rose 8 points to 79
• The West increased 7 points to 85

Confidence Is Validated by the Numbers

This confidence is definitely warranted. According to a recent NAHB report, single-family housing starts increased 4.1% to a 1.02 million annual rate, and single-family permits increased 6% to a 1.04 million unit rate, meaning newly constructed homes are on the rise.

A separate report from the Mortgage Bankers Association (MBA) shows mortgage applications for new home purchases increased by 33.3% compared to a year ago. Joel Kan, Associate Vice President of Economic and Industry Forecasting at MBA, commented on the numbers:

"The housing market continued to exceed expectations in August, as housing demand for new homes stayed strong and the job market continued to recover…The new home market has maintained its path of recovery throughout the summer, and record-low mortgage rates and households seeking more space will likely continue to drive demand into the fall."

Bottom Line

If you’re thinking about putting your house on the market but are afraid you may not find a home to buy, let’s connect to discuss new construction opportunities in our area.

Remodeling for High ROI

 Sep 21, 2020

LaTasha Beal

Remodeling can be serious business, especially if you’ve got several pet projects on your list and a limited budget with which to work. It can be tempting to go straight to the items that you find the most important, but if you’re considering reselling your home in the not too distant future, the return on your remodeling investment is really the thing to watch. Luckily, Remodeling Magazine has been tracking remodeling trends and returns for the US market since 2002 and has amassed a great deal of data on which projects you should focus your money on if you’re concerned about how well it will return.

A Note on Cost Return Versus Resellability

It’s important to note that there is a distinction between items that will be reflected in your home’s value and those which will help your home sell. These aren’t always the same thing. For example, you might find that adding a pool is a lot of fun and that people are drawn to homes with pools in your area, but a pool doesn’t necessarily increase the amount of money you’ll be offered for your home. On the flip side of that, new kitchen cabinets almost always both increase value and help make your home easier to resell.

This Year’s Top Remodeling Items for Returning Your Dollars

Remodeling Magazine’s 2020 numbers are in, and much of what they have to say isn’t too surprising. Over the last several years, trends for return on your investment dollars have been mostly holding steady. Consider these items if you’re planning a remodel before you sell your home:

1. Manufactured Stone Veneer. This year it’s number one on the list, though it was ranked second in both 2019 and 2018 for percentage of cost recovered. At an estimated $9,357 for the average stone veneer project, you’ll see an average of 95.6 percent return.
2. Garage Door Replacement. Bumped from number one for 2018 and 2019 to a still respectable number two, garage doors will provide an average of 94.50 percent return for your average $3,695 project. Garage doors can change the entire face of your home, so they’re still a great choice for a quick facelift if you don’t have stone veneer money this year.
3. Kitchen Remodeling. It’s no surprise that a nice kitchen can pay for itself, but you have to be very careful in how you spend your money. A minor, mid range kitchen remodel might include small updates like replacing the drawer, door fronts, and hardware on cabinets, as well as new appliances, flooring, and sink and faucet, plus a fresh coat of paint. That’s estimated to cost about $23,452 this year, but the return on it will be about 77.6 percent. This is also one of those items that will absolutely push a buyer to choose your home over another, so there’s value beyond simple dollars and cents.
4. Siding Replacement. In the past, Remodeling Magazine has grouped all major siding types (excluding stone veneer) together, but this year it has separated them into two categories: fiber-cement and vinyl. Both are popular, durable choices for a home, and both return quite well. Fiber-cement should recoup about 77.6 percent of the $17,008 bill; vinyl returns about 74.7 percent of an estimated $14,359.
5. Vinyl Replacement Windows. Replacement windows can be a huge selling feature, especially if your home is in a neighborhood where a lot of houses still have their original windows. They can be ordered with a myriad of design elements to make them just as charming as the windows you’ll be replacing, down to the tiniest details. You’ll be looking at a cost of around $17,641 for the project, but you’ll recover about 72.3% of that when you sell your home. As a bonus, the new homebuyers will have plenty of incentive to choose your home, since energy efficiency is still a major decision point.Ready to Remodel? Not Sure How to Start?

Ready to Remodel? Not Sure How to Start?

Don’t sweat it, you can connect with an army of professions through HomeKeepr. HomeKeepr has your back. Login today to find home pros ready to help you get the most out of your remodeling budget.

Mortgage Help Available for Hurricane Sally, Wildfire Victims

Mortgage Help Available for Hurricane Sally, Wildfire Victims: Fannie Mae and Freddie Mac have announced disaster relief aid for homeowners affected by Hurricane Sally—adding to a growing list of disasters in 2020.

What the Fed's Extended Low Rate Means for Mortgages

What the Fed's Extended Low Rate Means for Mortgages: The Federal Reserve voted Wednesday to leave its benchmark lending rate—what banks charge one another for short-term borrowing—unchanged and near zero.

Mortgage Applications Are 40% Higher Than a Year Ago

Mortgage Applications Are 40% Higher Than a Year Ago: The end of August typically marks a slower season for housing—but not this year.

Most Overrated Smart Home Devices

 Sep 14, 2020

LaTasha Beal

Smart homes are increasingly popular, and there are a wide range of smart home devices on the consumer market these days. These devices can give you greater control over your home, and can protect you from fires, water damage, and break-ins. They may even help you save money and live more comfortably over the long run. With that said, not every smart home device is a winner.

While a lot of smart devices earn points for the “neat” factor, some just won’t see that much use once you get over the novelty of them. In other cases, the items themselves will be used, but the added “smart” features will be completely ignored. While your mileage may vary, here are some of the smart home devices that you’re most likely going to consider overrated once the novelty wears off.

Smart Microwaves

There are many smart appliances making their way into modern homes, and each brings something of a unique take on how to implement smart home connectivity. Unfortunately, most smart microwaves just don’t seem to have a compelling argument for use. On paper the ability to customize cooking for different ingredients and tie in voice controls for the microwave seems interesting. But since most people rely almost exclusively on timed cooking in the microwave, the custom options probably fall outside of what most people use their microwaves for. Voice control is also unlikely to be a major selling point since a lot of microwave use involves single-touch preprogrammed times anyway.

Automatic Watering Solutions

Maintaining a garden using automated watering solutions sounds like a great idea. The problem is that there are already mechanical timers and other solutions that can handle this without adding another connected device. There are undoubtedly some people who will find some of the more advanced automated features in these watering solutions useful. But most won’t get much use out of these features, so these products don’t offer enough of an advantage over non-smart alternatives to justify the cost or hassle of installation.

Tacked-On Smart Appliances

There are a number of useful appliances that add Bluetooth connectivity and dedicated apps as something of a tacked-on function that adds a little bit to the cost. These washers, cookers, and other appliances work largely the same with or without the smart features, and in the end, there simply isn’t that much in the way of added functionality provided by the Bluetooth connection. Most of the time you’ll be better off saving the little bit of extra money and sticking with the non-smart version of these devices.

Smart Hubs

Before you complain, hear us out; this isn’t talking about smart speakers that act as hubs or similar devices that performs a unique function (like providing access to a digital assistant) while also controlling multiple devices around your home. This is specifically referring to devices in your home that only act as smart hubs, often requiring a dedicated app to program and interact with them. While some of these hubs may have nice interfaces in their apps, you can usually get more out of a multifunction device like Google Home or Amazon Echo than from a dedicated single-purpose smart hub.

Unique Home Remotes

Remote controls for smart home devices range from basic items such as IR remotes and key fobs to more unique pieces that could be considered works of art in their own right. Unfortunately, the more complex of these remotes are often a bit lacking when it comes to overall functionality. Typically designed with specific devices in mind, you’ll usually be better off with more general-purpose remotes, assuming that you don’t rely on voice control or smartphone apps instead.

Be Smart About Smart Devices

If you aren’t sure what to get to smarten up your home, HomeKeepr can help. Sign up for a free account today and find pros that will match you to the perfect smart home devices based on real recommendations from people you trust.

Analyst: Housing Market Can’t Sustain ‘Frenzied Demand’

Analyst: Housing Market Can’t Sustain ‘Frenzied Demand’: The national median listing price has reached a new record high as homes sell even faster, realtor.com® reports.

Study: Buyers Have $33K More in Purchasing Power

Study: Buyers Have $33K More in Purchasing Power: Lower borrowing costs have made their wallets fuller since last year, but an uptick in home prices may cancel out their financial gains.

Freddie: Mortgage Rates Won’t Move Much Lower

Freddie: Mortgage Rates Won’t Move Much Lower: A recent uptick in Treasury rates likely will slow the drop in mortgage rates over the next few weeks, Freddie Mac says.

While Houses Get Bigger, Apartments Get Smaller

While Houses Get Bigger, Apartments Get Smaller: View this chart to see how home sizes across the country stack up against one another.

Homebuilders Target Outlying Suburbs

Homebuilders Target Outlying Suburbs: An increase in construction in more suburban neighborhoods is being driven in large part by the coronavirus outbreak, builders say.

July 2020 Pending Home Sales

July 2020 Pending Home Sales: July’s pending home sales pace increased 5.9% last month and rose 15.5% from a year ago.

What is the real estate market doing in Tigard, OR?