May 18, 2018

Is Your First Home Within Your Grasp Now? [INFOGRAPHIC]

Is Your First Home Within Your Grasp Now? [INFOGRAPHIC] | Keeping Current Matters

Some Highlights:

  • According to the US Census Bureau, ‘millennials’ are defined as 18-36-year-olds.
  • According to NAR’s latest Profile of Home Buyers & Sellers, the median age of all first-time home buyers is 32.
  • More and more ‘old millennials’ (25-36) are realizing that homeownership is within their grasp now!
Posted in Homebuyers
May 2, 2018

This Just In: Data Says May is the Best Month to Sell Your Home

This Just In: Data Says May is the Best Month to Sell Your Home | Keeping Current Matters

According to a newly released study by ATTOM Data Solutions, selling your home in the month of May will net you an average of 5.9% above estimated market value for your home.

For the study, ATTOM performed an “analysis of 14.7 million home sales from 2011 to 2017” and found the average seller premium achieved for each month of the year. Below is a breakdown by month:

This Just In: Data Says May is the Best Month to Sell Your Home | Keeping Current Matters

ATTOM even went a step further and broke their results down by day.

Top 5 Days to Sell:

  • June 28th – 9.1% above market
  • February 15th – 9.0% above market
  • May 31st – 8.3% above market
  • May 29th – 8.2% above market
  • June 21st – 8.1% above market

It should come as no surprise that May and June dominate as the top months to sell and that 4 of the top 5 days to sell fall in those two months. The second quarter of the year (April, May, June) is referred to as the Spring Buyers Season, when competition is fierce to find a dream home, which often leads to bidding wars.

One caveat to mention though, is that when broken down by metro, ATTOM noticed that while warmer climates share in the overall trend, it turns out that they have different top months for sales. The best month to get the highest price in Miami, FL, for instance, was January, and Phoenix, AZ came in with November leading the charge.

If you’re thinking of selling your home this year, the time to list is NOW! According to the National Association of Realtors, homes sold in an average of just 30 days last month! If you list now, you’ll have a really good chance to sell in May or June, setting yourself up for getting the best price!

Bottom Line

Contact a local real estate professional who can show you the market conditions in your area and get the most exposure to the buyers who are ready and willing to buy!

Posted in The Market
April 24, 2018

How Much Do You Need to Make to Buy a Home in Your State?

How Much Do You Need to Make to Buy a Home in Your State? | Keeping Current Matters

It’s no mystery that cost of living varies drastically depending on where you live, so a new study by GOBankingRates set out to find out what minimum salary you would need to make in order to buy a median-priced home in each of the 50 states, and Washington, D.C.

States in the Midwest came out on top as most affordable, requiring the smallest salaries in order to buy a median-priced home. States with large metropolitan areas saw a bump in the average salary needed to buy with California, Washington, D.C., and Hawaii edging out all others with the highest salaries required.

Below is a map with the full results of the study:

How Much Do You Need to Make to Buy a Home in Your State? | Keeping Current Matters

GoBankingRates gave this advice to anyone considering a home purchase,

“Before you buy a home, it’s important to find out if you can afford the monthly mortgage payment. To do this, some financial experts recommend your housing costs — primarily your mortgage payments — shouldn’t consume more than 30 percent of your monthly income.”

As we recently reported, research from Zillow shows that historically, Americans had spent 21% of their income on owning a median-priced home. The latest data from the fourth quarter of 2017 shows that the percentage of income needed today is only 15.7%!

Bottom Line

If you are considering buying a home, whether it’s your first time or your fifth time, consult The Flynn Team, we can help evaluate your ability to do so in today’s market!

Posted in The Market
April 3, 2018

99% of Experts Agree: Home Prices Will Increase

 

Some believe that the combined effects of the new tax code and rising mortgage rates will have an adverse impact on residential real estate prices in 2018. However, the clear majority of recently surveyed housing experts believe that home values will continue to rise this year.

What is the Home Price Expectation Survey?

Each quarter, Pulsenomics surveys a nationwide panel of economists, real estate experts and investment & market strategists. Those surveyed include experts such as:

  • Daniel Bachman, Senior Manager, U.S. Economics at Deloitte Services, LP
  • Kathy Bostjancic, Head of U.S. Macro Investors Service at Oxford Economics
  • David Downs, Real Estate Finance Professor at VCU
  • Edward Pinto, Resident Fellow at American Enterprise Institute
  • Albert Saiz, Director at MIT Center for Real Estate

Where do these experts see home values headed in 2018?

Here is a breakdown of where they see home values twelve months from now:

  • 21.6% believe prices will appreciate by 6% or more
  • 71.6% believe prices will appreciate between 3 and 5.99%
  • 5.7% believe prices will appreciate between 0 and 2.99%
  • Only 1.1% believe prices will depreciate

Bottom Line

Almost ninety-nine percent of the top experts studying residential real estate believe that prices will appreciate this year, and over 93% believe home values will appreciate by at least 3%.


Posted in The Market
March 22, 2018

The Cost of Waiting: Interest Rates Edition [INFOGRAPHIC]

Some Highlights:

  • Interest rates are projected to increase steadily heading into 2019.

  • The higher your interest rate, the more money you end up paying for your home and the higher your monthly payment will be.

  • Rates are still low right now. Don’t wait until rates hit 5% to start searching for your dream home!

 

Posted in The Market
March 6, 2018

Housing Market Expected To "Spring Forward" This Year

Housing Market Expected To "Spring Forward" This Year | Keeping Current Matters

Just like our clocks this weekend in the majority of the country, the housing market will soon “spring forward!” Similar to tension in a spring, the lack of inventory available for sale in the market right now is what is holding back the market.

Many potential sellers believe that waiting until Spring is in their best interest, and traditionally they would have been right.

Buyer demand has seasonality to it, which usually falls off in the winter months, especially in areas of the country impacted by arctic temperatures and conditions.

That hasn’t happened this year.

Demand for housing has remained strong as mortgage rates have remained near historic lows. Even with the recent increase in rates, buyers are still able to lock in an affordable monthly payment. Many more buyers are jumping off the fence and into the market to secure a lower rate.

The National Association of Realtors (NAR) recently reported that the top 10 dates sellers listed their homes in 2017 all fell in April, May, or June.

Those who act quickly and list now could benefit greatly from additional exposure to buyers prior to a flood of more competition coming to market in the next few months.

Bottom Line

If you are planning on selling your home in 2018, meet with our managing member, Mike Flynn, to evaluate the opportunities in your market.

Posted in The Market
Feb. 15, 2018

Which Comes First... Marriage or Mortgage?

Which Comes First… Marriage or Mortgage? | Keeping Current Matters

According to the National Association of REALTORS most recent Profile of Home Buyers & Sellers, married couples once again dominated the first-time homebuyer statistics in 2017 at 57% of all buyers. It is no surprise that having two incomes to save for down payments and contribute to monthly housing costs makes buying a home more attainable.

But, many couples are also deciding to buy a home before spending what would be a down payment on a wedding, as unmarried couples made up 16% of all first-time buyers last year.

If you’re single, don’t fret! Single women made up 18% of first-time buyers in 2017, while single men accounted for 7% of buyers. A recent report pointed to a sense of responsibility and commitment that drives many single women to want to own their own homes rather than rent someone else’s.

Here is the breakdown of all first-time homebuyers in 2017 by percentage of all buyers, income, and age:

Which Comes First… Marriage or Mortgage? | Keeping Current Matters

Bottom Line

You may not be that much different than those who have already purchased their first homes. Contact the Flynn Team today who can help determine if your dream home is already within your grasp.

Posted in Homebuyers
Jan. 24, 2018

Bird's Eye View: Hicksville

Every month, we will ask a resident of a Long Island town

to give us a "bird's eye view" of their town as a whole:

why they chose it, what to look out for when choosing a home there,

and most importantly, where to eat.  

This month, we spoke to a young newlywed, works in Lower Manhattan

and lives in Hicksville.

 
 

What part of HIcksville do you live in?

I live off the 107, the inset neighborhood across from Broadway Mall.

 

How would you describe Hicksville in just a few words?

Diverse, becoming more so, accessible and friendly.

 

When you were looking for a home, where else besides Hicksville were you looking?

Levittown, East Meadow, all the surrounding neighborhoods, wanted to stay central.

 

What made you choose Hicksville and (your section) in particular?

I recently got married, we are newlyweds, no kids yet but being in a good school district is already

very important to me. I also am thankful I am close to the Hicksville LIRR, I have to trek to lower

manhattan every day and can catch an express from here.

 

What advice would you give a first time home buyer in LI?

Knowledge is power. Also partner with a solid, good real estate agent who is educated in your

target area and can easily inform you of important factors like taxes, safety, and schools.

 

What is your favorite restaurant in HIcksville to go out to eat?

Hicksville has its fair share of Indian restaurants, but Chilli & Curry on Woodbury Road

is exceptional, freshly made Indian/Thai fusion with awesome service.

 

What about take-in?

Kirazu Sushi is always on point for take out.

 

What does the family do to relax in Hicksville?

In an effort to stay fit for the new year, the wife and I take a 5 min drive to Eisenhower Park

where, which I recently learned, has a bunch of fitness trails.

 

Biggest perk of living there?

Though a diverse community, a very friendly community.

 

Biggest complaint?

I can complain about the LIRR, but who doesn’t?

 

Best piece of advice for someone looking to make Hicksville their next home?

It’s a great place to call home, very family oriented and the location is good for weekend errands

and of course, you have the mall.

Posted in Town Profiles
Jan. 23, 2018

Why Do I Need a Real Estate Agent ?

Many people wonder whether they should hire a real estate professional to assist them in buying their dream homes or if they should first try to go through the buying process on their own. In today’s market: you need an experienced professional!

You Need an Expert Guide If You Are Traveling a Dangerous Path

The field of real estate is loaded with landmines; you need a true expert to guide you through the dangerous pitfalls that currently exist. Finding a home that is priced appropriately and is ready for you to move into can be tricky. An agent listens to your wants and needs, and can sift through the homes that do not fit within the parameters of your “dream home.”

A great agent will also have relationships with mortgage professionals and other experts that you will need in order to secure your dream home.

You Need a Skilled Negotiator

In today’s market, hiring a talented negotiator could save you thousands, perhaps tens of thousands, of dollars. Each step of the way – from the original offer to the possible renegotiation of that offer after a home inspection, to the possible cancellation of the deal based on a troubled appraisal – you need someone who can keep the deal together until it closes.

 

Bottom Line

Famous sayings become famous because they are true. You get what you pay for. Just like a good accountant or a good attorney, a good agent will save you money…not cost you money.

Posted in The Market
Dec. 22, 2017

Existing Home Sales Reach Highest Annual Pace in 11 Years

Some Highlights:

  • Existing home sales are currently at an annual pace of 5.81 million, the highest pace since December 2006.

  • The inventory of existing homes for sale has dropped year-over-year for the last 30 consecutive months and is now at a 3.4-month supply.

  • NAR’s Chief Economist Lawrence Yun had this to say: “Faster economic growth in recent quarters, the booming stock market and continuous job gains are fueling substantial demand for buying a home as 2017 comes to an end.”

Posted in Homebuyers