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Keeping Current Matters

3 Charts That Shout, ‘List Your Home Today!’

3 Charts That Shout, ‘List Your Home Today!’ | Keeping Current Matters In school, we all learned the theory of supply and demand. When the demand for an item is greater than the supply of that item, the price will surely rise.

SUPPLY

The National Association of Realtors (NAR) recently reported that the inventory of homes for sale stands at a 3.8-month supply. This is considerably lower than the 6-month supply necessary for a normal market. 3 Charts That Shout, ‘List Your Home Today!’ | Keeping Current Matters

DEMAND

Every month NAR reports on the number of buyers out in the market looking for homes, which is also known as buyer traffic. As seen on the map below, buyer demand in March was strong or very strong in 45 out of 50 states nationwide, and Washington, DC. 3 Charts That Shout, ‘List Your Home Today!’ | Keeping Current Matters Many buyers are being confronted with a very competitive market in which they must compete with other buyers for their dream homes (if they are even able to find a home they wish to purchase). Listing your house for sale now will allow you to capitalize on the shortage of homes for sale in the market, which will translate into a better pricing situation.

HOME EQUITY

Many homeowners underestimate the amount of equity they currently have in their homes. According to a recent Fannie Mae study, 37% of homeowners believe that they have more than 20% equity in their homes. In reality, CoreLogic’s latest Equity Report tells us that 78.9% actually do! 3 Charts That Shout, ‘List Your Home Today!’ | Keeping Current Matters Many homeowners who are undervaluing the equity they have in their homes may feel trapped, which may be contributing to the lack of inventory in the market.

Bottom Line

If you are debating selling your home this year, meet with a local real estate professional who can evaluate the equity you have in your home, as well as the opportunities available in your market.
Members: Sign in now to set up your Personalized Posts & start sharing today! Not a Member Yet? Click Here to learn more about KCM's newest feature, Personalized Posts. Have You Set Up Personalized Posts Yet? | Keeping Current Matters

How Fast Can You Save for a Down Payment?

How Fast Can You Save for a Down Payment? | Keeping Current Matters Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long would it take you to save for a down payment in each state? Using data from the United States Census Bureau and Zillow, we determined how long it would take, nationwide, for a first-time buyer to save enough money for a down payment on their dream home. There is a long-standing ‘rule’ that a household should not pay more than 28% of their income on their monthly housing expense. By determining the percentage of income spent renting a 2-bedroom apartment in each state, and the amount needed for a 10% down payment, we were able to establish how long (in years) it would take for an average resident to save enough money to buy a home of their own. According to the data, residents in Iowa can save for a down payment the quickest in just under 2 years (1.99). Below is a map created using the data for each state: How Fast Can You Save for a Down Payment? | Keeping Current Matters

What if you only needed to save 3%?

What if you were able to take advantage of one of Freddie Mac’s or Fannie Mae’s 3% down programs? Suddenly, saving for a down payment no longer takes 5 or 10 years, but becomes attainable in a year or two in many states as shown in the map below. How Fast Can You Save for a Down Payment? | Keeping Current Matters

Bottom Line

Whether you have just begun to save for a down payment, or have been saving for years, you may be closer to your dream home than you think! Meet with a local real estate professional who can help you evaluate your ability to buy today.
Members: Sign in now to set up your Personalized Posts & start sharing today! Not a Member Yet? Click Here to learn more about KCM's newest feature, Personalized Posts. Have You Set Up Personalized Posts Yet? | Keeping Current Matters

Slaying Home Buying Myths [INFOGRAPHIC]

Slaying Home Buying Myths [INFOGRAPHIC] | Keeping Current Matters

Some Highlights:

  • Interest rates are still below historic numbers.
  • 88% of property managers raised their rent in the last 12 months!
  • The credit score requirements for mortgage approval continue to fall.

Members: Sign in now to set up your Personalized Posts & start sharing today! Not a Member Yet? Click Here to learn more about KCM's newest feature, Personalized Posts. Have You Set Up Personalized Posts Yet? | Keeping Current Matters

Thank you for visiting today. If this is your first visit, take your time and look around. I have plenty of information and resources available to you. If you are a return visitor, thank you. I would love to hear from you and tell you how I can serve all your real estate needs.

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Beach town and the Medendorp Real estate group
318 Houston 3rd floor
Muskegon, MI 49441
Phone: 231-777-7355
Fax: 231-332-5912
Direct 231-206-3367

Email: INFO@sellmuskegon.com
david@SELLMUSKEGON.COM
Andy@beachtownforsale.com
Sara@beachtownforsale.com
David Medendorp Ccim - GRI on Zillow        
See my Muskegon homes for sale

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