1. Big builders are wringing the extras out of construction costs and dropping the national average cost-to-build 36 percent to $52 per square foot.
2. Starting in 2011, Energy Star will ramp up its efficient design and quality installation standards. To get Energy Star certification, builders will have to install the right insulation, HVAC systems, and other features related to energy efficiency correctly every time.
3. Sheds are the next evolution. As homes get smaller, a separate shed will become a popular home addition.
4. There are 81 million "Echo Boomers" who were born from 1981 to 1999, compared to just 78 million Baby Boomers born from 1946 to 1964. These children and grandchildren of Boomers will drive home-building for years.
5. By 2015, demographers say, more than two out of every five households occupied by Generation Y people born between 1981 and 1999 will be WINKs (women with incomes and no kids).
6. Make room for the "Sandwich Generation" – Baby Boomers living with both their kids and their parents. These families like having two master suites, a second cooking area, and lots of storage.
7. Baby Boomers want to keep working and continue to live where they have always lived. They want a first-floor master bedroom near the washer and dryer and lots of convenient storage.
Wednesday, November 17, 2010
3 Reasons To Sell Your Home
1. The market is improving.
2. Homes in great locations are always in demand.
3. Spring is coming soon and many potential buyers are starting their online search right after the hoildays.
2. Homes in great locations are always in demand.
3. Spring is coming soon and many potential buyers are starting their online search right after the hoildays.
Wednesday, September 15, 2010
Home purchases decline
Home Purchase Applications Decline
The number of applications for mortgages to purchase homes declined 0.4 percent last week compared to the previous week on an adjusted basis, probably because the Labor Day holiday took people’s minds off home shopping.
On an unadjusted basis, the purchase index declined 21.9 percent compared to the previous week and was down 39.7 percent compared to the same week a year ago.
Overall, mortgage applications, including applications to refinance, decreased 8.9 percent on a seasonally adjusted basis compared to the previous week and were down 27.4 percent on an unadjusted basis.
Mortgage rates remained low:
· 30-year fixed-rate mortgages decreased to 4.47 percent from 4.50 percent.
· 15-year fixed-rate mortgages decreased to 3.96 percent from 4 percent.
· 1-year ARMs decreased to 6.89 percent from 7 percent.
Source: Mortgage Bankers Association (09/15/2010)
The number of applications for mortgages to purchase homes declined 0.4 percent last week compared to the previous week on an adjusted basis, probably because the Labor Day holiday took people’s minds off home shopping.
On an unadjusted basis, the purchase index declined 21.9 percent compared to the previous week and was down 39.7 percent compared to the same week a year ago.
Overall, mortgage applications, including applications to refinance, decreased 8.9 percent on a seasonally adjusted basis compared to the previous week and were down 27.4 percent on an unadjusted basis.
Mortgage rates remained low:
· 30-year fixed-rate mortgages decreased to 4.47 percent from 4.50 percent.
· 15-year fixed-rate mortgages decreased to 3.96 percent from 4 percent.
· 1-year ARMs decreased to 6.89 percent from 7 percent.
Source: Mortgage Bankers Association (09/15/2010)
Monday, August 30, 2010
Mortgage Rates Continue to Fall
Mortgage Rates Continue to Fall
Average interest on long-term mortgages slid to a record low for the eighth time in nine weeks and could dip more. Freddie Mac reports that 30-year fixed loans averaged 4.36 percent this week, down from 4.42 percent a week ago; the 15-year fixed rate fell to a new low of 3.86 percent from 3.90 percent; and adjustable-rate mortgages were also below 4 percent.
The Mortgage Bankers Association's Michael Fratantoni said the group expects that rates "will begin to rise as the economic situation improves along with jobs."
Source: Pittsburgh Tribune-Review, Sam Spatter (08/27/10)
Average interest on long-term mortgages slid to a record low for the eighth time in nine weeks and could dip more. Freddie Mac reports that 30-year fixed loans averaged 4.36 percent this week, down from 4.42 percent a week ago; the 15-year fixed rate fell to a new low of 3.86 percent from 3.90 percent; and adjustable-rate mortgages were also below 4 percent.
The Mortgage Bankers Association's Michael Fratantoni said the group expects that rates "will begin to rise as the economic situation improves along with jobs."
Source: Pittsburgh Tribune-Review, Sam Spatter (08/27/10)
Monday, July 26, 2010
It's Great Time for Housing Deals
It's Great Time for Housing Deals
Paying off an underwater mortgage and buying a better home could be the best tactic in this troubled market.
"If you are trading up, what better time than when interest rates are at record lows and the cost of the trade-up is much less than it used to be?" says Christopher J. Mayer, a Columbia Business School economist.
With 15-year fixed-rate mortgages at about 4.5 percent, it also makes sense to pay off the mortgage and keep the house. "At this point," says Jay Brinkmann, chief economist of the Mortgage Bankers Association in Washington, D.C., "if they don't have anything else that is bringing a tremendous return, then they are buying themselves an annuity by paying their house off sooner than they needed to."
Source: The Wall Street Journal, M.P. McQueen (07/24/2010)
Paying off an underwater mortgage and buying a better home could be the best tactic in this troubled market.
"If you are trading up, what better time than when interest rates are at record lows and the cost of the trade-up is much less than it used to be?" says Christopher J. Mayer, a Columbia Business School economist.
With 15-year fixed-rate mortgages at about 4.5 percent, it also makes sense to pay off the mortgage and keep the house. "At this point," says Jay Brinkmann, chief economist of the Mortgage Bankers Association in Washington, D.C., "if they don't have anything else that is bringing a tremendous return, then they are buying themselves an annuity by paying their house off sooner than they needed to."
Source: The Wall Street Journal, M.P. McQueen (07/24/2010)
Monday, April 5, 2010
Home Sales Rise
Pending Home Sales Show Healthy Gain
Pending home sales rose in February, potentially signaling a second surge of home sales in response to the home buyer tax credit, according to the National Association of REALTORS®. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in February, rose 8.2 percent to 97.6 from a downwardly revised 90.2 in January, and remains 17.3 percent above February 2009 when it was 83.2. The data reflects contracts and not closings, which usually occur with a lag time of one or two months. Lawrence Yun, NAR chief economist, says the improvement is another hopeful sign. “The rise in buyer contact activity may signal the early stages of a second surge of home sales this spring. The healthy gain hints home prices are continuing to flatten,” he says. “We need a second surge to meaningfully draw down inventory and definitively stabilize home values.” Pending home sales by region:
Northeast: the index rose 9.0 percent to 77.7 in February and is 18.9 percent higher than February 2009.
Midwest: jumped 21.8 percent to 97.9 and is 18.7 percent above a year ago.
South: increased 9.2 percent to an index of 107.0, and the index is 17.5 percent higher than February 2009.
West: the index fell 4.8 percent to 98.0 but is 14.6 percent above a year ago.
Source: NAR
Pending home sales rose in February, potentially signaling a second surge of home sales in response to the home buyer tax credit, according to the National Association of REALTORS®. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in February, rose 8.2 percent to 97.6 from a downwardly revised 90.2 in January, and remains 17.3 percent above February 2009 when it was 83.2. The data reflects contracts and not closings, which usually occur with a lag time of one or two months. Lawrence Yun, NAR chief economist, says the improvement is another hopeful sign. “The rise in buyer contact activity may signal the early stages of a second surge of home sales this spring. The healthy gain hints home prices are continuing to flatten,” he says. “We need a second surge to meaningfully draw down inventory and definitively stabilize home values.” Pending home sales by region:
Northeast: the index rose 9.0 percent to 77.7 in February and is 18.9 percent higher than February 2009.
Midwest: jumped 21.8 percent to 97.9 and is 18.7 percent above a year ago.
South: increased 9.2 percent to an index of 107.0, and the index is 17.5 percent higher than February 2009.
West: the index fell 4.8 percent to 98.0 but is 14.6 percent above a year ago.
Source: NAR
Friday, March 19, 2010
Interest Rates
Winter Storms Hold Mortgage Rates in Place Interest on 30-year fixed mortgages averaged 4.96 percent this week, barely up from 4.95 percent a week ago, while 15-year rates nudged up to 4.33 percent from 4.32 percent, Freddie Mac reported.
Freddie Mac chief economist Frank Nothaft said the virtually unchanged interest on fixed-rate mortgages was the result of the effects of recent snow storms on the housing market.Also for the week ending March 18:• Five-year adjustable-rate mortgages rose to 4.09 percent from 4.05 percent.• One-year ARMs fell to 4.12 percent from 4.22 percent a week ago.
Source: The Wall Street Journal (03/19/10)
Freddie Mac chief economist Frank Nothaft said the virtually unchanged interest on fixed-rate mortgages was the result of the effects of recent snow storms on the housing market.Also for the week ending March 18:• Five-year adjustable-rate mortgages rose to 4.09 percent from 4.05 percent.• One-year ARMs fell to 4.12 percent from 4.22 percent a week ago.
Source: The Wall Street Journal (03/19/10)
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