J. Kent Erickson, Broker Associate
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Bidding Wars Abound… How Long Will They Continue?

Posted by on Feb 27, 2018 in Uncategorized | 0 comments

Bidding Wars Abound… How Long Will They Continue? Just like with any product or service, the law of supply and demand impacts home prices. Any time that there is less supply than the market demands, prices increase. In many areas of the country, the supply of homes for sale in the starter and trade-up home markets is so low that bidding wars have ensued, and the busy spring-buying season is just around the corner. CoreLogic recently conducted an analysis on national home prices at the time of sale for their January 2018 MarketPulse Report and found that a third of homes sold for at least list price. “The share selling above list price was almost three times the trough in January 2008 and represented more than one-fifth of total sales.” Many markets in the western part of the country and around major cities are experiencing higher...

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Study Shows “Millennials Deserve More Credit”

Posted by on Feb 25, 2018 in Uncategorized | 0 comments

Study Shows “Millennials Deserve More Credit” When it comes to talking about millennials, there are many stereotypes out there that have influenced the way the public feels about the generation. Whether it’s the assumption that millennials are irresponsible with money and would rather buy avocado toast than save for a down payment, or that millennials jump from job to job, the majority of these stereotypes paint the generation in a negative light. A new study by Bank of America entitled Better Money Habits Millennial Reportrecently came to the defense of the generation when it reported that: “Millennials deserve more credit – both from themselves and from others – for their mindfulness when it comes to money and their lives.” Here are some key takeaways from the study proving that millennials deserve more credit for what they are already doing: 63% are saving...

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2 Major Myths Holding Back Home Buyers

Posted by on Feb 23, 2018 in Uncategorized | 0 comments

2 Major Myths Holding Back Home Buyers Urban Institute recently released a report entitled, “Barriers to Accessing Homeownership,” which revealed that “eighty percent of consumers either are unaware of how much lenders require for a down payment or believe all lenders require a down payment above 5 percent.” Myth #1: “I Need a 20% Down Payment” Buyers often overestimate the down payment funds needed to qualify for a home loan. According to the same report: “Consumers are often unaware of the option to take out low-down-payment mortgages. Only 19% of consumers believe lenders would make loans with a down payment of 5% or less… While 15% believe lenders require a 20% down payment, and 30% believe lenders expect a 20% down payment.” These numbers do not differ much between non-owners and homeowners; 39% of non-owners believe they need more than 20% for a...

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U.S. Housing Inventory Crunch Continues… List Your House Today!

Posted by on Feb 21, 2018 in Uncategorized | 0 comments

U.S. Housing Inventory Crunch Continues… List Your House Today! Every winter, families across the country decide if this will be the year that they sell their current houses and move into their dream homes. Mortgage rates hovered around 4% for all of 2017 which forced many buyers off the fence and into the market, resulting in incredibly strong demand RIGHT NOW! At the same time, however, inventory levels of homes for sale have dropped dramatically as compared to this time last year. Trulia reported that “in Q4 2017, U.S. home inventory decreased by 10.5%. That is the biggest drop we’ve seen since Q2 2013.” Here is a chart showing the decrease in inventory levels by category: The largest drop in inventory was in the starter home category which saw a 19% dip in listings. Bottom Line Demand for your home is very strong right now while...

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If You’re Considering Selling, ACT NOW!!

Posted by on Feb 19, 2018 in Uncategorized | 0 comments

If You’re Considering Selling, ACT NOW!! Definitely an aggressive headline. However, as the final data on the 2017 housing market rolls in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME! How did we finish 2017? New-home sales were at their highest level in a decade. Sales of previously owned homes were at their highest level in more than a decade. Starts of single-family homes were their strongest in a decade and applications to build such properties advanced to the fastest pace since August 2007. And Bloomberg Business just reported: “America’s housing market is gearing up for a robust year ahead. Builders are more optimistic, demand is strong and lean inventory is keeping prices elevated.” And the National Association of Realtors revealed that buyer traffic is stronger this winter than it was during the spring buying...

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