J. Kent Erickson, Broker Associate
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Can Your Agent Answer These Questions?

Posted by on Jun 16, 2017 in Real Estate Market | 0 comments

Can Your Real Estate Agent Answer These Important Questions? Whether you are selling or buying a home, the real estate agent you hire is critical to guaranteeing your family makes the right decision. Most agents can walk you through the process and explain the industry ‘lingo,’ but you should expect so much more than that. The housing crisis made everyone aware that truly understanding the real estate market is more complicated than it seems. Today, there are many questions your real estate agent must be able to answer to ensure your family is making the right decision. Here are just a few: What impact does the movement in mortgage interest rates have on buyer demand?  With home prices increasing rapidly, are we headed toward another housing bubble? Do you need a 20% down payment to purchase a home? Why...

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Buying or Selling: Hire A Real Estate Professional

Posted by on Jun 13, 2017 in Real Estate Market | 0 comments

5 Reasons to Hire a Real Estate Professional When Buying or Selling! Whether you are buying or selling a home it can be quite an adventurous journey, which is why you need an experienced real estate professional to guide you on the path to your ultimate goal. In this world of instant gratification and internet searches, many sellers think that they can For Sale by Owner or FSBO. The 5 reasons you NEED a real estate professional in your corner haven’t changed, but have rather been strengthened by the projections of higher mortgage interest rates & home prices as the market continues to pick up steam. 1. What do you do with all this paperwork? Each state has different regulations regarding the contracts required for a successful sale, and these regulations are constantly changing. A true real estate professional...

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Real Estate Experts on the Market

Posted by on Jun 9, 2017 in Real Estate Market | 0 comments

How’s the Real Estate Market? Find Out What the Experts Are Saying As we head into summer, it is a great time to review how the 2017 real estate market is doing so far. Here is what the experts are saying: Doug Duncan, Fannie Mae Chief Economist “Positive demographic factors should continue to reshape the housing market, as rising employment and incomes appear to be positively influencing millennial homeownership rates.” Diana Olick, CNBC “Even as more homes come on the market for this traditionally popular sales season, they’re flying off fast, with bidding wars par for the course. Home prices have now surpassed their last peak, and at the entry level, where demand is highest, sellers are firmly in the driver’s seat.” Daren Blomquist, Senior VP at Attom “I am guessing we will see it get even better… If...

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Q1 Numbers are In: More Chose to Own a Home than Rent

Posted by on Jun 8, 2017 in Real Estate Market | 0 comments

More Americans Chose to Own a Home Than Rent in Q1 According to the latest report from the US Census Bureau, more Americans chose purchasing a home over signing a lease to rent in the first quarter of 2017. This marks the first time since 2006 that the number of new homeowner households outpaced the number of new renter households. Of the 1.22 million new households that were formed in the first quarter, 854,000 were new-owner households making the jump straight to homeownership rather than renting first. That means that the homeownership rate amongst new households was 70%! This is huge news as the national homeownership rate is currently 63.6% and has only ever come close to this figure in the second quarter of 2004 when the homeownership rate reached an all-time high of 69.2%. A recent Wall Street...

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Is it a Good Time to Rent?

Posted by on Jun 5, 2017 in Real Estate Market | 0 comments

Is Now a Good Time to Rent? People often ask if now is a good time to buy a home, but nobody ever asks when a good time to rent is. Regardless, we want to make certain that everyone understands that today is NOT a good time to rent. The Census Bureau recently released their 2017 first quarter median rent numbers. Here is a graph showing rent increases from 1988 until today: As you can see, rents have steadily increased and are showing no signs of slowing down. If you are faced with making the decision of whether or not you should renew your lease, you might be pleasantly surprised at your ability to buy a home of your own instead. Bottom Line One way to protect yourself from rising rents is to lock in your housing expense by buying a home....

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Why New Construction is Key

Posted by on Jun 1, 2017 in Real Estate Market | 0 comments

#1 Answer to the Housing Shortage: New Construction The biggest challenge to today’s housing market is the shortage of housing inventory for sale. A normal market would see a six-month supply of homes for sale. Currently, that number is below four months. This is the major reason home prices have continued to appreciate at higher levels than historic averages. The good news is that builders are now starting to build more homes in lower price ranges. Builder Confidence is Up The Housing Market Index from the National Association of Home Builders (NAHB) reveals that builder confidence increased last month. HousingWire quoted NAHB Chief Economist Robert Dietz about the reason for the increase in confidence amongst builders. “The HMI measure of future sales conditions reached its highest level since June 2005, a sign of growing consumer confidence in the new...

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