J. Kent Erickson, Broker Associate
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Think Prices Have Skyrocketed? Look at Rents.

Posted by on Nov 20, 2019 in Real Estate Market | 0 comments

Much has been written about how residential real estate values have increased since the housing market started its recovery in 2012. However, little has been shared about what has taken place with residential rental prices. Let’s shed a little light on this subject. In the most recent Apartment Rent Report, RentCafe explains how rents have continued to increase over the last twelve months because of a large demand and a limited supply.  “Continued interest in rental apartments and slowing construction keeps the national average rent on a strong upward trend.” Zillow, in its latest Rent Index, agreed that rents are continuing on an “upward trend” across most of the country, and that the trend is accelerating: “The median U.S. rent grew 2% year-over-year, to $1,595 per month. National rent growth is faster than a year ago, and while 46 of the...

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Depending on the Price, You’re Going to Need Advice

Posted by on Nov 15, 2019 in Buying a Home, Real Estate Market | 0 comments

To understand today’s complex real estate market, it is critical to have a local, trusted advisor on your side – for more reasons than you may think. In real estate today, there are essentially three different price points in the market: the starter-home market, the middle-home market, and the premium or luxury market. Each one is unique, and depending on the city, the price point in these categories will vary. For example, a starter or lower-end home in San Francisco, California is much more expensive than almost any other part of the country. Let’s explore what you need to know about each of these tiers. Starter-Home Market: This market varies by price, and these homes are typically purchased by first-time home buyers or investors looking to flip them for a profit. Across the country, homes in this space currently have less than 6 months of inventory for sale. That...

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3 Reasons This is NOT the 2008 Real Estate Market

Posted by on Nov 11, 2019 in Real Estate Market | 0 comments

No one knows for sure when the next recession will occur. What is known, however, is that the upcoming economic slowdown will not be caused by a housing market crash, as was the case in 2008. There are those who disagree and are comparing today’s real estate market to the market in 2005-2006, which preceded the crash. In many ways, however, the market is very different now. Here are three suppositions being put forward by some, and why they don’t hold up. SUPPOSITION #1 A critical warning sign last time was the surging gap between the growth in home prices and household income. Today, home values have also outpaced wage gains. As in 2006, a lack of affordability will kill the market. Counterpoint The “gap” between wages and home price growth has existed since 2012. If that is a...

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3 Reasons to Use a Real Estate Pro in a Complex Digital World

Posted by on Nov 8, 2019 in Real Estate Market | 0 comments

If you’re searching for a home online, you’re not alone; lots of people are doing it. The question is, are you using all of your available resources, and are you using them wisely? Here’s why the Internet is a great place to start the home-buying process, and the truth on why it should never be your only go-to resource when it comes to making such an important decision. According to the National Association of Realtors (NAR), the three most popular information sources home buyers use in the home search are: Online website (93%) Real estate agent (86%) Mobile/tablet website or app (73%) Clearly, you’re not alone if you’re starting your search online; 93% of home buyers are right there with you. The even better news: 86% of buyers are also getting their information from a real estate agent at...

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3 Signs the Housing Market Is on the Rebound

Posted by on Oct 23, 2019 in Real Estate Market, Selling a Home | 0 comments

The residential real estate market has been plodding along for most of the year. However, three recent reports show the market may be on the verge of a rebound: 1. Existing Home Sales (closed sales) are up, marking two consecutive months of growth. 2. Pending Home Sales (contracts signed) are up with each of the four major regions reporting both month-over-month growth and year-over-year gains in contract activity. Here is the month-over-month growth: The Northeast rose 0.7% The Midwest increased 0.6% The South increased 1.4% The West grew 3.1% 3. Buyer Traffic (the number of people shopping for a home) is up compared to the same time last year, and for the first time in 13 months. The Northeast is up 5.9% The Midwest increased 1.3% The South is up 2.7% The West grew 2.2% In their most recent...

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6 Graphs Showing the Strength of the Current Housing Market

Posted by on Sep 25, 2019 in Real Estate Market, Uncategorized | 0 comments

Some Highlights: Keeping an eye on the current status of the housing market is one of the best ways to make powerful and confident decisions when buying or selling a home. Mortgage rates remaining near historic lows and houses selling in an average of only 29 days are just two key elements driving the strength of today’s market. With the national data shown here, make sure to also determine what’s happening in your local market so you are fully informed when you’re ready to make your next...

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