J. Kent Erickson, Broker Associate
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The #1 Reason It Is Difficult to Find Your Dream Home

Posted by on Feb 26, 2020 in Real Estate Market | 0 comments

The headlines in real estate today all revolve around one major point: there is a shortage of homes available for sale. Price appreciation is accelerating again because there is a shortage of homes available for sale. First-time buyers are taking longer to purchase a home because there is a shortage of homes available for sale in the lower price points. Boomers are staying in their current homes longer because there is a shortage of homes available for sale to which they would move. In certain markets, affordability is becoming more challenging because there is a shortage of homes available for sale. What’s the major reason for this lack of housing inventory? The issue was examined in a recent article by the National Home Builders Association (NAHB). In the article, Robert Dietz, Chief Economist for NAHB, explained: “Home building in the 2010s was a story of the Long Recovery. After the Great Recession,...

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The New Spring Real Estate Market is Here. Are You Ready?

Posted by on Feb 5, 2020 in Real Estate Market | 0 comments

Which month do you think most people who are considering buying a home actually start their search? If you’re like most of us, you probably think the surge happens in the spring, likely in April. Not anymore. According to new research, January 2019 was only 1% behind February for the most monthly views per listing on realtor.com. So, what does that mean? The busiest season in real estate has just begun. The same research indicates, “Historically, April launched the kickoff of the home shopping season as buyers would come out of their winter hibernation looking for their new home. However, the spring shopping season now starts in January for many of the nation’s largest markets.” With the reality of fewer homes on the market in the winter, and that supply naturally increases as we head to the spring market,...

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The 2020 Real Estate Projections That May Surprise You

Posted by on Jan 2, 2020 in Mortgage & Finances, Real Estate Market | 0 comments

This will be an interesting year for residential real estate. With a presidential election taking place this fall and talk of a possible recession occurring before the end of the year, predicting what will happen in the 2020 U.S. housing market can be challenging. As a result, taking a look at the combined projections from the most trusted entities in the industry when it comes to mortgage rates, home sales, and home prices is incredibly valuable – and they may surprise you. Mortgage Rates Projections from the experts at the National Association of Realtors (NAR), the Mortgage Bankers Association (MBA), Fannie Mae, and Freddie Mac all forecast mortgage rates remaining stable throughout 2020:Since rates have remained under 5% for the last decade, we may not fully realize the opportunity we have right now. Here are the average mortgage interest rates over the last several decades: 1970s: 8.86% 1980s: 12.70% 1990s: 8.12% 2000s: 6.29% Home...

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7 Reasons to List Your House This Holiday Season

Posted by on Dec 18, 2019 in Real Estate Market, Selling a Home | 0 comments

Around this time each year, many homeowners decide to wait until after the holidays to list their houses. Similarly, others who already have their homes on the market remove their listings until the spring. Let’s unpack the top reasons why listing your house now or keeping it on the market this winter may be the best choice you can make. Here are seven great reasons not to wait: Relocation buyers are out there now. Many companies are still hiring throughout the holidays, and they need their new employees to start as soon as possible. Purchasers who are looking for homes during the holidays are serious buyers and are ready to buy now. You can restrict the showings on your home to days and times that are most convenient for you. You will remain in control. Homes show better when decorated...

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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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