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4 Strong Reasons to Buy a Home Now

1. The price is right. The median single-family home price hit its lowest in more than a decade when it reached $154,600 in January, according to the National Association of REALTORS®. That was the lowest since October 2001. During the height of the housing market in July 2006, the median home price for a single-family home was $230,900. 

2. It’s cheaper to buy than rent. In nearly every major metro market, it is cheaper to buy a home than rent. Rents have been on the rise the last few years and are predicted to continue to rise. Meanwhile, home affordability is at record highs, which means that buying a home is more within reach to the median income family. 

3. Inventories of for-sale homes are shrinking. Ned Davis Research estimates that excess inventories of homes to be eliminated by the end of next year. “When excess supply dries up, people start building more new houses, which has the virtuous effect of reducing the unemployment rate and increasing the economy generally,” according to the USA Today article.

4. Mortgage rates are at record lows. Mortgage rates have hovered near record lows for weeks, which has helped pushing housing affordability higher. For example, the average 30-year fixed-rate mortgage, which is the most popular among home buyers, is 3.59 percent, according to Freddie Mac—just above its record low set on July 26 of 3.49 percent average. “It’s conceivable that at some point in the next 30 years, your interest rate would be less than the rate of inflation,” writes Waggoner for USA Today.

Source: “If You Can Pull it Off, a House is a Smart Investment,” USA Today (Aug. 9, 2012) 

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10 Metros Where List Prices Are Rising the Most | Realtor Magazine

10 Metros Where List Prices Are Rising the Most | Realtor Magazine.

Boulder/Longmont is #8!

10 Metros Where List Prices Are Rising the Most

Prices of for-sale homes are on the rise in several metro areas. According to Realtor.com, which tracks 146 metro markets, the following areas have seen their median list prices increase the most from March to April:

1. Minneapolis-St. Paul, Minn.-Wis.

Monthly median list price increase: 7.90 percent

Median list price: $199,500

2. Santa Barbara-Santa Maria-Lompoc, Calif.

Monthly median list price increase: 7.07 percent

Median list price: $545,000

3. Detroit

Monthly median list price increase: 4.66 percent

Median list price: $89,900

4. San Francisco

Monthly median list price increase: 4.62 percent

Median list price: $679,000

5. Seattle-Bellevue-Everett, Wash.

Monthly median list price increase: 4.46 percent

Median list price: $328,950

6. Boise City, Idaho

Monthly median list price increase: 4.40 percent

Median list price: $162,374

7. Trenton, N.J.

Monthly median list price increase: 4.26 percent

Median list price: $259,450

8. Boulder-Longmont, Colo.

Monthly median list price increase: 4.20 percent

Median list price: $375,000

9. Orange County, Calif.

Monthly median list price increase: 4.19 percent

Median list price: $448,000

10. Colorado Springs, Colo.

Monthly median list price increase: 4.09 percent

Median list price: $229,000

Housing Inventory Ends Year Down 22%

I’ve been saying it for weeks now… our inventories are LOW! Lower than I’ve seen in a long time here along the front range, in Longmont, Fort Collins, and throughout the Denver Metro. We are seeing our days on the market shrinking for properly priced, non-short sale listings.

If you’ve ever thought about selling, now is a good time to give me a call… let’s chat about your neighborhood.

–Garry

Re-Blogged from

http://blogs.wsj.com/developments/2012/01/19/housing-inventory-ends-year-down-22/?blog_id=36&post_id=20693

By Nick Timiraos

But appearances can be deceiving, and it remains to be seen whether the drop is the beginning of a real recovery or if inventory is being held down by sellers waiting for prices to pick up and banks moving slowly on foreclosures.

The 1.89 million homes on the market at the end of December represented a 6% decline from November and a 22.3% decline from one year ago, according to data compiled by Realtor.com.

Low inventories are an important ingredient for any housing recovery because prices could firm up in markets that have worked through their inventory.

Still, some real-estate agents aren’t celebrating because there’s a large backlog of potential foreclosures that haven’t yet been taken back and listed by banks. The inventory declines are particularly pronounced in certain states where banks have sharply slowed down foreclosures to correct document-handling abuses.

Moreover, some sellers have pulled their homes off the market to wait for a turn in prices, and that “pent up” demand from sellers could keep inventories higher once prices do rise.

English: Looking north on Main St. at the 5th ...

Image via Wikipedia

Inventories were down for the year in all but one of the 145 markets tracked by Realtor.com, with Springfield, Ill., posting the only year-over-year inventory gain. The largest declines were recorded in Miami (-49.7%), Phoenix (-49.1%), and Bakersfield, Calif. (-46.6%).

The Realtor.com figures include sale listings from more than 900 multiple-listing services across the country. They don’t cover all homes for sale, including those that are “for sale by owner” and newly constructed homes that aren’t always listed by the services.