What is the Market like Today-July 31, 2015

Well there is some good news and some bad news!

There is a shortage in supply – Meaning there are more Buyers and not enough Inventory-That means more qualified Buyers then Homes.

Any home sitting on the market at this time more then 30-60 days has a price problem!!!!YOU MUST REDUCE YOUR PRICE-Holding on you

will lose out to the abundance of Buyers.

 

I have also noticed-which I found in 2005-Buyers are calling THE LISTING AGENT to show them the property. The ones that I have shown feel if there is only one Agent-the Seller will kick in Closing Cost or some other incentive. Dual Agency can be very complicated-your loyalty is to the Seller-unless they agree to allow you to be a Dual Agent. I always hand the Buyer off to someone in my office to write up the Agreement and present it-then I take over.

The good news is the interest rates along with so many new programs for financing are now available-since the corrupt Lender’s have been weeded out. So please use a reliable Lender and Realtor for your sale or purchase!!!!!!!

 

Call me for any of your real estate NEEDS!

MARY ANN GRABOYES-COLDWELL BANKER PREFERRED-215-416-5969

BUYERS DEMANDS CONTINUES TO OUTPACE HOUSING SUPPLY!

Buyer Demand Continues To Outpace Housing SupplyPosted: 28 Jul 2015 04:00 AM PDT

Buyer Demand Continuing to Outpace Housing Supply | Keeping Current Matters The price of any item is determined by the supply of that item, and the market demand. The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report.

Inventory Levels & Demand

Sales of existing homes rose 3.2% from May, outpacing year-over-year figures for the ninth consecutive month. Total unsold housing inventory is at a 5.0-month supply. This is down from May’s 5.1-month supply and remains below the 6 months that is needed for a historically normal market. Consumer confidence is at the highest level in over a decade. Pair that with interest rates still around 4%, new programs available for down payments as low as 3%, and you have an attractive market for buyers. Buyer demand for housing surged to it’s highest level since June 2013.

Prices Rising

June marked the 40th consecutive month of year-over-year price gains as the median price of existing homes sold rose to $236,400 (up 6.5% from 2014).

So What Does This Mean?

The chart below shows the impact that inventory levels have on home prices. Inventory & Pricing | Keeping Current Matters NAR’s Chief Economist, Lawrence Yun gave some insight into the correlation:

“Limited inventory amidst strong demand continues to push home prices higher, leading to declining affordability for prospective buyers.”

NAR’s President, Chris Polychron added:

“The demand for buying has really heated up this summer, leading to multiple bidders and homes selling at or above asking price.”

Bottom Line

If you are debating putting your home on the market in 2015, now may be the time. The number of buyers ready and willing to make a purchase is at the highest level in years. Contact a local professional in your area to get the process started    MARY ANN GRABOYES

“AWARD WINNING REALTOR*

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VIEW POST ON MILLENNIAL POPULATION (generation x)

Jun 29, 2015

The millennial population (Generation Y) may not be buying houses just yet, but according to a recent survey by the Urban Land Institute (ULI), around 70 percent plan to own a home by 2020.

ULI defined millennials as individuals ranging in age from 20 to 37 years old, consisting of 78.6 million members.

Currently, of those surveyed, 50 percent are renters, and of those 50 percent, 60 percent rent apartments or townhouse-style units, while 40 percent rent single-family units or mobile homes. Of the renters, two-thirds say they are either satisfied or very satisfied with renting.

With median rent coming in at $925 a month, most cannot afford more luxurious places. Of those surveyed, 27 percent of renters have an unrelated roommate.

Surprisingly, only 13 percent of Gen Yers live in or near downtowns, with 35 percent residing in “other city neighborhoods.”

Additionally, 69 percent said they paid for their living expenses with no help from their family.

There are still 16.5 million members, or 21 percent, who still live at home with their family, and 14 percent of those live in a home with three generations of family members. Ninety percent expect to match or exceed their parents’ economic circumstances.

While more than two-thirds of this generation expect own a home by 2020, 45 percent say they aren’t convinced housing is a good investment. However, of those surveyed, 26 percent already own a home.

“Generation Y represents the largest source of new demand for rental housing and first-time home purchases,” the survey concluded.

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Mary Ann Graboyes
“AWARD WINNING REALTOR*”

Pending Sales At Their Highest!!!!!!!

NOWnew pic at their highest level in over nine years, according to the National Association of Realtors®. Gains in the Northeast and West were offset by small decreases in the Midwest and South.

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, climbed 0.9 percent to 112.6 in May from a slight downward revision of 111.6 in April and is now 10.4 percent above May 2014 (101.9). The index has now increased year-over-year for nine consecutive months and is at its highest level since April 2006 (113.7).

Lawrence Yun, NAR chief economist, says contract activity rose again in May for the fifth straight month, increasing the likelihood that home sales are off to their best year since the downturn. “The steady pace of solid job creation seen now for over a year has given the housing market a boost this spring,” said Yun. “It’s very encouraging to now see a broad based recovery with all four major regions showing solid gains from a year ago and new home sales also coming alive.”

Yun does warn that this year’s stronger sales amidst similar housing supply levels from a year ago have caused home prices to rise to an unhealthy and unsustainable pace.

“Housing affordability remains a pressing issue with home-price growth increasing around four times the pace of wages,” adds Yun. “Without meaningful gains in new and existing supply, there’s no question the goalpost will move further away for many renters wanting to become homeowners.”

The PHSI in the Northeast increased 6.3 percent to 93.9 in May, and is now 10.6 percent above a year ago. In the Midwest the index declined 0.6 percent to 111.4 in May, but is still 7.8 percent above May 2014.

Pending home sales in the South decreased 0.8 percent to an index of 127.8 in May but are still 10.6 percent above last May. The index in the West rose 2.2 percent in May to 104.5, and is 13.0 percent above a year ago.

On Wednesday, July 1, Yun will be sharing his mid-year analysis on the housing market and what to expect for the rest of 2015 in a write-up on NAR Research’s Economists’ Outlook blog.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.

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* The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined. By coincidence, the volume of existing-home sales in 2001 fell within the range of 5.0 to 5.5 million, which is considered normal for the current U.S. population.

NOTE: Existing-home Sales for June will be reported July 22, and the next Pending Home Sales Index will be July 29; release times are 10:00 a.m. EDT.

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National Association of REALTORS®.

THE HOUSING MARKET OF TODAY!!!!

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MARY ANN GRABOYES
“AWARD WINNING REALTOR”

Home Sales Reach Highest Mark In 9 Years! | Simplifying The Market

Pending Home Sales Reach Highest Mark In 9 Years! June 30, 2015For Buyers, For Sellers, Housing Market Up!

The National Association of Realtors (NAR) recently released their Pending Home Sales Index Report and revealed that it is at its highest level since April 2006.

The Pending Home Sales Index is “a forward-looking indicator based on contract signings”. The higher the Pending Home Sales Index number, the more contracts have been signed by buyers that will soon translate to sales.

Every region of the country has experienced year-over-year gains in pending sales as seen below:Pending Home Sales by Region | Simplifying The Market

NAR’s Chief Economist, Lawrence Yun cites job creation as a major reason that the housing market has boomed this spring, going on to say,

“It’s very encouraging to now see a broad based recovery with all four major regions showing solid gains from a year ago and new home sales also coming alive.”

Yun went on to caution that,

“Housing affordability remains a pressing issue with home-price growth increasing around four times the pace of wages. Without meaningful gains in new and existing supply, there’s no question the goalpost will move further away for many renters wanting to become homeowners.”

So What Does This Mean To Buyers?

There is a lot of competition out there right now for your dream home. Prices are going to continue to climb, act now before you are priced out of your future home.

What Does This Mean to Sellers?

If you are on the fence about listing your home for sale right now and debating whether now is the time to move on with your plans of relocating… now is the time!

There are more buyers that are ready, willing and able to buy their first, second, third, vacation, or investment property now than there has been in years! The supply of homes for sale is not keeping up with the demand of these buyers.

Listing your home for sale now will give you the most exposure to buyers and the best sales price.

Bottom Line

Whether you are planning on buying or selling a house this year, waiting to act no longer makes sense.

MARY ANN GRABOYES
215-416-5969

Mary Ann

Graboyes

Realtor*SPECIALIST

Realtor*

COLDWELL BANKER PREFERRED

Blue Bell, PA

(215) 416-5969

I remember driving in our car as a child and always looking at homes and wondering what they look like inside.That interest stuck with me until I grew-up!Selling Real Estate was going To be MY CAREER.That was a good decision.I started selling Real Estate 27 years ago and I love my job.You meet some of the most interesting People that you would never have had the chance to meet.I’ve worked for some of the Best Builders in Bucks & Mont county.”When you love what you do, you do it well”

We are Licensed Individuals.We take classes in ethics,how to help Clients, and also how to pass that information on to the public.Whether working with a Buyer or a Seller,We as REALTORS*WORK FOR THEM!”OUR CLIENTS”Our license is renewed every 2 years!Special Educational Classes,keeping us up to date on Real Estate changes and Law!

First-Time Homebuyers Lead the Way in May

First-Time Homebuyers Lead the Way in May

First-Time Homebuyers Lead the Way in May | Keeping Current Matters The National Association of Realtors’ (NAR) latest Existing Home Sales Report revealed that first time homebuyers made up 32% of all sales in the month of May; marking the highest share since September 2012 and up from 27% the same time last year. NAR’s Chief Economist, Lawrence Yun, cited “strong job gains among young adults, less expensive mortgage insurance and lenders offering low down payment programs,” as contributing factors to the increase in first-time buyers. Existing-home sales rose 5.1% to a seasonally adjusted rate of 5.35 million. Total housing inventory for sale remains under the 6.0 months needed for a historically normal market at a 5.1 month supply. Homes sold quickly in May, as 45% of homes sold in less than a month. May also marked the 39th consecutive month of year-over-year price gains as the median existing home price rose 7.9% above May 2014 to $228,700. Below is a chart showing the breakdown of price increases by region: Existing Home Prices by Region | Keeping Current Matters Yun went on to say,
“Solid sales gains were seen throughout the country in May as more homeowners listed their home for sale and therefore provided greater choices for buyers.” “However, overall supply still remains tight, homes are selling fast and price growth in many markets continues to teeter at or near double-digit appreciation. Without solid gains in new home construction, prices will likely stay elevated — even with higher mortgage rates above 4 percent.”
Bottom Line
“More first-time buyers are expected to enter the market in coming months, but the overall share climbing higher will depend on how fast rates and prices rise.” If you are a homeowner considering a move this year, meet with a local real estate agent who can show you the opportunities available right now! Don’t miss out on the influx of new buyers entering the market every day.
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MARY ANN GRABOYES
“AWARD WINNING REALTOR*
215-416-5969

MULTIGENERATIONAL “BUYERS”

There is all sorts of advice on marketing homes to baby boomers, millenials, and so on. But what about when you are working with multigenerational buyers a household of more than two generations.

TIPS on pleasing everyone in the family when house shopping.

1.Make sure everyone is on the same page. When working with a multigenerational buyer, you will likely be lugging mom, dad, grandma and grandpa (and maybe a second cousin or four) around to showings. Before you begin your property search, request that everyone is on the same page with needs and wants. That way, if a home with a separate “in-law” suite is a must-have, you will know before you head out, saving time and energy. As an agent, don’t shy away from involving the entire household in the discussion before a search has begun. You never know who has the final say.

2.Consider space and accessibility. Accessibility is crucial with multigen buyers. A home with an abundance of stairs—or even five stairs up to the front door—may be too much for grandpa’s knees, and this is important to consider from the get-go. Open floor plans and wide doorways are common multigen must-haves, as they make moving around a breeze for everyone under the roof. In-law suites with their own private entrance can also help bolster the older generation’s independence and accessibility.

3.Seek versatility and privacy. When three or more generations are sharing a space, that space needs to be versatile, as it will likely shift over the next few years as family members age and needs evolve. A home meant to meet the needs of a six-year-old child and a 65-year-old grandparent will likely be outdated when the child is 16 and the grandparent is 75. So, seek homes with spaces that can rotate; perhaps grandma will need to move into that first-floor bedroom, and little Timmy—who is not so little anymore—will really enjoy that finished basement as a private hangout for him, his friends and their gosh-darn rap music.

4.Find adequate storage. An extra generation means an extra lifetime of stuff. A home with above average storage space will be necessary. Look for an abundance of closets, a spacious attic or a garage with space for shelving.

Just like any other buyer, multigenerational shoppers will have specific needs in mind. Below are a handful of typical multigenerational requests:

•Main floor bedroom, living area. For those who may have trouble tackling stairs, easy-to-access bedroom, kitchen and living area may be on the want list.

•Finished basement or playroom. Space is key when the house is full, so a finished basement or playroom may be key for keeping the kids—and parents—happy.

•Nearby public transportation. Is there a bus stop nearby so seniors who are unable to drive can savor their independence by catching a ride somewhere?

•Top tech. These days, many homes have automated technology built-in. Auto locking doors or appliances that shut themselves off may be key for living with forgetful kids and Seniors.

MARY ANN GRABOYES
“AWARD WINNING REALTOR”new pic

215-416-5969

“THE REASON TO BUY NOW IS THE “MONEY”

PEOPLE often ask whether they should buy a home now or wait. Recently released data suggests that waiting may not make sense as prices seem to again be on the rise. Let’s take a look at some of the data and commentary on the subject:

Ed Stansfield, chief property economist at Capital Economics:

“The current tightness of supply conditions would normally be consistent with much faster price growth. The continued steady growth in home sales that we expect this year will only add to this upward pressure on prices.”

Case Shiller Home Price Index

“The S&P/Case-Shiller U.S. National Home Price Index, covering all nine U.S. census divisions, recorded a 4.1% annual gain in March 2015 … with a 0.8% increase for the month.”

Anand Nallathambi, CEO of CoreLogic

“All signs are pointing toward continued price appreciation throughout 2015… Tight inventories, job growth and the impact of demographics and household formation are pushing price levels in many states toward record levels.”

Danielle Hale, Director of Housing Statistics at NAR

“Even without further acceleration, the pace of price growth remains too high. Strong buyer demand and low inventories coupled with relatively low new construction are helping to push prices up, keeping the housing market tipped in favor of sellers.”

FHFA Principal Economist Andrew Leventis

“The first quarter saw strong and widespread home price growth throughout most of the country. Home prices are now, on average, roughly 20 percent above where they were three years ago. This run-up has been historically exceptional and is particularly notable in light of the limited household income growth and modest rate of overall inflation observed during that same time period.”

Bottom Line

If you are planning on buying a home in the near future, waiting probably doesn’t make sense from a purely pricing standpoint.

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MARY ANN GRABOYES
“AWARD WINNING REALTOR”
More Information-Call Me
215-416-5969