Again… You Do Not Need 20% Down to Buy NOW!
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Laura's Colorado Springs Real Estate Blog
Home Prices Up 6.15% Across the Country! [INFOGRAPHIC]
/![Home Prices Up 6.15% Across the Country! [INFOGRAPHIC]](https://images.squarespace-cdn.com/content/v1/526adba7e4b0a46a46024675/1490977150766-ZYK4YOB6HUJZ1QU30H8L/blog.jpg)
- The Federal Housing Finance Agency (FHFA) recently released their latest Quarterly Home Price Index report.
- In the report, home prices are compared both regionally and by state.
- Based on the latest numbers, if you plan on relocating to another state, waiting to move may end up costing you more!
- Alaska, Delaware, West Virginia & Wyoming were the only states where home prices are lower than they were last year.
How Low Supply & High Demand Impacts the Real Estate Market [INFOGRAPHIC]
/![How Low Supply & High Demand Impacts the Real Estate Market [INFOGRAPHIC]](https://images.squarespace-cdn.com/content/v1/526adba7e4b0a46a46024675/1490366394934-USV42PQSXW6LY2ZXQZE9/blog.jpg)
- The concept of Supply & Demand is a simple one. The best time to sell something is when the supply of that item is low & the demand for that item is high!
- Anything under a 6-month supply is a Seller’s Market!
- There has not been a 6-months inventory supply since August 2012!
- Buyer Demand continues to outpace Seller Supply!
The Foreclosure Crisis: 10 Years Later
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CoreLogic recently released a report entitled, United States Residential Foreclosure Crisis: 10 Years Later, in which they examined the years leading up to the crisis all the way through to present day.
With a peak in 2010 when nearly 1.2 million homes were foreclosed on, over 7.7 million families lost their homes throughout the entire foreclosure crisis.
Read MoreWhat Are the Experts Saying about Mortgage Rates?
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Mortgage interest rates have risen over the last few months and projections are that they will continue their upswing throughout 2017. What impact will this have on the housing market? Here is what the experts are saying:
Read MoreIt's a Seller's Market! Should I Downsize Now?
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A study by Edelman Berland reveals that 33% of homeowners who are contemplating selling their houses in the near future are planning to scale down. Let’s look at a few reasons why this might make sense for many homeowners, as the majority of the country is currently experiencing a seller’s market.
Read MoreWhich Homes Have Appreciated the Most?
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Home values have risen dramatically over the last twelve months. The latest Existing Home Sales Report from the National Association of Realtors puts the annual increase in the median existing-home price at 7.1%. CoreLogic, in their most recent Home Price Insights Report, reveals that national home prices have increased by 6.9% year-over-year.
Read MoreA Tale of Two Markets: Inventory Mismatch Paints a More Detailed Picture
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The inventory of existing homes for sale in today’s market was recently reported to be at a 3.6-month supply according to the National Association of Realtors latest Existing Home Sales Report. Inventory is now 7.1% lower than this time last year, marking the 20th consecutive month of year-over-year drops.
Historically, inventory must reach a 6-month supply for a normal market where home prices appreciate with inflation. Anything less than a 6-month supply is a sellers’ market, where the demand for houses outpaces supply and prices go up.
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