This month I was in Las Vegas attending the annual Keller Williams Realty Family Reunion (National Conference) It is a crazy 3 days of seminars, training and idea sharing with other KW Realtors all over the US and world. My favorite part of the entire conference was co-founder Gary Keller’s Vision Speech 2017 which covers economic data that influences our real estate market. One “take away” is mortgage rates most certainly will increase in 2017. The Federal Reserve anticipates making 3 increases in 2017. See the below graph which shows interest rates are still historically very low. Low rates = high affordability for home buyers so attention all you people thinking about making a home purchase, LET’S TALK!
Feel free to contact me if you have any real estate questions or concerns. I enjoy discussing all things real estate and would welcome the opportunity to be your real estate resource.
Portland Metro Real Estate Market Update
Current market conditions make it a great time to consider selling your home. Buyer demand is at an all-time high, resulting in multiple offers and less time on the market for sellers. Home values are expected to see continued growth, while interest rates are expected to increase slowly, ensuring continued demand. Whether you’re considering selling your home or just curious about its current value, I can show you the values of other comparable homes in your area, and help you maximize the value of your home.
Fox Hill traditional on quiet cul de sac
Contact me for more information/details on this or other properties.
Buyers Are Searching For Your House
The most recent Pending Homes Sales Index from the National Association of Realtors revealed a slight bump in contracts with an increase of 1.6% in December. This news comes as existing home sales are also forecasted to be on pace for 5.54 million in 2017, a 1.7% increase over 2016, which was the best year for sales in a decade.
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.
According to NAR’s Chief Economist, Lawrence Yun,
“Pending sales bounded last month as enough buyers fended off rising mortgage rates and alarmingly low inventory levels to sign a contract.”
So, what’s the problem?
Buyers are searching for existing homes, but supply is not keeping up with their demand!
Yun went on to explain,
“The main storyline in the early months of 2017 will be if supply can meaningfully increase to keep price growth at a moderate enough level for households to absorb higher borrowing cost. Sales will struggle to build on last year’s strong pace if inventory conditions don’t improve.” (emphasis added)
Buyers are out in force right now! If you are considering selling your home this year, the early months of 2017 will be your best option. Contact me today to capitalize on current market conditions.
What to Consider When Buying a Second Home
Sooner or later you may reach a point in your life where you are financially stable and plan to purchase a second home. For the most part, people who look to buy a second home are either looking at it as an investment or somewhere to vacation. It is important to become familiar with the process when looking for and making the decision to purchase a second home.
Purchasing a second home is similar to the purchase of your first home, but there are also some important differences that you may not be aware of. Two of the most important things to consider when buying a second home are to know what you’re looking for and how much you can spend before beginning the process.
Credit Score 101
Are you considering making a major purchase, like buying a home, this year? If so, your credit score will likely come into play. An understanding of the basics can help you effectively monitor and manage it.
Credit Score 101
Your credit score will usually range from 300 to 850. It’s derived from an algorithm that takes into account several factors, including payment history, the total debt owed and length of credit history.
Lenders use this three-digit number to predict risk and the likelihood that you’ll repay your debt on time. The higher your credit score, the less risk you are and the lower your loan terms will be. For example, a person with a “good” credit score of 700 may have a lower interest rate and smaller required down payment than someone with a “poor” credit score of 400.
How to Improve Your Score
If you don’t have much credit history or you have a few negatives on your report, consider these strategies to increase your score.