Monday, April 12, 2021 / by Kenneth Brands
The housing market made an incredible recovery in 2020 and is now positioned for an even stronger year in 2021. Record-low mortgage interest rates are a driving factor in this continued momentum, with average rates hovering at historic all-time lows.
According to the latest Realtors Confidence Index Survey from the National Association of Realtors (NAR), buyer demand across the country is incredibly strong. That’s not the case, however, on the supply side. Seller traffic is simply not keeping up. Here’s a breakdown by state:As the maps show, buyer traffic is high, but seller traffic is low. With so few homes for sale right now, record-low inventory is creating a mismatch between supply and demand.
NAR also just reported that the actual number of homes currently for sale stands at 1.28 million, down 22% from one year ago (1.64 million). Additionally, inventory is at an all-time low with 2.3 months supply . ...
Saturday, March 27, 2021 / by Kenneth Brands
Dallas’ New Investment Hot Spot
Dan Bowman, Executive Director & CEO, AEDC. Image courtesy of AEDC
As an increasing number of people and businesses alike move in from both coasts, the Dallas-Fort Worth metroplex is set to continue to be a top economic performer among Texas metros. The constant addition of high-paying jobs in
the past few years has been fueling growth not only in the metro’s core but also in its outskirts. Allen, a northern suburb of Dallas, is constantly investing in education and using its business-friendly environment to entice high-profile companies to this emerging suburb, while also retaining its small-town feel.
In charge of facilitating business relocations and expansions, the Allen Economic Development Corp. has supported projects that have added almost $41 billion to the city of Allen and the wider regional economy since its inception, according to a recent Insight Research Corp. study that exami ...
Tuesday, March 16, 2021 / by Kenneth Brands
Home values appreciated by about ten percent in 2020, and they’re forecast to appreciate by about five percent this year. This has some voicing concern that we may be in another housing bubble like the one we experienced a little over a decade ago. Here are three reasons why this market is totally different.
1. This time, housing supply is extremely limited
The price of any market item is determined by supply and demand. If supply is high and demand is low, prices normally decrease. If supply is low and demand is high, prices naturally increase.
In real estate, supply and demand are measured in “months’ supply of inventory,” which is based on the number of current homes for sale compared to the number of buyers in the market. The normal months’ supply of inventory for the market is about 6 months. Anything above that defines a buyers’ market, indicating prices will soften. Anything below that defines a sellers’ market in whic. ...
Monday, February 1, 2021 / by Kenneth Brands
You live in a quiet, residential community…then one evening you notice someone in the neighborhood is having a large, loud party which lasts into the wee hours of the morning. While you’re willing to overlook an occasional party disturbance, you come to find out that your new neighbors have converted their home into a vacation rental. What can you do about it? The first step is to reach out to the owners and have a conversation. Ask them about the rental rules they enforce and how they handle issues. Discuss how many guests they permit at a time and how often they intend to rent the home. Hopefully, they understand your concerns and have anticipated how to handle unruly renters. If you discover that the owners are unsympathetic, unable or unwilling to enforce reasonable rules and restrictions, you still have options. The first step is to reach out to your homeowner’s association if you have one. Find out if there are CC & R’s which would prevent or limit th. ...
Saturday, January 30, 2021 / by Kenneth Brands
Covid-19 has impacted homeowners across the country. With job losses and income reductions, many have taken advantage of the ability to enter a forbearance program with their lenders. During the forbearance program, the agreements state that no late fees will be assessed, and the balance of missed payments will be deferred to the end of the loan. As a result, many homeowners have been able to keep their homes during this time of economic upheaval. Some of these affected may now have stabilized incomes and are ready to exit forbearance. They might be wondering if they will be penalized for this if they choose to refinance or buy a new home. Fortunately, there is good news for these homeowners. Part of the program is that the lender will not report these late payments to the credit bureaus so the borrower will not have that issue to contend with when they are ready to find a new loan. Lenders understand that this is a unique situation and that it is not representative of the way a borrow; ...