Home Sales Expected To Continue Increasing In 2019

Freddie MacFannie Mae, and the Mortgage Bankers Association are all projecting that home sales will increase nicely in 2019. Below is a chart depicting the projections of each entity for the remainder of 2018, as well as for 2019.

Home Sales Expected to Continue Increasing in 2019 | Keeping Current Matters

As we can see, Freddie MacFannie Mae, and the Mortgage Bankers Association all believe that homes sales will increase steadily over the next year. If you are a homeowner who has considered selling your house recently, now may be the best time to put it on the market.

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Virginia Beach Homes

The #1 Reason To Put Your House On The Market TODAY!

The National Association of Realtors (NAR) released the results of their latest Existing Home Sales Report which revealed that home sales declined 0.6% to a seasonally adjusted annual rate of 5.38 million in June from 5.41 million in May, and are 2.2% below a year ago. Some may look at these numbers and think that now is a bad time to sell their house, but in fact, the opposite is true.

The national slowdown in sales is directly tied to a lack of inventory available for the buyers who are out in the market looking for their dream homes! In fact, the inventory of homes for sale had fallen year-over-year for 36 consecutive months before posting a modest 0.5% gain last month and has had an upward impact on home prices.

NAR’s Chief Economist Lawrence Yun had this to say,

“It’s important to note that despite the modest year-over-year rise in inventory, the current level is far from what’s needed to satisfy demand levels. Furthermore, it remains to be seen if this modest increase will stick, given the fact that the robust economy is bringing more interested buyers into the market, and new home construction is failing to keep up.”

The few houses that are on the market are selling fast! According to NAR’s Realtors Confidence Index, properties were typically on the market for 26 days.

Bottom Line

If you are one of the many homeowners who is debating listing your house for sale this year, the time is now! Meet with a local RE/MAX Alliance professional who can guide you through the process and discuss the specifics of your market!

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4 Gardening Tips for the Lazy Landscaper

By Kath Johnson

4 Gardening Tips for the Lazy Landscaper

Keeping up with landscaping can take a lot of time and energy. Between weekly mowing, picking weeds, and tending to all of the plants it can be a lot of work for those who are busy. Check out these easy gardening tips for those who simply don’t have a lot of extra time for a jungle inspired garden.

1. Plant a Xeriscape

If you live near a metro area surrounded by a natural flush of trees, or if you simply like the look of plants but don’t want the hassle of watering them, consider planting a xeriscape. This kind of landscaping is composed of plants that require little to no irrigation and are easy to take care of. Plants that do well in a xeriscape include lavender, ornamental grasses, and coneflowers. If you don’t live in a drought prone region, consider planting those native plants that already do well in your area. Native plants will need less attention as they are used to the conditions of your area and grow abundantly everywhere.

2. Add a Timer

Take advantage of technology by setting up the watering on an automatic timer. Simply plug in the timer at the hose connection to the spigot and allow the timer to water your plants on a regular schedule. This will work well for those extra thirsty plants that need more water throughout the summer and you won’t forget to water since it will already be taken care of. Setting up a drip system for your plants is another easy way to make sure that they get watered without having to have added hoses or sprinklers constantly in the flower beds as well.

3. Use Evergreens

There are many different evergreens that can be planted to add depth, height, and appeal to a yard. Evergreens are easy to maintain as they require little to no pruning and will stay green all year long. Plant a row of evergreen shrubs to add privacy to a yard as well as a constant wall of beautiful green color throughout every season. Evergreens may need a little extra watering during the hotter months as well as some pinecones that need to be picked up once a year. However, they are a great option for those homeowners who don’t want to have to mess with a lot of leaf raking or careful pruning like other trees.

4. Renew Mulch Coloring

Mulch looks great when you just put it down but a few years later it can easily fade and become an eyesore. Although a little unconventional, you can paint the mulch to renew the coloring and overall look of landscaping. Simply use a paint sprayer along with a nice brown paint to paint the top of the mulch in order to get an updated look. Make sure that the mulch is where you want it before you paint as only the top will get painted when you spray it.

Yard maintenance can take a lot of time so help yourself by planting a xeriscape garden or using evergreens in your yard for yearlong beauty. Set up your watering on a timer or even consider painting the mulch in order to give a quick makeover for a dull looking yard. Doing all of these things will help those of us who are lazy landscapers have a beautiful yard as well as time to enjoy it!

Kath Johnson is an avid gardener and regional representative for LawnStarter Lawn Care. When she’s not tending to her organic vegetable garden, she can be found exploring nature by bike or boat.

Homes In Virginia Beach

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50% Of Homes Sold In 30 Days In March [INFOGRAPHIC]

Some Highlights:

  • The National Association of REALTORS® recently surveyed their members for their Confidence Index.
  • The REALTORS® Confidence Index is a key indicator of housing market strength based on a monthly survey sent to over 50,000 real estate practitioners. Practitioners are asked about their expectations for home sales, prices and market conditions.
  • Homes sold in less than 60 days in 35 out of 50 states and Washington D.C.
  • Homes typically went under contract in 30 days in March!

Source

Hampton Roads Homes

Boomerang Buyers: Most Qualify For Financing In 2-3 Years

According to a new study from Lending Tree, Americans who have filed for bankruptcy may be able to rebuild enough credit to qualify for a home loan in as little as 2-3 years.

This is in stark contrast to the belief that many have that they need to wait 7-10 years for their bankruptcies to clear from their credit reports before attempting to apply for either a mortgage or a personal or auto loan.

The study analyzed over one million loan applications for mortgages, personal, and auto loans and compared borrowers who had a bankruptcy on their credit report vs. those who did not to find out the “Cost of Bankruptcy.”

The study found that 43.2% of Americans who filed bankruptcy were able to repair their credit back to a 640 FICO® Score in less than a year. The percentage of those who achieved a 640 FICO® Score increased to nearly 75% after 5 years. The full breakdown of the findings was used to create the chart below.

Boomerang Buyers: Most Qualify for Financing in 2-3 Years | Keeping Current Matters

Americans who were able to repair their credit scores to a range of 720-739 within three years of filing were able to obtain the same financing options as those who had never filed bankruptcy.

According to Ellie Mae’s latest Origination Insights Report, 53.5% of those who were approved for a home loan had FICO® Scores between 600-749 last month. This is great news for Americans who are looking to re-enter the housing market.

Boomerang Buyers: Most Qualify for Financing in 2-3 Years | Keeping Current Matters

Raj Patel, Lending Tree’s Director of Credit Restoration & Debt-Related Services had this to say:

“People may think that filing a bankruptcy would put you out of the loan market for seven to ten years, but this study shows that it is possible to rebuild your credit to a good credit quality.”

“LendingTree’s research found that very few bankruptcy filers have a harder time [obtaining a mortgage] than those who have not filed for bankruptcy.”

Bottom Line

If you are one of the millions of Americans who has filed for bankruptcy and think that you have to wait 7-10 years to make your dream of returning to homeownership a reality, meet with a local real estate professional who can help you find out if you qualify now.

Source

Virginia Beach Homes

5 Reasons Why To Sell This Spring!

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Here are five reasons listing your home for sale this spring makes sense.

1. Demand Is Strong

The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase…and are in the market right now! More often than not, multiple buyers are competing with each other to buy a home.

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

Housing inventory has declined year over year for the last 32 months and is still under the 6-month supply needed for a normal housing market. This means that, in the majority of the country, there are not enoughhomes for sale to satisfy the number of buyers in the market. This is good news for homeowners who have gained equity as their home values have increased. However, additional inventory could be coming to the market soon.

Historically, the average number of years a homeowner stayed in their home was six but has hovered between nine and ten years since 2011. There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years because of a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.

The choices buyers have will continue to increase. Don’t wait until this other inventory comes to market before you decide to sell.

3. The Process Will Be Quicker

Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and much simpler as buyers know exactly what they can afford before home shopping. According to Ellie Mae’s latest Origination Insights Report, the average time it took to close a loan was 45 days.

4. There Will Never Be a Better Time to Move Up

If your next move will be into a premium or luxury home, now is the time to move up! The inventory of homes for sale at these higher price ranges has forced these markets into a buyer’s market. This means that if you are planning on selling a starter or trade-up home, your home will sell quickly, AND you’ll be able to find a premium home to call your own!

Prices are projected to appreciate by 4.8% over the next year according to CoreLogic. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.

5. It’s Time to Move on With Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to the questions above. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire.

Source

Virginia Beach Homes

Should I Wait Until Next Year To Buy? Or Buy Now? [INFOGRAPHIC]

Some Highlights:

  • The Cost of Waiting to Buy is defined as the additional funds it would take to buy a home if prices & interest rates were to increase over a period of time.
  • Freddie Mac predicts interest rates to rise to 5.1% by 2019.
  • CoreLogic predicts home prices to appreciate by 4.3% over the next 12 months.
  • If you are ready and willing to buy your dream home, find out if you are able to!

Source

Virginia Beach Homes