Friday, October 16, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
We blogged yesterday how homeowners with equity in their homes (Equity is an appreciation of value caused by either payments on principal or the increased market value of a property) has kept people from selling their home. We pointed out that homeowners who are choosing to sit rather than move are impacting the Hudson Valley real estate market by causing a lack of homes (real estate inventory) for sale. But don’t get us wrong. Equity isn’t always a bad thing.
Turns out it’s great for homeowners.
As average homeownership lengthens and home prices go up, equity, which is a form of forced savings, can be applied toward the purchase of a new home. A recent study by CoreLogic https://www.corelogic.com/insights-download/homeowner-equity-report.aspx
CoreLogic explains:
“Over the past 10 years, the equity position of homeowners has positively changed as a result of more than eigh ...
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hudson valley real estate, hudson valley property, hudson valley home, home investment, 'urb to 'burb, hudson valley home owners, hudson valley home sellers, housing sales
Wednesday, October 14, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
There are those of us here at Global Property Systems who watch Hudson Valley real estate trends and track local housing market movements (because what we really need is a hobby!) We have been blogging on for months now about the climbing home prices and vanishing residential inventory in the Hudson Valley, known to normal people as "Homes For Sale." We typically attribute the lack of homes on the market to several causes:
Owners are waiting for their home's value to stop rising and top out.
Everyone is waiting for the Covid-19 pandemic to go away.
Sellers are waiting for the economy to get back into growth mode.
Whatever the reason, homeowners just aren’t choosing to move right now.
To make matters worse, there’s another reason to add to our bullet-point list to explain why homeowners are staying put:
Low interest rates.
How do historically low mortgage rates slow sales in ...
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hudson valley real estate, hudson valley property, hudson valley home, 'urb to 'burb, hudson valley home owners, hudson valley home sellers, housing sales inventory, house pricing
Thursday, October 1, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
Have you been thinking about selling your house and moving, maybe to somewhere closer to family, or away from the urban and into the suburban? Has the last six months we’ve all spent at home made you aware that you need more space. Or less? Selling your home this fall might be the way to go. Here are a three reasons why.
The market is extremely active.
Buyers are on the move right now. Buyer traffic has gone up by over 60% compared to last year. Homes are in demand right now in the Hudson Valley, and buyers are often competing over who can make the best offer. It’s called a Seller’s Market, and it means home seller have the upper hand.
Not enough homes for buyers.
The reason it’s a seller's market is because there aren’t enough homes to satisfy the number of buyers looking for them. Partly because of the Covid-19 pandemic, many homeowners were reluctant to list their h ...
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hudson valley real estate, hudson valley property, hudson valley home, 'urb to 'burb, hudson valley home owners, hudson valley home sellers, selling your home, housing sales inventory, first time home buyer, pandemic, downsizing
Tuesday, September 29, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
Keith Jurow, a long-standing financial analyst and writer for financial magazines including Advisor Perspectives, Yahoo Finance, MarketWatch, Barron's, and RealClearMarkets has spent much of the last few years predicting a collapse of the housing market. In March, 2019 he warned that the cash-out re-financing of the 2004-2008 real estate bubble could "start to take down numerous major housing markets within the next year."
In October, 2018 he wrote that the housing recovery was built on quicksand because of weak home sales volume. In June, 2018, he warned that re-defaults on mortgage modifications would undermine housing markets. Jurow's own LinkedIn page says, "I have stood alone warning investors that the so-called real estate recovery has been simply an illusion."
Jurow is either Chicken Little, or the canary in a coal mine. So far, his worries haven't been borne out, but he now has anothe ...
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hudson valley real estate, hudson valley home, buying a home, home investment, 'urb to 'burb, hudson valley home owners, housing sales, pandemic, mortgage, the economy
Thursday, September 24, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
The latest Attom Data Solutions’ Home Affordability Report for the third quarter of 2020 concluded that the median home prices of single-family homes and condos are now less affordable than historical averages in 63 percent of U.S. counties. The increase is up from 54% one year ago. The raise is attributed to the skyrocketing demand for homes during the coronavirus pandemic. Third-quarter data from Attom revealed that those price increases have helped contribute to a significant decrease in affordability.
Todd Teta, chief product officer with Atom said in an accompanying statement, “In a year when nothing is normal, owning a single-family home has become less affordable to average wage earners across the U.S., despite conditions that would seem to point the opposite way. Wages are up and mortgage rates are down to rock-bottom levels, which should work in favor of homebuyers.”
Teta ...
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hudson valley real estate, hudson valley home, buying a home, 'urb to 'burb, housing sales, manhattan, first time home buyer, the economy, health crisis, nyc
