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Are We About To Enter A Buyers’ Market?

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Home sales are below last year’s levels, home values are appreciating at a slower pace, and there are reports showing purchasing demand softening. This has some thinking we may be entering a buyers’ market after sellers have had the upper hand for the past several years. Is this really happening?

The market has definitely softened. However, according to two chief economists in the industry, we are a long way from a market that totally favors the purchaser:

Dr. Svenja Gudell, Zillow Chief Economist:

“These seller challenges don’t indicate we’re suddenly in a buyers’ market – we don’t expect market conditions to shift decidedly in favor of buyers until 2020 or later. But buyers certainly are starting to balk at the rapid rise in prices and home values are starting to grow at a less frenetic pace.”

Danielle Hale, Chief Economist of realtor.com:

“The signs are pointing to a market that’s shifting toward buyers. But, in most places, we’re still a long way from a full reversal.”

In addition, Pulsenomics Inc. recently surveyed over one hundred economists, real estate experts, and investment & market strategists and asked this question:

“When do you expect U.S. housing market conditions to shift decidedly in favor of homebuyers?”

Only 5% said the market has already shifted. Here are the rest of the survey results:

Are We About to Enter a Buyers’ Market? | Keeping Current Matters

Bottom Line

The market is beginning to normalize but that doesn’t mean we will quickly shift to a market favoring the buyer. We believe Ivy Zelman, author of the well-respected ‘Z’ Report, best explained the current confusion:

“With the rate of home price appreciation starting to decelerate alongside the uptick in inventory…we expect significant debate about whether this is a bullish or bearish sign.

In our view, the short-term narrative will probably be confusing, but more sustainable growth and affordability will likely be the end result.”

via The KCM Crew

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What’s Up In Housing

Merry Christmas

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Tampa Bay Home Prices Continue to SurgeHome sales surge again in Tampa Bay as prices continue to climb
Tampa Bay home sales showed huge year over year gains in November while prices in Pinellas, Pasco and Hernando counties also jumped dramatically.

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10 Benefits of HomeownershipThinking of Buying a Home? Here Are the Top 10 Benefits of Ownership…
It’s a lot of work to buy a home, but millions of Americans do it. Why? The positives outweigh the negatives for most people who plan to stay five years or more.

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Labor ShortageMore home buyers, fewer construction workers trends look to continue in 2017.
An increase in demand for both new construction and existing houses will most likely be impacted by the continued shortage of construction labor.
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Positive Housing ResultsFlorida Home Sales Rise 12.8% from Last November.
Median price of single-family home rises 10% to $220,000.
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Condo Trends3 Up-and-Coming Condo Trends
Buyers want distinctive amenities without having to leave the property.
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Interesting Housing News

SURE HouseIntroducing the SURE House: Sustainable and Resilient
SURE House utilizes solar power and passive strategies while also designed to withstand flood waters and high-force winds.

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Real Estate Investment SecretsFive Estate Planning Secrets of Successful Real Estate Investors.  Making sure your family benefits from your real estate investments takes advance planning.

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Weathering The Downturn7 Lessons from the homebuilding downturn… The prolonged downturn’s impact on the home building industry has been profound. The market dropped lower and stayed down longer than anyone anticipated it would. Some companies weathered the storm better than others, but every­one was affected.

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Florida Home Sales HealthyRealtors: Florida housing set to get 2016 boost…
The numbers from 2015 showed home sales and listings healthy.
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Why Cities SucceedLucky Eleven: Count the Tell-Tale Traits of a City That Succeeds.  These eleven signs may serve as health indicators for a city likely to gain economic strength.
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Interesting Housing News

Santa Relaxation

TRID EffectThe TRID effect is real… Existing-home sales fall sharply in November due to closing delays.  Note: Many say that TRID is the acronym for The Reason I Drink.

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Emerging Technologies5 Emerging Technologies That Are Poised to Transform the Construction Industry.

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American Made Housing ProductsGo Patriotic with These 17 American-Made Products.
Your homes are made in the USA, and so are these great building product options.

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Multifamily 2016 Economic Outlook2016 Multifamily Economic Outlook…
The apartment industry has enjoyed quite a run these past five years, with 2015, especially, producing some impressive numbers. But how long will it last?

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New Home TechnologyIf It Can Be Done, It Will…
Why Home Builders Need to Embrace Innovation and Technology.

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Housing News: A Week In Review

 

Adjustable Rate MortgagesThe upside to adjustable-rate mortgages…
Wealthy homeowners are discovering the upside to notorious Adjustable Rate Mortgages: big savings.
http://on.mktw.net/IEhxsC

Reverse MortgagesAre you aware of the Reverse Mortgage benefits and pitfalls before recommending it to clients?
http://bit.ly/1bKhatp

Home Sales

Did You Know That 14,027 Houses Sell Every Day in the U.S.!!
Why wait ’til Spring… Don’t be afraid to put your house on the market this winter.
http://bit.ly/1eWK1th

 

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Housing News: A Week In Review

Title Security Team St PetersburgWe had a wonderful Open House this past Monday evening. It was so much fun showing off our new office space and introducing our two new awesome team members Christina Barron and Nicole Murphy to all our great friends and business associates.

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Mortgage Payment Takes PriorityMore good news for the housing market, as people now prioritize the mortgage bill ahead of car loan and credit cards. http://bit.ly/18Luma8

 

Existing-home sales reach a six-year high... Existing-home sales reach a six-year high…
Transactions rise 1.7% in August
http://bit.ly/1dsiwXv

 

PinellasCounty Real Estate Statistics for August 2013. PinellasCounty Real Estate Statistics for August 2013.
The great news is that new listings are up 25% (single family homes) and 16.4% (townhomes/condos) from this same time last year.
http://bit.ly/

Second Home Buying TipsWhat to Consider When Buying a Second Home
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.

http://bit.ly/1aNTXDp

 

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Confessions of a Title Processor: Strangers In My Home

The Importance of HomeWe’ve all heard at least one person say that buying or selling a home is one of the most stressful times in someone’s life. It’s right up there with a death in the family, divorce, and having a child. All of these life events seem so personal and important. In the past year, however, I’ve seen the act of buying and selling houses as very impersonal. What was once a group effort of both buyers and sellers forming an important relationship has become a simple, “Out with the old, in with the new.”

The memories I have as a child at my grandmother’s home in Brooklyn, New York are so vivid. I never saw the old Brownstone building as a structure. It lived and breathed like the family that occupied it. When my grandmother was ill, my mother, along with my aunts and uncles, decided to sell it and move her closer to the family in Staten Island. The transaction was strictly business. My family didn’t know the buyers and the buyers didn’t bother to get to know us. The only thing that popped into my head when I got the 411 on the closing was Why?

My office manager, Barbi Bozich, recalled her family selling her childhood home with a different experience. Both families understood how important what they were about to share really was and how preserving the memories made there would only be justified by keeping ties with one another. A backyard barbeque was the perfect setting for both families to mingle. I thought of how great it would have been to share a meal with the new owners of my grandmother’s home and take turns telling our favorite memories that the old Brownstone held and listening to the ones the new family had developed.

Those instances seem far and few between now. While I’m hard pressed to say that people just aren’t as nice anymore, there may other elements at play that may distract buyers and sellers from that special bond of mutual homeownership. The biggest one I can think of is the increased use of technology. In an industry where people were practically forced to meet at a table to sign documents, loan packages, warranty deeds, and title commitment (among everything else) can now all be scanned and send across the world to buyers and sellers in mere seconds. Why stick around when you can take your vacation and sell your home all at the same time?

John Saladino, a world renowned architect and designer said, “A house is much more than a shelter. It should lift us spiritually and emotionally.” With such a powerful impact on your family’s life, you owe it to your home to get to know who’s buying it. Likewise, buyers should do their best to form a relationship with the sellers. This gives previous owners peace of mind and confidence that their home will be in good hands. No one likes strangers in their home and no one likes being a stranger. Take the time to shake hands and exchange some friendly words. You’ll be glad you did!

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