While homeowners traditionally wait for spring to list their home, there are many good reasons to sell in the winter. Here’s what you can expect.
Source: RIS Media’s House Calls.
On January 31st, the Consumer Financial Protection Bureau fined a mortgage lender, two real estate brokerages, and a mortgage servicing company for referral arrangements the companies had entered into that CFPB says are prohibited under the Real Estate Settlement Procedures Act (RESPA). Read more.
The Trump Administration’s suspension of reduced FHA mortgage insurance premiums is the top story in the latest Voice for Real Estate news video from NAR. As many as 40,000 households could be priced out of home buying if the suspension remains in place, NAR says. Other segments look at the 10-year high in home sales in 2016, what’s happening with the Ben Carson nomination for HUD secretary, and how clients can use a reverse mortgage to buy a home. video link.
After peaking at 40.8 million in 2007, the number of tax returns claiming the mortgage interest deduction has steadily fallen, and as of 2013, the latest year from which data is available, stands at just 33.3 million. Not surprisingly, the amount of mortgage interest paid also peaked in 2007 at $491 billion and is now $296 billion, while the average amount of MID claimed/filer has fallen from $12,052 to $8,900.
As part of the “Get Realtor” advertising campaign, NAR has partnered with Sports Illustrated to create a short video with professional golf coach Sean Foley, who has worked with some of the top professional golfers in the world. In this video, Sean Foley shares his inside philosophy on how having an expert by your side can help you in every facet of life, including when it comes to buying and selling a home.
Placid Percentage – The August jobs report showed just 151,000 net new jobs, slowing hourly earnings growth of 0.1%, the loss of 6,000 construction jobs, and a slight reduction in the average hours worked per week. This has reduced the probability of a Fed rate rise of 25 basis points (0.25%) at the September meeting to 0.20%. But, with the economy continuing to slowly improve, the data-dependent Fed will, barring a disaster, raise rates in December.
MAR successfully advocated against mandatory home energy audits and labeling. Legislators removed this language before releasing an updated version of the bill on July 31.
MA Realtors will continue to promote Mass Save and work on ways to encourage all homeowners to make energy efficient investments in their home.
Thank you to the 189 RAPV members who responded to the Call for Action and others who emailed and made personal calls to state legislators.
Yesterday’s Fed statement suggesting that “near-term risks to the economic outlook have diminished” that “job gains were strong” and “household spending has been growing strongly” indicates a Fed that’s again taking steps to prepare the market for a rate rise, probably in December. But, if July and August employment and inflation numbers are strong, a September rate rise is certainly possible. Listen for more clues during Fed Chairman Janet Yellen’s talk on 8/26/16.
In a Feb. 4 release News Corp CEO Robert Thomson showered praise on the “rapid growth” of Realtor.com. “The company is, by most measures, the world’s largest player in digital real estate, a position certainly enhanced by the rapid growth in the U.S. of Realtor.com”, Thomson said. According to News Corp, Realtor.com’s average monthly unique users on web and mobile sites for the quarter that ended Dec. 31, 2015 grew 37% year-over-year to approximately 39 million. News Corp said that the growth was driven by 57% growth in mobile users. Realtor.com announced 34% growth in traffic in January. News Corp acquired Move Inc., which operates Realtor.com for NAR in November 2014. Read more here.
The WordPress.com stats helper monkeys prepared a 2015 annual report for this blog.
Here’s an excerpt:
A San Francisco cable car holds 60 people. This blog was viewed about 2,800 times in 2015. If it were a cable car, it would take about 47 trips to carry that many people.
Sales in the Pioneer Valley (68 communities in W. MA)
Separate reports are available for Franklin, Hampden and Hampshire counties. County reports vary.
View the entire report which includes inventory, supply at current rate of sale, days on market and pending sales. A condo report is included.
According to the U.S. Census Bureau, millennials number 83.1M – more than one quarter of the nation’s population. Millennials are a powerful buying force and their preferences will greatly impact the economy and shape of the residential real estate market. They are the most racially diverse and educated generation. The infographic in this article shows various characteristics of millennials and what they value in the homebuying and selling experience. It also highlights their untapped demand for homeownership, which brings great opportunities in real estate for those who are positioned to serve them.
A study by online brokerage Redfin found that average sellers net more above asking price during December, January, February and March than they do from June through November, even in cold weather regions. And homes listed in winter sold faster than those posted in spring. Share the article found here with sellers reluctant to list now.
NAR’s G-Fee Call for Action has been extended until Nov. 20. If you and those in your office have responded, thank you. You are among the 148 RAPV members who have acted. If not, please do so and encourage your colleagues to take action and urge federal lawmakers to oppose the proposed use for transportation projects of guarantee fees (g-fees) charged by Freddie Mac and Fannie Mae. G-fees add to the cost of obtaining a mortgage, and NAR is against using them for purposes not related to housing. Between now and Nov. 20, the U.S. House of Representatives will be working on a long-term transportation bill that could contain extended G-Fees. By keeping the Call for Action open REALTORS® will have an opportunity to take action while the final bill is crafted. Act now at Call for Action and encourage others to do the same..
NAR’s recent Housing Pulse Survey shows a vast majority of Americans believe that buying a home is a solid financial decision. The survey measures consumers’ attitudes and concerns about housing issues. 68 percent believe that now is a good time to buy.
To view the key findings and learn more, visit Housing Pulse Survey.
September single family real estate sales rose 19 percent in the Pioneer Valley of western Massachusetts. The median price rose 4.1 percent from $191,750 last year at this time to $199,700 this year.
To view a 6-page detailed report, visit September Sales. The report includes single family and condo sales, inventory, days on market, and pending sales for the Pioneer Valley and separate reports for Franklin, Hampden and Hampshire counties.
View the 5-year history of sales in the Pioneer Valley.