Check out this month’s local markets and trends update. Try out the neighborhood reports.
One Minute Housing Market Update
This is good advice for the first-time homebuyer, and it is a good review for seasoned buyers.
“A house is probably the biggest purchase you’ll ever make. And, if you can avoid these missteps, chances are you’ll be happy with the home you choose. Are you gearing up to buy your first place? Shopping for a home is exciting, exhausting and a little scary, especially in this market. In the end, your aim is to end up with a home you love at a price you can afford. Sounds simple enough, right? Unfortunately, many people make mistakes that prevent them from achieving that simple dream. Arm yourself with these tips to get the most out of your purchase and avoid making 10 of the most costly mistakes that could put a hold on that sold sign.
1. Not knowing what you can afford.
We learned from the subprime mortgage mess, what the bank says you can afford and what you know you can afford or are comfortable with paying are not necessarily the same. .”
via HOUSTON – KATY AREA REAL ESTATE BLOG.
Housing Market Predictions 2011: Home Prices May Still Be Too High “by Ilyce R. Glink
What’s the forecast for the housing market for the rest of 2011? My prediction is that the market will continue to suffer for the balance of this year and well into next year. Why aren’t home buyers buying? Maybe they’ve heard the recent spate of bad housing news:”
Besides the real estate outlook, check out this week’s updates about tornado relief, top towns for single moms and creative ways to curb spending – and the Q&A section.
Real Estate Market Conditions – Video Update 05/30/11
– Real Estate Outlook – Existing Home Sales Fall
– Mortgage Moment
– City Report: Tornado Relief
– Top Towns for Single Moms
– Creative Ways to Curb Spending
– Are you Ready to Buy?
– Kitchen Trends for 2011
– Home Inspections 101
– Popular Landscaping Trends
– Modern vs. Contemporary
Get Your Home Sold!
Affordability Reaches Highest Level in 20 Years
Homes are more affordable to more families, according to the latest index for the first quarter of 2011 that shows affordability reaching its highest level in more than 20 years.
Nearly 75 percent of all new and existing homes sold in the first quarter of 2011 were affordable to families earning the national median income of $64,400, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index. The previous high was set in the fourth quarter of 2010 with 73.9 percent.
“With interest rates remaining at historically low levels, today’s report indicates that home ownership is within reach of more households than it has been for more than two decades,” says Bob Nielsen, chairman of the National Association of Home Builders.
REALTOR® Magazine-Daily News-Economy, Affordability to Drive Home Sales Growth.
Economy, Affordability to Drive Home Sales Growth
Home sales are on track to outperform last year, even though the market doesn’t have the benefit of the home buyer tax credit. This is thanks to sustained economic growth, the slowly recovering jobs picture, and historically high affordability conditions, NAR Chief Economist Lawrence Yun told a packed room on Thursday during the Residential Economic Update at the 2011 REALTORS® Midyear Legislative Meetings.
Although unemployment remains high at about 9 percent, the country is seeing steady job growth. More than 100,000 jobs are being created a month, and the U.S. could see 1.5 million net new jobs this year, Yun said.