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Market Conditions

Found 13 blog entries about Market Conditions.

If you follow business and financial news, you hear a lot about which way the wind is blowing in the housing market. Including on Marketplace. From housing starts and new home sales, to existing home sales and various price indices, figuring out what all these numbers mean can be head-spinning.

Even one of the biggest homebuilders recently looked at all the signals coming from the housing market and, basically, shrugged. In January, Stuart Miller, executive chairman of real estate company Lennar, told analysts the company wouldn’t give a forecast for the year. “We’ve been careful not to give too much guidance looking ahead because there’s uncertainty,” he said in an earnings call.

How to make sense of it all? First, keep in mind that some of

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  • U.S. home sales fell in January to their lowest level in more than three years and house prices rose only modestly.
  • The National Association of Realtors said on Thursday existing home sales dropped 1.2 percent to a seasonally adjusted annual rate of 4.94 million units last month.
  • That was the lowest level since November 2015 and well below analysts' expectations of a rate of 5.0 million units.

U.S. home sales fell in January to their lowest level in more than three years and house prices rose only modestly, suggesting a further loss of momentum in the housing market.

The National Association of Realtors said on Thursday existing home sales dropped 1.2 percent to a seasonally adjusted annual rate of 4.94 million units last month.

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After inventory and affordability challenges in 2018, prospective home buyers may have better chances of scoring a property this year. Affordability will remain an issue in some high-priced markets, says realtor.com® Chief Economist Danielle Hale, but overall, the national market is looking brighter for buyers who have stayed on the sidelines. Here’s why.

More homes are for sale. For the last few years, a limited number of listings has given buyers fewer choices. But housing experts predict more robust inventory this year. “For buyers, there is going to be more inventory, so that’s a bright spot,” Hale says. “The downside of that bright spot is it might not be in their price range.” The supply of homes for sale under $300,000 may not grow

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Seattle-area home prices dropped more than anywhere else in the country, according to the new Case-Shiller home price index released Tuesday. The index showed the region’s largest monthly drop in home prices since the late stages of the housing bust.

Just this past May – which in hindsight appears to have been the peak of the current market – homes in Seattle were selling on average for 6.3 percent above the list price. Now, they’re going for 0.6 percent below asking.

The actual list price of homes is dropping at a similar rate. In all, sales prices have dropped nearly 7 percent, or $55,000, in Seattle since the spring.

The last time the average home here sold for below list price was during a brief lull at the end of 2014.

It’s important

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You’ve been saving to buy your first home. But timing is important if you want to find the best value for your budget. Certain times of the year are often better for buyers than sellers. Prices tend to drop during these periods, and that can mean sizable savings.

It’s best to research price trends thoroughly before starting to look for a home. Find out when’s the best time to buy a house with the information below.

The best time to buy a house is usually autumn and winter

Autumn and winter are generally the best seasons to buy a house across all regions in the US. As the holiday season picks up, buyers and sellers are making plans and celebrating with family. In areas affected by the cold weather, this trend maybe more pronounced. As a

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What's Going On With The Housing Market?

  • Inventory increases by 22.9 percent throughout Western Washington
  • King County leads inventory gains with 78 percent year-over-year increase.
  • Buyers could choose from 19,526 listings nearly double the inventory from February of this year

KIRKLAND, Washington (October 4, 2018) - Housing inventory continued to improve during September while the pace of sales slowed in many counties served by Northwest Multiple Listing Service. "Balance is finally returning to the market, and with it, slowing home price growth," stated OB Jacobi, president of Windermere Real Estate.

A new report from Northwest MLS shows double-digit increases in inventory in several of the 23 counties it serves, led by a 78

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  1. There are many differences between the housing market in 2005 and the current market. In 2005, subprime loans totaled more than $620 billion and made up 20 percent of the mortgage market. In 2015, they totaled $56 billion and comprised 5 percent of the market.                                                                                                                                          

  2. Banks have raised lending standards. According to CoreLogic’s Housing Credit Index, loans originated in 2016 were among the highest quality originated in the last 15 years. In October 2009, the average FICO score was 686, according to Fair Isaac. In 2001, the average score was 490 to 510.                                                         

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For those who are house-hunting, it can be a whirlwind romance that's hot from the minute you see the home's curb appeal. But don't let the seduction of a good-looking landscape make you want to tie the knot without a bit of courtship.

House-hunting for the "perfect" home in many ways is like looking for that perfect romance - very seldom does everything about your proposed mate match your desires. Things you love at first may later get on your nerves and become what you don't like so much later on. Does that mean the house is wrong for you? Not necessarily. It could be, but if you understand your tolerance level–what's most important to you in a home, and what you can't

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Is Your Millennial Real Estate Game Lacking?  

Maybe it's time to adjust your strategy.

"They have to give up their coffee three times a week."

"They need to keep their car until it's paid off and then continue to drive it for years."

"If they really want to buy a house, they need to change their lifestyle."

These are just a few of the comments overheard on a recent day as two presumably hungry mortgage professionals met over lunch within earshot of our table at a local restaurant. Curiously, they both seemed to agree that these strategies were key to turning millennials into homeowners.

The strategies don't seem out o f line, really... unless you actually know some millennials and are in touch with how they act, who they are, what they like, what they want, and what…
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 I got an email from Zillow last week. Seems my house has gone up in value another $2,000+ dollars in the past 30 days. And it's going to rise another 3.5% in the next year, according to their Zestimate®. Fab!

Except that it's just speculation. When it comes to Zillow's Zestimates, you have to take the numbers with a grain of salt. Make that a big shake of salt, right over your shoulder. And maybe a stiff drink. And a frank conversation with your real estate agent.

"Shoppers, sellers and buyers routinely quote Zestimates to realty agents - and to one another - as gauges of market value," said the Los Angeles Times. "If a house for sale has a Zestimate of $350,000, a buyer might challenge the sellers' list price of $425,000. Or a…
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