Spring is traditionally considered the best season to list a home, but it doesn’t inch out the other seasons by much, according to a new analysis by the real estate brokerage Redfin.
Redfin’s research team analyzed 7 million homes listed from 2010 through 2014 to gauge how important the season is in listing a home. It examined how many of the homes went under contract within 30 days and how often they sold for more than their list price.
Foreclosures are making up a much smaller share of many markets’ housing inventories and slowly falling back in line with historical norms. Completed foreclosures totaled about 39,000 nationwide in December 2014, a 13.7 percent year-over-year decrease and a 66 percent plunge from the peak in September 2010, according to CoreLogic’s December National Foreclosure Report.
What’s more, the 12-month sum of completed foreclosures for 2014 — 563,294 — is at its lowest point since November 2007, according to the report. Completed foreclosures have fallen every month for the past 34 consecutive months. Historically, prior to the housing crisis, completed foreclosures averaged 21,000 per month nationwide.
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Housing and Urban Development Secretary Julian Castro sees big opportunity in the housing market this year, with the easing of credit opening the door to more buyers.
“I see 2015 as the year of housing opportunity, particularly home ownership,” Castro told CNN’s Christine Romans. “A good example of that is the reduction in the FHA mortgage premium.”
Two recently released reports reveal that the American public is starting to feel much better about the U.S. economy.
As all consumers are feeling more optimistic, more young adults are moving out of their parents’ basements and into a residence of their own. The recent Census report shows that new household formations skyrocketed in 2014.
Millions of Americans who lost their homes during the foreclosure crisis are now poised to become homeowners again.
That’s according to a new report from RealtyTrac, which estimates that 7.3 million so-called “boomerang buyers” will return to the U.S. housing market over the next eight years.
Pending home sales dropped in December, despite interest rates being at the lowest levels in more than a year, the National Association of REALTOR® reports. All regions across the country posted declines in December.
In December, pending home sales nationally fell 3.7 percent month-over-month. Still, NAR’s Pending Home Sales Index, a forward-looking indicator based on contract signings, remained about 6 percent above year-over-year levels for the fourth consecutive month.
Millennials deep down may be suburbanites after all. In recent years, economists and demographers have argued that members of Generation Y will have a longer love for city living in smaller living quarter than their predecessors. But a newly released survey by the National Association of Home Builders discounts that, suggesting that what millennials really want is a single-family home outside of the urban center – just like other generations.
Could you imagine living in 97 square feet? Tiny houses – some might even call them teeny-tiny – are growing in popularity among buyers in the second home market. Some are even making them their primary residence.
Smaller replacement projects, particularly those that enhance curb appeal, remain the most cost effective way for sellers to improve value.
With home price gains slowing in most parts of the country, sellers will be looking for ways to get top dollar for their listing. Cleaning and staging make a big difference. But for some sellers—such as investors seeking to bring a property up to neighborhood standards before the sale—remodeling work may be the ticket.
As the 2015 Remodeling Cost vs. Value Report makes clear, large-scale jobs aren’t likely to return sellers their full cost. But there are improvements worth doing in anticipation of an upcoming sale. Some will return almost 100 percent of their cost. Others may not have as great a payback, but they can improve the market position of the property in relation to the competition. (Think about the impact of beautiful kitchen photos on online home shoppers.) In addition, several pricier projects can provide owners with a few years of enjoyment while still offering a decent payback down the road.
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