Whitney Minnich Real Estate and Community Updates

Where You’ll Find the Most Competitive Buyers January 16, 2019 You can find the most competitive buyers in Denver, Los Angeles, and Portland, Ore., according to a new analysis by LendingTree, an online loan marketplace. Buyers in these cities have higher than average credit and the ability to put down a larger down payment, making them highly competitive in a multiple-offer situation. LendingTree analyzed the 50 largest metro areas and examined competitiveness by the share of buyers shopping for a mortgage before identifying the house they want, the average down payment percentage, and the percentage of buyers who have good or excellent credit (above 680). A more competitive buyer tends to have higher credit and the ability to put down larger down payments, researchers note. In general, the most competitive buyers live out west, researchers found. Of the 10 most competitive cities, only two—St. Louis and Boston—were not located in a western state, LendingTree n...

3 Signs a Neighborhood May Be in Trouble January 11, 2019 How can buyers determine if a community is a good fit for them? Sure, they should walk the neighborhood and make visits at various times of the day. Realtor.com® recently interviewed housing experts to identify signs that a neighborhood could be on the brink of a decline. Here are some of those possible indicators: Several houses are on the market. Two or three homes for sale in close proximity is OK, but more than that could be an indication that something is wrong. “This points to illiquidity in the market and pricing pressure, which is a risk for buyers,” Alison Bernstein, founder of the Suburban Jungle, a real estate strategy firm, told realtor.com®. That said, a neighborhood could be seeing more For Sale signs because it’s rapidly gentrifying and longtime residents are finally looking to move on. But if there are several For Sale signs up on a block, home shoppers may want to do some dig...

Mortgage Relief May Give Housing a Winter Boost January 8, 2019 Mortgage rates have fallen to their lowest averages in eight months, and as word gets out, more potential home buyers may come off the sidelines, real estate pros say. “The problem is that volatility is the obstacle,” Sam Khater, Freddie Mac’s chief economist, told  The Wall Street Journal  about expectations of fluctuations in mortgage rates over the next few months. The 30-year fixed-rate mortgage fell to a 4.51 percent average last week, which matches the lowest average since last spring, according to Freddie Mac’s weekly mortgage market survey. Mortgage rates are still higher than a year ago—when they were 3.95 percent—but rates have steadily fallen from nearly 5 percent this fall. Higher mortgage rates in 2018 were blamed on dampening home sales and prompting affordability concerns among would-be buyers. Stock market swings and higher home prices also took the blame. But as mortgage rates ...

It looks like this year could be a buyer's market for real estate as higher rates weigh on prices Home values in November were 5.1 percent higher compared with November 2017, according to a report released Wednesday by CoreLogic. But that is down from the 5.4 percent annual gain seen in October. The slowdown in asking prices comes as sellers face a new reality of higher interest rates and affordability worries among potential buyers. CoreLogic is now projecting a smaller, 4.8 percent gain in November 2019. Diana Olick |  @DianaOlick Published 11:26 AM ET Wed, 2 Jan 2019   Updated 2:14 PM ET Wed, 2 Jan 2019 It looks like 2019 could be a buyer's market in real estate, but that's not necessarily a good sign for the economy. Home prices, while still higher than a year ago, are pulling back in most major markets, according to a report released Wednesday. Values in November were 5.1 percent higher compared with November 2017, CoreLogic said. That is d...

Fannie Says Mortgages Can Still Be Issued in Gov’t Shutdown January 3, 2019 The verification of employment, Social Security numbers, and more could prove problematic during the partial government shutdown. Fannie Mae released guidance this week to lenders on how they can continue to originate mortgages. The partial government shutdown is now 13 days in and could leave some home closings in jeopardy as Congress continues to be stalled in passing a spending bill that meets the president’s approval. Fannie also released guidance  involving obtaining IRS transcripts and information through the Social Security Administration during the government shutdown. For example, tax transcripts from the IRS can be received after closing, in some cases. But according to the rules, a Social Security number must be validated prior to the sale or Fannie Mae will not purchase the loan. The government shutdown does not mean borrowers who are employed by the government are in...

Survey: Why First-Time Buyers Chose Their Homes December 26, 2018 Do you believe in love at first sight? Many house hunters do: They describe stepping inside a house and instantly feeling like it’s “home.” But was it the price, the amenities, or the location that attracted them? Home improvement website Porch.com surveyed nearly 1,000 consumers about their first home purchase to find some of the top factors that influenced their buying decisions. Aesthetic appeal, affordability, commute time, and neighborhood character were the top draws, according to the survey. Sixty-seven percent of baby boomers and 61 percent of Gen Xers say affordability was the most important factor when searching for their first home. Millennials also placed a high priority on finding a home within their budget, as well as renovated bathrooms. Whether the home was move-in ready also was a powerful influencer, respondents say. “We know home renovations can get pricey, and one thing that...

Why You Shouldn’t Put a Home Search on Hold in December December 12, 2018  December is typically the slowest month in the housing market, but it can be a great month for home buyers who have been sidelined to finally make their move. This month may be busier than previous December’s for that reason, too, economists say. Some buyers may be looking to take advantage of steadier mortgage rates—which are still averaging below 5 percent—and home prices that are easing somewhat. “I see more people buying right now because they’re afraid rates will be higher in 2019,” Lynn Fairfield, a real estate professional with RE/MAX Suburban in Chicago, told CNBC. Mortgage rates are still nearly a percentage higher than they were a year ago, but they are still under 5 percent. Freddie Mac reported last week that the 30-year fixed-rate mortgage  averaged 4.75 percent . Rates are largely predicted to move higher in 2019. Housing affordability has become a mounting issue in the housi...

Cooling down of housing market could be good news for buyers By   Kenneth R. Harney November 14 Don’t call it a “buyer’s market.” Don’t call it a “correction.” But the fact is that a sobering change is taking shape in the housing market — an unmistakable cooling trend that defies an economy that is showing impressive growth, has the lowest unemployment rate in years and the highest home-equity levels on record. Anyone thinking of selling or buying a home shouldn’t ignore it. Doing so could cost you money, time and maybe a great opportunity. Call it a rebalancing. For years since the end of the financial crisis, prices in most markets have increased steadily — by single digits annually in most places, double digits in cities such as Seattle, San Francisco, Denver and others that have vibrant employment growth plus persistent and deep shortages of homes for sale. Sellers were in the saddle. That was then. This is now: ●Sales of existing and new homes have been sa...

Attached-home option attractive to some homebuyers By  Patty Hastings , Columbian Social Services, Demographics, Faith Published:  November 5, 2018, 6:00 AM Katie Barrett said the potential homebuyers who have toured her model home in the Village at Fisher’s Landing neighborhood are typically looking for a starter home. “We’ve got some of the first-time homebuyers who are younger,” maybe a couple with one child, said Barrett, community manager and broker with Ginn Realty Group. They’re embarking on that American dream of homeownership. In this case, the ticket to getting a newly built house in this desirable east Vancouver area for about $320,000 means being sandwiched next to neighbors. Fisher’s View Luxury Townhomes are one of the attached home developments being built across Clark County. As home prices increase and buildable land dwindles, attached homes offer a less expensive alternative to a home with yard on all sides. “The feedback is usually pretty...

Consumers Worried About Uphill Battles to Find a Home November 20, 2018 Seventy percent of prospective home buyers say they expect house hunting to get harder or stay about the same in the months ahead. It’s a sentiment shared among buyers of all ages, according to new findings from the National Association of Home Builders’ Housing Trends Report for the third quarter of this year. Housing costs are also higher and could price out some prospective buyers. Mortgage rates are on the rise and, combined with higher home prices, affordability is a struggle.   Source: https://magazine.realtor/daily-news/2018/11/20/consumers-worried-about-uphill-battles-to-find-a-home?tp=i-H43-Bb-3DL-5zapH-1p-FEes-1c-5zauy-1sDURh&om_rid=88561251&Om_ntype=RMOdaily&om_mid=12359 Source:  “ Most Buyers Don’t Expect House Hunting to Get Easier Soon ,” National Association of Home Builders’ Eye on Housing blog (Nov. 15, 2018)   ...

Young Adults Living at Home May Suffer Professionally November 20, 2018 Young adults who are given financial help from their parents to live independently instead of living rent-free at their parents’ home tend to do better professionally, according to  a study published in August in the Journal of Youth and Adolescence . Sociologist Anna Manzoni, the study’s author and an associate professor at North Carolina State University, studied about 7,500 young adults between the ages of 18 to 28. College graduates who received money from their parents—for paying bills or for having cash—tended to do better professionally than those who lived at home with their parents. Graduates who received the highest amount of cash from their parents—$15,000 a year or more—but lived on their own tended to thrive the most in their careers, Manzoni found. Such graduates ranked six points higher on a scale of occupational status than graduates who received little or no financial help from...

Report offers glimmer of hope for first-time home buyers Jim Morrison -- Boston.com Correspondent November 5, 2018 3:00 pm First-time home buyers who have long been thwarted from entering the real estate market by rising prices and interest rates may see a little relief in 2019, according to the National Association of Realtors’ annual buyer and seller profile. The survey covers from July 2017 to June 2018. “Low inventory, rising interest rates, and student loan debt are all factors contributing to the suppression of first-time home buyers,”  Lawrence Yun , chief economist for NAR, said in a statement. “However, existing-home sales data shows inventory has been rising slowly on a year-over-year basis in recent months, which may encourage more would-be buyers who were previously convinced they could not find a home to enter the market.” But where are buyers going? Younger buyers are heading into the suburbs, according to  Jessica Lautz , NAR’s managin...

Home flippers are fleeing the market as their profits shrink Diana Olick |  @DianaOlick Published 2:34 PM ET Thu, 1 Nov 2018   Updated 3:49 PM ET Thu, 1 Nov 2018 A rough combination of higher costs and lower demand is putting a chill on the once red-hot house-flipping market. After the epic housing crash, flippers poured in, buying up distressed properties at bargain prices, fixing them up and flipping them either to residents or to other investors. That continued for years, but now the math isn't working so well, and some flippers are fleeing. The number of home flips, defined as a home bought and sold within the same 12-month period, fell 18 percent nationally in August, compared with August 2017, according to Attom Data Solutions. Flipping volume has been falling annually by double-digit percentages for three of the past six months. "A competitive housing market with just trace amounts of distressed deals available is a challenge for home flippers because th...