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  • House Hunting | Hebert McMahon Realty Group Blog

    Friday, November 15, 2019   /   by Angel Murillo

    Buyer Demand Growing in Every Region

    Buyers are out in full force this fall, increasing the demand for homebuying in all four regions of the country.
    According to the latest ShowingTime Showing Index,

    “Home showing activity was up again nationwide with a 4.6 percent rise in traffic, as the traditionally slow fall season began with a marked boost in buyer interest.”

    Buyers clearly have the right idea, as mortgage rates have dropped over a full percentage point since the fall of 2018. They’ve hovered in a historically low range since this summer, making the overall cost of homeownership significantly more attractive and affordable.
    Here’s the breakdown of how ShowingTime reports current buyer traffic patterns across the country:

    “The West Region, which until August had experienced 18 consecutive months of flagging home buyer traffic, lead the four regions in year-over-year improvement with an 8.9 percent increase in buyer activity.
    The South&n ...

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      house hunting, first time home buyer, real estate

    Tuesday, November 12, 2019   /   by Angel Murillo

    Homeownership Rate Remains on the Rise

    In the third quarter of 2019, the U.S. homeownership rate rose again, signaling another strong indicator of the current housing market.

    The U.S. Census Bureau announced,

    “The homeownership rate of 64.8 percent was not statistically different from the rate in the third quarter 2018 (64.4 percent), but was 0.7 percentage points higher than the rate in the second quarter 2019 (64.1 percent).”

    Today there is still a lack of inventory, particularly at the entry and middle-level segments of the market, but that is not stopping buyers from making every effort to pursue homeownership. The many financial and non-financial benefits continue to drive the American Dream and will likely do so for generations to come.
    Bottom Line
    If you’re thinking of buying a home, let’s get together to make your dream a reality.
    Cheers,
    The Hebert McMahon Realty Group

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      house hunting, first time home buyer, real estate

    Tuesday, November 05, 2019   /   by Angel Murillo

    The #1 Reason to List Your House in the Winter

    Many sellers believe spring is the best time to put their homes on the market because buyer demand traditionally increases at that time of year. What they don’t realize is if every homeowner believes the same thing, then that’s when they’ll have the most competition.
    So, what’s the #1 reason to list your house in the winter? Less competition.
    Housing supply traditionally shrinks at this time of year, so the choices buyers have will be limited. The chart below was created using the months supply of listings from the National Association of Realtors.As you can see, the ‘sweet spot’ to list your house for the most exposure naturally occurs in the late fall and winter months (November – January). 
    Temperatures aren’t the only thing that heats up in the spring – so do listings!In 2018, listings increased from December to May. Don’t wait for these listings and the competition that comes with ...

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      house hunting, first time home buyer, real estate

    Tuesday, November 05, 2019   /   by Angel Murillo

    How to Determine If You Can Afford to Buy a House

    The gap between the increase in personal income and residential real estate prices has been used to defend the concept that we are experiencing an affordability crisis in housing today.
    It is true that home prices and wages are two key elements in any affordability equation. There is, however, an extremely important third component to that equation: mortgage interest rates.
    Mortgage interest rates have fallen by more than a full percentage point from this time last year. Today’s rate is 3.75%; it was 4.86% at this time last year. This has dramatically increased a purchaser’s ability to afford a home.
    Here are three reports validating that purchasing a home is in fact more affordable today than it was a year ago:
    CoreLogic’s Typical Mortgage Payment

    “Falling mortgage rates and slower home-price growth mean that many buyers this year are committing to lower mortgage payments than they would have faced for the same home last year. After rising ...

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      house hunting, first time home buyer, real estate

    Tuesday, November 05, 2019   /   by Angel Murillo

    4 Reasons To Buy a House This Fall

    Here are four great reasons to consider buying a home today, instead of waiting.
    1. Prices Will Continue to Rise
    CoreLogic’s latest Home Price Insights Report shows that home prices have appreciated by 3.6% over the last 12 months. The same report predicts prices will continue to increase at a rate of 5.8% over the next year.
    The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.
    2. Mortgage Interest Rates Are Projected to Increase Next Year
    The Primary Mortgage Market Survey from Freddie Mac indicates that interest rates for a 30-year mortgage have recently hovered just above 3.5%. This is great news for buyers in the market right now, because low interest rates increase your purchasing power – but don’t wait! Most experts predict rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac ...

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      house hunting, first time home buyer, real estate, new home