Starting late last year, some predicted that the 2018 tax changes would cripple the housing market. Headlines warned of the potential for double-digit price depreciation and suggested that buyer demand could drop like a rock. There was even sentiment that homeownership could lose its coveted status as a major component of the American Dream.
Now that the first quarter numbers are in, we can begin to decipher the actual that impact tax reform has had on the real estate market.
According to the Showing Time Index which “tracks the average number of buyer showings on active residential properties on a monthly basis” and is a “highly reliable leading indicator of current and future demand trends,” buyer demand has increased each month over the last three months and is HIGHER than it was for the same months last year. Buyer demand is not down. It is up.
Two weeks ago, Gallup released its annual survey which asks Americans which asset they believed to be the best long-term investment. The survey revealed:
“More Americans name real estate over several other vehicles for growing wealth as the best long-term investment for the fifth year in a row. Just over a third cite real estate for this, while roughly a quarter name stocks or mutual funds.”
The survey also showed that the percentage of Americans who believe real estate is the best long-term investment was unchanged from a year ago.
Not only did the homeownership rate not crash, it increased when compared to the first quarter of last year according to data released by the Census Bureau.
In her latest “Z Report,” Ivy Zelman explains that tax reform didn’t hurt the homeownership rate, but instead, enhanced it:
“We have been of the opinion that homeownership is most highly correlated with income and the net effect of tax reform would be a positive, rather than negative catalyst for the homeownership rate. While still in the early innings of tax changes, this has proven to be the case.”
In the National Association of Realtors latest Existing Home Sales Report it was revealed that:
According to CoreLogic’s latest Home Price Insights Report, home prices will appreciate in each of the 50 states over the next twelve months. Appreciation is projected to be anywhere from 1.9% to 10.3% with the national average being 4.7%.
The doomsday scenarios that some predicted based on tax reform fears seem to have already blown over based on the early housing industry numbers being reported.
(Thanks to The KCM Group for compiling this information.)
What You Should Really Know About Browsing for Homes Online
Oh, let’s just admit it, shall we? Browsing for homes online is a window shopper’s Shangri-La. The elegantly decorated rooms, the sculpted gardens, the colorful front doors that just pop with those “come hither” hues.
Browser beware, though: Those listings may be seductive, but they might not be giving you the complete picture.
That perfect split-level ranch? Might be too close to a loud, traffic-choked street. That handsome colonial with the light-filled photos? Might be hiding some super icky plumbing problems. That attractively priced condo? Miiiight not actually be for sale. Imagine your despair when, after driving across town to see your dream home, you realize it was sold.
You Keep Current. Your Property Site Should, Too
First things first: you shouldn’t browse property sites that show old listings.
Get the latest listings from a site like ours, or realtor.com®, which pulls its information every 15 minutes from the Multiple Listing Service (MLS), which is the regional database where real estate agents post listings for sale. That means these listings are more accurate than some others, like Zillow and Trulia, which may update less often. You wouldn’t want to get your heart a flutter for a house that’s already off the market.
The Best Properties Aren’t Always the Best Looking
A picture, they say, is worth a thousand words. But what they don’t say is a picture can also hide a thousand cracked floorboards, busted boilers, and leaky pipes. So while it’s natural to focus on photos while browsing, make sure to also consider the property description and other key features.
Let us help you while you are browsing. Need more information? Our website is complete but there are always other details you may want to know. Just reach out and we will be happy to assist you! And THAT is “What You Should Really Know About Browsing for Homes Online”. We are here for you!
Does PMI confuse and kind of infuriate you?
Freddie Mac defines PMI as:
“An insurance policy that protects the lender if you are unable to pay your mortgage. It’s a monthly fee, rolled into your mortgage payment, that is required for all conforming, conventional loans that have down payments less than 20%.
Once you’ve built equity of 20% in your home, you can cancel your PMI and remove that expense from your mortgage payment.”
The larger the down payment you can make, the lower your monthly housing cost will be, BUT Freddie Mac urges you to REMEMBER: “It’s no doubt an added cost, but it’s enabling you to buy now and begin building equity versus waiting 5 to 10 years to build enough savings for a 20% down payment.”
Ready to buy a home but still have questions? Let #TheYukichTeam connect you with a top notch lender who can pre-qualify you and then we can find your new place!
Here is a link to an article showing just how much there is to love about Greenville South Carolina!
(Content shared from Keeping Current Matters.)
Certain towns define themselves through their outdoor activities and their open-air cred. Hanalei, Kauai, has its waves. Boulder has its slopes. Durango has its trails. And you? You have two weeks of vacation a year and a yearning for outdoor living that persists for the other 50.
So what's keeping you from enjoying the al fresco life year round? Well, there's the oft-mountainous prices of homes in those outdoor meccas, for one. And then there's the pesky fact that they're mostly located in the Western half of the United States, quite possibly far from your life and your chosen career.
But we're here to tell you: You can have it all—an affordable home in a centrally located metro where adventure-filled days, nights, and weekends aren't far from your back door. So we hit the trails to find America's hidden outdoor meccas.
This city in the northern part of South Carolina is growing by leaps and bounds, but still manages to maintain its otherworldly natural beauty.
One of Greenville's biggest treasures is Falls Park, a 32-acre outdoor oasis on the Reedy River in downtown. Created in 2004, the park features art galleries on the water, a suspension bridge, outdoor theater performances in the summer, and, of course, waterfalls. Another is the Swamp Rabbit Trail, a 19.9-mile greenway that spans several nearby cities and travels through the city.
Those looking for something a bit larger can check out the Nantahala National Forest and its gorgeous waterfall hikes just over an hour away. The oft-overlooked Congaree National Park, which offers canoeing, hiking, fishing, and camping, is just two hours to the east.
To see the whole article as featured on Realtor.com and read about the other great places to live, click:
Denmark. Egypt. Greenville.
CBS News travel editor Peter Greenberg gave Greenville quite the shout out during an appearance on "CBS This Morning" Saturday. In a segment on top travel destinations of 2015, Greenberg featured Greenville (OK, we'll say it — #yeahTHATgreenville) as a top U.S. spot, calling it "the new Austin."
Greenberg highlighted the city's rapidly growing dining scene with 100 new restaurants opening along Main Street in the last two years, hiking and biking options, and affordability.
Los Angeles is the only other U.S. city to make the list.
At the first mention of Greenville, Greenberg says it's a destination that "may surprise you." Maybe it shouldn't?
South Carolina added more than 60,000 new residents to reach a total population of more than 4.8 million. That put the Palmetto State's growth rate among the top ten fastest-growing states nationally.