Today’s housing market is red hot, with homes getting multiple offers and selling above list price in many cities. Sixty-eight percent of U.S. homes sold in July were on the market for less than a month, and the median existing-home price was up 8.5% from July 2019, according to the National Association of REALTORS®. In […]
Confidence Down? Consumer Searches for These Topics Surge
As we reported in CVAR Connect a couple weeks ago, Fannie Mae’s monthly Home Purchase Sentiment Index showed that respondents who thought it was a good time to buy a home decreased from 61% to 53%. Despite that decline in confidence, the pandemic has both increased and altered demand for housing, and it has also […]
Nov. 12 CVAR At A Glance
Featured Classes and Events Nov. 12 | Probate Process From A to Z – Atty. Paul Horn Nov. 12 | CRMLS Training – Free – CVAR East (Rancho Cucamonga) Nov. 13 | New Member Orientation – All locations Nov. 13 | zipForm® Basic – All locations – Free Nov. 14 | Real Estate FORWARD Micro-Conference & […]
New FHA Loans: Some See Risks, Others Revival
The Trump administration is vastly expanding the scope of condominium purchases eligible for lower-down-payment loans. The move, announced Aug. 14 by the Federal Housing Administration, could help revive the entry-level condo market for first-time buyers because FHA-backed loans require only a 3.5% down payment and lower credit score than conventional loans. It also loosens financial-crisis-era […]
FHA Promises Condo Flexibility
Federal Housing Administration Commissioner Brian Montgomery recently told attendees at the National Association of REALTORS® meetings in Washington D.C. that the agency is working to revise its condominium approval rules and expects a final rule to be announced soon. Montgomery called condos a “mainstay of affordable housing” for seniors and first-time buyers. Among the proposed […]
Good/Bad News 2019 Inventory
It’s a good news/bad news scenario for home buyers next year, according to Realtor.com. The sort-of good news: Inventory is expected to rise nationally, but only by less than 7 percent. And most of the new listings will be high-end houses in expensive housing markets rather than property affordable to first-time buyers. More sort-of good […]
Client Tip: 5 Questions a Homebuyer Must Ask
Buying a first home is exciting. It’s the American Dream, a societal benchmark of success and stability. However, with such a big decision, it can be easy to get caught up in the hustle, especially in California, where real estate is booming. To keep your clients from making an emotional decision they may regret, have […]
Supply Stuck, Buyers Tripped Up
As buyers faced fewer options and record-high real estate prices, low inventory slowed down home sales last month. “Closings were down in most of the country last month because interested buyers are being tripped up by supply that remains stuck at a meager level and price growth that’s straining their budget,” says NAR Chief Economist […]
May 15 CVAR At A Glance
Featured Classes and Events May 15 | CRMLS Training – West – Free May 16-17 | Green Home Designation Training – Free! May 18 | Caravan West – Tax-Free Retirement – Free! May 19 | How to Complete HUD Sales Contract – Free! May 19 | Lunch & Learn – Special Loan Programs – […]
First-Time Buyers Skipping ‘Starter Homes’
The “starter home” trend may be fading in real estate. Prior to the housing bubble, first-time buyers with average incomes would shop for a more affordable, smaller house with the idea of moving on to a larger home in a few years. Today’s first-time buyers want a home that meets their needs now and in […]