Where Did Americans Move In 2017?

Some Highlights:

• Atlas Van Lines recently released the results of their annual Migration Patterns Survey in which they tracked their customer’s movement from state-to-state over the course of 2017.
• Idaho held on to the top spot of ‘high inbound’ states for the 2nd year in a row followed by Washington.
• The ‘outbound’ states seem to draw a line straight across the country from Connecticut to Wyoming.

Source: Keeping Current Matters | The KCM Crew 011918

What Impact Will The New Tax Code Have On Home Values?

Every month, CoreLogic releases its Home Price Insights Report. In that report, they forecast where they believe residential real estate prices will be in twelve months.

Below is a map, broken down by state, reflecting how home values are forecasted to change by the end of 2018 using data from the most recent report.

As we can see, CoreLogic projects an increase in home values in 49 of 50 states, and Washington, DC (there was insufficient data for HI). Nationwide, they see home prices increasing by 4.2%.

How might the new tax code impact these numbers?

Recently, the National Association of Realtors (NAR) conducted their own analysis to determine the impact the new tax code may have on home values. NAR’s analysis:

“…estimated how home prices will change in the upcoming year for each state, considering the impact of the new tax law and the momentum of jobs and housing inventory.”

Here is a map based on NAR’s analysis:

Bottom Line

According to NAR, the new tax code will have an impact on home values across the country. However, the effect will be much less significant than what some originally thought.

Source: Keeping Current Matters | The KCM Crew 011818

Wondering If You Can Buy Your First Home?

There are many people sitting on the sidelines trying to decide if they should purchase a home or sign a rental lease. Some might wonder if it makes sense to purchase a house before they are married and have a family, others might think they are too young, and still, others might think their current income would never enable them to qualify for a mortgage.

We want to share what the typical first-time homebuyer actually looks like based on the National Association of REALTORS most recent Profile of Home Buyers & Sellers. Here are some interesting revelations on the first-time buyer:

Bottom Line

You may not be much different than many people who have already purchased their first homes. Meet with a local real estate professional today who can help determine if your dream home is within your grasp.

Source: Keeping Current Matters | The KCM Crew 011618

Thinking Of Selling? Now Is The Perfect Time

It is common knowledge that a great number of homes sell during the spring-buying season. For that reason, many homeowners hold off on putting their homes on the market until then. The question is whether or not that will be a good strategy this year.

The other listings that do come out in the spring will represent increased competition to any seller. Do a greater number of homes actually come to the market in the spring as compared to the rest of the year? The National Association of Realtors (NAR) recently revealed the months in which most people listed their homes for sale in 2017. Here is a graphic showing the results:

The three months in the second quarter of the year (represented in red) are consistently the most popular months for sellers to list their homes on the market. Last year, the number of homes available for sale in January was 1,680,000.

That number spiked to 1,970,000 by May!

What does this mean to you?

With the national job situation improving, and mortgage interest rates projected to rise later in the year, buyers are not waiting until the spring; they are out looking for homes right now. If you are looking to sell this year, waiting until the spring to list your home means you will have the greatest competition amongst buyers.

Bottom Line

It may make sense to beat the rush of housing inventory that will enter the market in the spring and list your home today.

Source: Keeping Current Matters | The KCM Crew 011518

93% Believe Homeownership Is Important In Attaining The American Dream

Americans continue to believe that homeownership is important in achieving the American Dream. A recent survey by NeighborWorks America reported that:

“Owning a home remains a core element of the American Dream.”

When asked “How important a part of the American dream is owning a home?”

• 18% of those surveyed said it was the most important part
• 53% of those surveyed said it was very important
• 22% of those surveyed said it was somewhat important

Homeownership and Financial Stability

The survey also revealed that 81% of Americans believe that owning a home leads to a family being more financially stable. This feeling was reiterated by Zillow Senior Economist Aaron Terrazas who, in a recent press release, explained:

“After about a two-year slowdown, rent growth is starting to pick back up across the nation…Looking into 2018, rent is expected to continue gaining.

More widespread rent growth could mean home buying demands stay high, as renters who can afford it move away from the unpredictability of rising rentstoward the relative stability of a monthly mortgage payment instead.” (emphasis added)

Bottom Line

Owning a home always has been, and always will be, a crucial part of attaining the American Dream.

Source: Keeping Current Matters | The KCM Crew 011118

The Impact Of Tight Inventory On The Housing Market

The housing crisis is finally in the rear-view mirror as the real estate market moves down the road to a complete recovery. Home values are up, home sales are up, and distressed sales (foreclosures and short sales) have fallen to their lowest points in years. It seems that the market will continue to strengthen in 2018.

However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. While buyer demand looks like it will remain strong throughout the winter, supply is not keeping up.

Here are the thoughts of a few industry experts on the subject:

National Association of Realtors

“Total housing inventory at the end of November dropped 7.2 percent to 1.67 million existing homes available for sale, and is now 9.7 percent lower than a year ago (1.85 million) and has fallen year-over-year for 30 consecutive months. Unsold inventory is at a 3.4-month supply at the current sales pace, which is down from 4.0 months a year ago.”

Joseph Kirchner, Senior Economist for Realtor.com

“The increases in single-family permits and starts show that builders are planning and starting new construction projects, that’s a good thing because it will help to relieve the shortage of homes on the market.”

Sam Khater, Deputy Chief Economist at CoreLogic

“Inventory is tighter than it appears. It’s much lower for entry-level buyers.”

Bottom Line 

If you are thinking of selling, now may be the time. Demand for your house will be strong at a time when there is very little competition. That could lead to a quick sale for a really good price.

Source: Keeping Current Matters | The KCM Crew 010918

Weather Winterizing Moves You Should Be Making Right Now

The bomb cyclone that hit the East Coast this week was a good reminder for everyone, regardless of whether your area is accustomed to winter weather (We're talking to you, Northeast and Midwest) or not (Hello, Florida!). There are some easy steps you can take to protect your home from winter wear and tear, even if snow isn't in your forecast, to make it function better and keep it - and you - safe.

Protect your home from frozen pipes

If you already live in an area where hard freezes are a regular occurrence, you probably know how to protect your pipes. For everyone else, it's important to understand what happens when water freezes and how to avoid catastrophes at home. "Water has a unique property in that it expands as it freezes," said the American Red Cross. "This expansion puts tremendous pressure on whatever is containing it, including metal or plastic pipes. No matter the strength of a container, expanding water can cause pipes to break.

A few tips include opening "kitchen and bathroom cabinet doors to allow warmer air to circulate around the plumbing. When the weather is very cold outside, let the cold water drip from the faucet served by exposed pipes. Running water through the pipe - even at a trickle - helps prevent pipes from freezing." You can get more tips on the Red Cross website.

Turn off sprinklers

The last thing you want is a winter wonderland of ice outside your house because you forgot to turn off the sprinklers. With the weather conditions turning on a dime these days, you could very well have warm sunshine on a Tuesday and get a wicked snowstorm on Thursday.

Check your heater

It's not too late to have a tune-up if you haven't had your heating unit checked out this year. Experts recommend an annual check, and if you're overdue, you could be running the risk of your heat clunking out in the middle of a sub-zero storm.

Do a roof check

Get out that ladder (or hire someone who's willing to do the climbing) to make sure your roof is in good shape. Heavy snow and ice from last year or a more recent storm could have compromised some of the shingles, and you want to catch the issue before the roof starts leaking.

Invest a few bucks in some caulk

Air leaks in your home can stress your heating system and jack up your heating bills. A little fix can make a big difference. "If the gaps between siding and window or door frames are bigger than the width of a nickel, you need to reapply exterior caulk. (Check the joints in window and door frames, too.) Silicone caulk is best for exterior use because it won't shrink and it's impervious to the elements," said Kiplinger. "Check window-glazing putty, too (which seals glass into the window frame). Add weatherstripping as needed around doors, making sure you cannot see any daylight from inside your home."

Check for other drafts

"According to the U.S. Department of Energy, drafts can waste 5 to 30 percent of your energy use," said Popular Mechanics. "Start simple and adopt that old Great Depression fixture - the draft snake, which you can easily make yourself. Just place a rolled bath towel under a drafty door."

Clean out your gutters

Even if you had this done before the cold weather arrived, you might want to do a re-check. The "bomb cyclone" was described as a "snow hurricane"; that could have left all kinds of debris in your gutters, just waiting to cause problems next time there's rain or snow.

Turn off outside faucets

"Undrained water in pipes can freeze, which will cause pipes to burst as the ice expands. Start by disconnecting all garden hoses and draining the water that remains in faucets," said Kiplinger. "If you don't have frost-proof faucets (homes more than ten to 15 years old typically do not), turn off the shut-off valve inside your home."

Decrease the amount of time between filter change-outs

"Yes it's easy to forget, but it's important to replace or clean furnace filters once a month during the heating season," said Popular Mechanics. "Dirty filters restrict airflow and increase energy demand. Here's a worry-saving tip: Mark a monthly check on your calendar."

Flip the switch on your ceiling fans

Most ceiling fans have a switch that changes the direction of the blades. This is one of our favorite cold-weather tips because not only can it help make you more comfortable in your home by forcing some of the warm air that collects near the ceiling down into the room, but it can also save you as much as 10 percent on your heating bill!

Source: Realty Times | Jaymi Naciri 010718