Keller Williams On The Water

Act Fast and Buy New Now!
  • Post By : New Home Ambassador
  • new homes,housing starts,jobs market,employment growth,housing,construction

The economy added 292,000 jobs in December, more than anyone predicted, pushing 2015 into a robust year for employment growth. Builders in particular reported a spurt of hiring, a good sign for housing.

The good news is we’ve had two really strong back-to-back years for job creation. Wages are up 2.5 percent from a year ago, and more people joined the labor force in December, according to a report from the Labor Department.

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Designing Your New Construction Home
  • Post By : New Home Ambassador
  • new home options,design your new home,flooring,kitchen options,new construction homes

Building your new home allows you to tailor your home to your current needs and your personal taste.  That’s what’s great about building a home.  You can dream big and your options are unlimited.  But what if you budget isn’t?  How do you choose the best upgrades and stay within your budget?

New Home vs. Resale: Which is Right for You?
  • Post By : New Home Ambassador
  • new home vs resale,buying a new home,new construction homes,home buying

Is a newly built home right for you? Do you want a home that you’ve helped design and that offers the latest in energy efficiency and design? Or a previously owned home that may need fix-ups, paint jobs, and walls moved around to create the types of open spaces that make sense today?

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Predictions for the 2016 Housing Market
  • Post By : New Home Ambassador
  • housing market predictions,real estate 2016,housing market 2016

Based on a study by Forbes Magazine, in 2016 and 2017, housing construction will increase and home prices will continue to rise.  This is a result of more occupied housing which indicates a strengthening market in 2016. 

Most economists agree that housing prices and sales will continue to grow in 2016, just at a slower pace.  According to a recent report from RealtyTrac, for more than one-third of the nation’s major metro areas, home prices have reached all-time highs in 2015.  As mortgage rates increase and home prices wane, sales will grow about half as fast as they did this year and prices will rise at a steadier pace – 3.5% to 4.5%, down from 6% in 2015.

It will be easier for more Americans to qualify for a mortgage in 2016.  Lenders are taking steps to find new ways to measure creditworthiness such as evaluating credit scores based on a person’s rental history and utility bill payments.  They will also include income from room rentals and family members.  A bill was just introduced in the House of Representatives which would allow Freddie Mac and Freddie Mae to consider alternative credit-scoring models.

There will be more first-time home buyers.  First-time home buyers will make up a larger part of the market than in 2016 due to the reasons mentioned above… slowing prices and easier ways to qualify for mortgages.  This will give millennials the ability to purchase a home in 2016.  Lynn Fisher, MBA’s Vice President of Research and Economics, said, “Improving employment markets will build on major demographic trends – including maturing of Baby Boomers, Hispanics and Millennials – to create strong growth in both owner and rental housing markets over the next decade.”

Slower markets mean slower closings.  The market is expected to slow next year because government-backed loans will be more common and cash sales will decrease. 

The biggest risk to the housing market in 2016 continues to be shortage of inventory.  The number of homes for sale was down from 2014 to 2015 in 45 of the 60 metro tracked by Redfin. Inventory across all 60 metros is down 4 percent from a year ago.  In the most recent pending home sale report from NAR, sales have plateaued due to a shortage of homes and fast rising prices in some markets.

 

 

 

2016 Housing Forecast: New Construction to Drive Highest Home Sales since 2006
  • Post By : New Home Ambassador
  • new home construction,national housing outlook,top housing markets

 

New home construction and moderate gains in the existing home market will deliver the necessary one-two punch to push total home sales to the highest levels since 2006, according to the 2016 housing forecast issued this week by realtor.com . The forecast also identifies the top 10 markets for growth, as well as expectations for home prices and sales, interest rates and new home sales and starts.

2016 national housing outlook The 2016 housing market is expected to be a picture of moderate, but solid growth as acceleration in existing home sales and prices both slow to 3 percent year over year due to higher mortgage rates, continuing tight credit standards, and lower affordability. The new construction market will see more significant gains in the coming year as new home starts increase 12 percent year over year and new home sales grow 16 percent year over year. Total sales for existing and new homes will reach 6 million for the first time since 2006, a result of a strong gross domestic product increase of 2.5 percent and continued job creation. These healthy economic indicators will be tempered by lack of access to credit and rising home prices, which will ultimately limit housing demand and growth.

"Next year's moderate gains in existing prices and sales, versus the accelerated growth we've seen in previous years, indicate that we are entering a normal, but healthy housing market," says Jonathan Smoke, chief economist for realtor.com . "The improvements we've seen over the last few years have enabled a recovery in the existing home market, but we still need to make up ground in new construction, which we could begin to see in 2016. New home sales and starts will bring overall sales to levels we have not seen since 2006 and will help set the stage for a healthy new home market."

Who are the 2016 home buyers? Next year's standout year in total sales will be driven by three distinct segments of home buyers-older millennials (25-34 years old), younger gen X'ers (35-44 years old), and retirees (65-74 years old), according to Smoke.

Millennials: They are expected make up the largest demographic of home buyers in 2016, having represented 30 percent of the existing home market. Driven by increasing income, millennials will seek out homes that meet the needs of their growing families-putting the most weight on the safety of the neighborhood and the quality of the home. Commute time and a preference for older homes have these buyers looking in city-centers and closer-in suburbs. According to realtor.com 's proprietary research, the following markets are expected to be some of the most sought-out markets for millennial home buyers in 2016, due to their large numbers of millennials, strong employment growth, and relative affordability.

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Mortgage rates see little change
  • Post By : New Home Ambassador
  • mortgage rates,lower interest rates,home mortgage

According to Freddie Mac's Primary Mortgage Market Survey, interest rates for U.S. home mortgages declined slightly or saw little change for the week ending Nov. 25

According to Freddie Mac's Primary Mortgage Market Survey, interest rates for U.S. home mortgages declined slightly or saw little change for the week ending Nov. 25. 

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Feds Raise Rates
  • Post By : New Home Ambassador
  • fed,raise rates,rate increase,housing market

December should be the month after years of zero interest, now is the time.

Why now you ask? Inflation is nearing 2.5%, the housing market is slowing, so why now? When the rates go up, Buyer's hop back into the market and get off the fence.

Rates are at a 30 year low and 1/2 % rate increase will not be felt by most. Gas prices are low, unemployment is low and most families have paid off or down their debt, so the economy is ready!

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In the current market, new homes may be a better deal than resale homes!
  • Post By : New Home Ambassador
  • great deals on new homes,new homes,new home construction,save on new homes

That’s right, the market shift has turned the tables. Now buyers have the market in the palm of their hands and can get some really outstanding deals on new construction homes but you have to know where to look.

“Resale home owners may be willing to deal but in the past thirty days I have been able to successfully negotiate $69,117 off the asking price of a new home for a client and then shortly after located a home for another client and negotiated $91,000 off the asking price and we are still in negotiations to get even more from the builder. By the way, these home prices included upgrades!

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Home Builders Proudly Serve Our Veterans
  • Post By : New Home Ambassador
  • veterans,new homes and veterans,military,new home construction

 

Many home builders are making the effort to serve our military and veterans across the nation.  The most creative efforts have been by those builders where there is a vast military population.  They include free upgrades, assistance with closing costs, providing Green housing and modern developments for wounded veterans. But while our veterans appreciate the benefits, most importantly, they want a reputable and honest company…one with family values and integrity.

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Mortgage default rate remains low
  • Post By : New Home Ambassador
  • mortage rates,mortgage default,mortgage

A great deal of progress has been made in the real estate market since the housing crisis in 2008.

More individuals are applying for U.S. home mortgages, and consumer default rates decreased in September.

S&P Dow Jones Indices show low default rate. According to a recent press release from S&P Dow Jones Indices, there was a composite default rate of 0.89% in September. This is down seven basis points when compared month over month.

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