It's been a tough market out there for buyers. According to the recent Housing Shortage Report from Realtor.com, the United States is in the midst of its worst housing inventory shortage in over two decades.
But it looks like that might be changing.
According to the National Association of Realtors most recent Existing Home Sales Report, total housing inventory rose 4.1% from December to January, with 1.52 million homes for sale across the country. This is still lower inventory than January of last year, but it's a positive sign that the end of the housing shortage may be in sight.
Most experts predict mid-to-late 2018 should see major changes in the number of homes on the market. According to a recent article from Realtor.com's economics team, the second half of the year will see a major increase in inventory flooding the market thanks to new construction—which is great news for buyers.
The low inventory markets across the country have been experiencing has been a real challenge for buyers. But thankfully, it looks like the coming year is going to be a much friendlier environment for buyers looking to purchase a home.
Spring is in full swing, and you know what that means: the days are getting longer, the temperatures are rising, and in just a few short weeks we'll be heading into the warmer months of summer. Summer is one of the best times of year; children are out of school, it's the perfect time to explore the great outdoors, and of course, everyone's favorite: good ol' summer vacation. After the freezing temperatures of winter and the unpredictability of spring, you and your family are probably more than ready for the warm, summer weather. But the question is: is your home? Here are 5 tips to get your home ready for warmer weather:
1. Get your A/C checked
The summer heat is great for beach days and splashing in the pool. But when you're done enjoying the sunshine, you'll want to open the door to a nice, cool interior. But if your air conditioner isn't working properly, you can quickly find yourself with no escape from the rising temperatures. The best time to get your air conditioning in working order is before summer hits. Start by changing out the filters. Dirty filters make it harder for your A/C unit to do its job, lower the efficiency of your air conditioning system and waste energy. After you replace the filters, let your air conditioning system run for an hour or so to see how its cooling; a test run will give you insight into any potential problems you need to have serviced. You should have an HVAC professional service your air conditioning system once a year. Even if you don't notice any obvious problems, servicing your A/C annually will keep it running better for longer. Spring is the best time of year to get your A/C service; once summer hits, most HVAC companies are booked solid through the summer months, and the last thing you...
We all know the premise of home-flipping shows: An investor buys a veritable dump and then, with the help of a team of ready-and-willing contractors and landscapers, transforms it into the best-looking home on the block. Next, that intrepid buyer turns around and sells it for a hefty profit. Sounds like a straightforward formula for financial success, right? Well, not quite. What makes for entertaining television doesn't always translate into a win beyond the high definition flat screen. The following are nine ways home-flipping shows mislead viewers. So, if you're considering turning this into your next career or even a side gig, you may want to separate fact from fiction first.
1. Tight turnarounds aren't always realistic
In order to realize as large a profit as possible, it's important to flip the property as quickly as you can, otherwise paying the mortgage, taxes, and insurance quickly chips away at your bottom line. While sales tend to happen quickly on TV, the reality is that even if you have a willing buyer, getting pre-approved and securing the financing doesn't happen overnight. For anxious sellers, that ticking clock is a constant reminder that every passing day means a little less money in their pockets.
2. Finding a dedicated team isn't easy
As far too many homeowners know, not all contractors are...
Thanks to the timing of the 2008 financial crisis, millennials have a reputation as a generation that's laden with financial struggle. And while it definitely took some time for this younger generation (millennials are considered anyone 36 years or younger) to recover, if you're judging by the real estate data, it's safe to say that in 2018, millennials are doing just fine. According to the National Association of Realtors® Home Buyer and Seller Generational Trends Report, in 2017, millennials made up the largest share of homebuyers on the market at 34%, putting them well ahead of Gen Xers (28%) and Baby Boomers (Younger Boomers, aged 52 to 61, came in at 16%, while Older Boomers, aged 62 to 70, made up 14%). Out of that 34% of millennial buyers, 66% were buying a home for the first time, meaning more millennials are making the transition from the outrageously expensive rental market to a more long-term investment of owning a home. What's the reason for so many millennial buyers flooding the market? For one, renting has become so expensive, buying a home is often times the more affordable choice (according to a recent report from Zillow, renting is more expensive than owning in the majority of the US' major metro areas). And with a variety of non-traditional lending options on the market that require little or no down payment, buying a home is becoming more and more accessible for younger buyers.