NAR economist Yun looks at the housing market 10 years after the Great Recession

In the ten years since the so-called Great Recession, home values have risen to record highs in many markets and foreclosures have fallen to historic lows. NAR Chief Economist, Lawrence Yun, said “Today, even as mortgage rates begin to increase and home sales decline in some markets, the most significant challenges facing the housing market stem from insufficient inventory and accompanying unsustainable home price increases.” He forecasts that existing home sales and home prices will rise in 2019.

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NFIP Extended to Nov. 30, But Reforms Still Needed

The Senate approved a bill Tuesday to keep the National Flood Insurance Program operating for four more months.

Source: NFIP Extended to Nov. 30, But Reforms Still Needed

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You Need an Agent Who Will Always Put You First

You Need an Agent Who Will Always Put You First | MyKCM
Whether you are a rookie homebuyer or have gone through the process many times, having a local real estate expert who is well versed in the neighborhood you are looking to move to, as well as the trends of that area, should be your goal while home shopping.
One great example of an agent who is in your corner and is always looking out for your best interests is one of the main characters on ABC’s Modern Family, Phil Dunphy.
For those who aren’t familiar with the character, Phil is a REALTOR® with a huge heart who always strives to do his best for his family and his clients.
In one episode, he even shared an oath that he created and holds himself accountable to:
“On my honor, I promise to aid in man’s quest for shelter, to recognize I’m not just in the business of houses — I’m in the business of dreams in the shape of houses. To disclose all illegal additions, shoddy construction, murders, and ghosts. And to put my clients’ needs before my own.”
While this might seem silly, as it was definitely written with humor in mind, the themes of helping someone achieve the American Dream and putting a client’s needs above his own are not to be taken lightly.
Bottom Line
When you make the decision to enter the housing market, as either a buyer or a seller, make sure you look for an agent who exemplifies these values and will help you through every step of the process

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The #1 Reason to Put Your House on The Market TODAY!

The #1 Reason to Put Your House on The Market TODAY! | MyKCM
The National Association of Realtors (NAR) released the results of their latest Existing Home Sales Report which revealed that home sales declined 0.6% to a seasonally adjusted annual rate of 5.38 million in June from 5.41 million in May, and are 2.2% below a year ago. Some may look at these numbers and think that now is a bad time to sell their house, but in fact, the opposite is true.
The national slowdown in sales is directly tied to a lack of inventory available for the buyers who are out in the market looking for their dream homes! In fact, the inventory of homes for sale had fallen year-over-year for 36 consecutive months before posting a modest 0.5% gain last month and has had an upward impact on home prices.
NAR’s Chief Economist Lawrence Yun had this to say,
“It’s important to note that despite the modest year-over-year rise in inventory, the current level is far from what’s needed to satisfy demand levels. Furthermore, it remains to be seen if this modest increase will stick, given the fact that the robust economy is bringing more interested buyers into the market, and new home construction is failing to keep up.”
The few houses that are on the market are selling fast! According to NAR’s Realtors Confidence Index, properties were typically on the market for 26 days.
Bottom Line
If you are one of the many homeowners who is debating listing your house for sale this year, the time is now! Let’s get together to discuss the specifics of our market!

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Tips to Successfully Age-in-place

For seniors who want to stay in their homes, renovations and other changes are a must.

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What Today’s Sellers Want

NAR has been administering its annual Profile of Home Buyers and Sellers survey since 1981. The survey has grown from 59 to 131 questions, and gives us great insight into the trends, wants and needs associated with the most significant financial decision of most people’s lives: purchasing a primary residence for themselves and their families.

In this article, we’re going to dig in a little deeper into the findings from the 2018 version of the survey to focus on sellers:

Sellers Are Staying in Their Homes Longer

In the last 30 years, sellers have remained in the same home for longer periods of time. From 1987-2008, sellers stayed in their homes for a median of six years, with the only exception being 1997, when the median tenure bumped up to seven years. After 2008, the median tenure began to increase by one year each year.

By 2011, the median tenure reached nine years, where it remained for three consecutive years, and jumped up again in 2014 to 10 years. It decreased to nine years in 2015, but rose in 2016 to a median of 10 years, where it remained in 2017, effectively doubling since data collection started three decades prior.

It’s not necessarily clear why sellers are staying in their homes longer, but one possibility for some is that they are waiting for their equity to increase, especially given the economic downturn.

Seller Relationships With Agents Are Steady and Strong

Eighty-nine percent of home sellers worked with a real estate agent to sell their home. In addition—same as last year—90 percent of sellers listed their homes on the Multiple Listing Service (MLS), which is the No. 1 source for sellers to list their homes. Only 4 percent opted not to list on an MLS.

Client referrals and repeat business are the predominant ways sellers find their real estate agent. Most sellers—85 percent—said that they would definitely (67 percent) or probably (18 percent) recommend their agent for future services.

Sixty-two percent of sellers were “very satisfied” with the selling process; 26 percent were somewhat satisfied. Only 13 percent were dissatisfied with the process.

Key Skills Sellers Want in Their Agents

Sellers place high priority on the following five tasks: market the home to potential buyers (21 percent); sell the home within a specific timeframe (20 percent); price the home competitively (18 percent); find a buyer for home (15 percent); and help fix the home to sell better (15 percent).

The reputation of the real estate agent was by far the most important factor when sellers selected an agent to sell their home (34 percent). Sellers also place value on the agent’s trustworthiness and honesty (18 percent) and whether the agent is a friend or family member (16 percent).

FSBOs Are Decreasing
In 1981, FSBO home sales accounted for 15 percent of all sales, and agent-assisted sales accounted for 85 percent. FSBO sales have declined over time, and in 2017, FSBOs accounted for 8 percent of total home sales again for the third year in a row. This is the lowest share since data collection began.

FSBOs typically sell for less than the selling price of other homes. For FSBO sellers, those who know the buyer tend to have higher median household incomes compared to those who did not know the buyer. Where FSBO sellers knew the buyer, the time on market for the home was usually a week, and sellers received 100 percent of the asking price.

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What Is the Ideal Age to Buy a Home?

According to new findings, the ideal age for most Americans to buy their first home is 28. A recent Bankrate study touted this number as the sweet spot.

Source: What Is the Ideal Age to Buy a Home?

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