A “seller’s market” happens when there are more potential buyers than homes for sale. In a seller’s market, people looking for a home may feel frustration and not easily find the home that they want. When they find a home for sale that they like, the seller of the home may receive multiple competitive offers at the same moment.
Last week’s economic reports included readings from the National Association of Home Builders on housing markets; the National Association of Realtors(R) released data on sales of previously-owned homes and the Commerce Department released readings on housing starts and building permits issued. Weekly reports on mortgage rates and new jobless claims were also released.
Owning a home comes with a lot of responsibility. Many of the responsibilities that people think about involve home maintenance. There are few things that frustrate a homeowner more than having repair and maintenance bills come up. At the same time, it is important to address these properly.
“Baby Boomers,” defined as people who were born between 1946-1964, are the wealthiest generation to ever retire, as well as the largest. According to U.S. Census Bureau projections, the population of people 65 and older will increase by 36% between 2013-2023 and is expected to outnumber children by 2034 — for the first time in U.S. history.
When considering buying a home in an “as-is” condition, the buyer takes all the risk of anything needed to bring the property back up to current building codes and make it ready for occupation or re-sale. There can be bargains in as-is properties if you know how to hunt for one.
There has been a surge in families who have multiple generations living together. In many cultures, children take care of their parents as they age. This is done in an effort to repay the parents for raising them during their childhood.
Last week’s economic reports included readings on inflation and retail sales; the Federal Reserve released its post-meeting statement from its Federal Open Market Committee. Weekly readings on mortgage rates and new jobless claims were also released.
When someone purchases their first home, this is a significant step. There are a number of issues that people need to think about because purchasing a home is typically someone’s most significant investment.
The Federal Open Market Committee of the Federal Reserve announced its unanimous decision not to change to the current target federal funds range of 1.50 to 1.75 percent. The committee’s customary post-meeting statement said the decision not to change the Fed’s target range for federal funds was based on factors including a strong labor market, moderate economic growth, continued job growth, and low unemployment.
It is important for everyone to diversify their investments and one of the assets that people often look toward is real estate. In a healthy market, real estate should appreciate in value.
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