Tag Archive for: home buyer

New Homes for Sale Available Come at a Price

Curved breakfast bar with solid surface counter tops. The hardwood floors to through the kitchen. This is an open floorplan.

After the housing market struggled to make a comeback after the Recession, the supply of homes for sale and new homes for sale available in the real estate market has continued to decline. Because of this the supply of homes and new homes available to buy has decreased to a crucial point. That is that there is now more demand for homes to buy than there are homes and new homes on the market for sale.

Because of the lopsided nature of supply and demand in real estate, home prices have not only continued to increase, but they are still increasing at a rapid pace. According to Core Logic, a real estate analysis company which tracks housing trends nationwide, the price of homes for sale increased by 6.8% in June, 2018, compared to June, 2017. May, 2014 was the last time that housing prices had such a high year-over-year percentage increase, which was during one of the fast-paced recovery years of real estate after the Recession.

The price of homes continuing to go up is unsustainable as mortgage rates are also on the rise, putting the cost of theCurved breakfast bar with solid surface counter tops. The hardwood floors to through the kitchen. This is an open floorplan. monthly note out of reach for some home buyers. However, as long as demand continues to outpace supply, the prices will continue to have a “seller’s market” mentality for home buyers who are able to qualify for loans.

Another factor in the increase in home prices is that prices are now double that of the growth of individual’s growth in salary. However, there are signs that home prices will start to see a slow down as the S&P/Case-Shiller 20-city index had less growth during May, 2018 than May, 2017. There are also other trends that show an overall economic slowdown that have probably not translated to the real estate housing market just yet.

What you can take away from this news is that if you have a home to sell and are wanting to buy a new home or a home for sale, you will want to make sure you are able to move quickly on buying a home and actually moving out since it truly is a seller’s market out there. If you are buying a home in the St. Tammany Parish area, Contact Ron Lee Homes about our Homes for Sale or to build the home of your dreams in Mandeville, Madisonville, Covington, Abita Springs, or Folsom! Call 985-626-7619 or email Info@RonLeeHomes.com.

 

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Real Estate Trends in April Showing Growth and Good News

With the 22.6% increase of single-family home construction starts compared to the previous month and year of March, 2015, real estate nationwide has taken a very positive step forward.  In addition to a substantial increase in new home starts, there is good and bad news when it comes to new homes being built and put up for sale in the real estate market.  The bad news is that builders are finding it difficult to procure land to build new homes, as1-Lot 34 Autumn Creek Front Exterior well as the labor required to start and complete a new home project in a timely manner.  On the flip side, that is also good news in that there are now a tremendous amount of construction jobs available for those trained and experienced in the construction industry.

The lack of land and lots to build also increases the new home buyers’ demand across the entire United States, making it so that builders are building new homes “on demand” for prospective homeowners.  Now home buyers are waiting on builders to supply new homes to buy whereas just a few years ago, it was builders waiting on home buyers to be able to buy a 1.5 years’ supply of new homes.

Existing home inventory currently in the market is also really tight according to the National Association of 17-Lot 207 Fully Bricked Back PatioRealtors.  Right now, existing home inventory is at just a 4.5 month supply – really good news for sellers and Realtors, but not such good news for home buyers.  However, existing home sales increased 5.1% in March, despite the dearth of homes available to buy.

If home buyers are in the market for a new home and can afford to wait to be able to build their dream home, they may consider buying a new custom home from local builder Ron Lee Homes in St. Tammany Parish.  Custom homes built by this award winning builder are “worth the wait,” and by using Ron Lee Homes, buyers get full-service attention on the new custom home building process.  Ron Lee Homes designs floorplans, builds new custom homes, assists with financing, and literally walks home buyers through the home building process from start to finish.  So, if you would like to Consult with a Custom Home Builders in West St. Tammany Parish, Call 985-626-7619 or E-mail Info@RonLeeHomes.com.

 

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Discover the Value of Homeownership in America

The value of homeownership has just been assigned a number based on information regarding homeowners in 2013 in the United State.  Owning your own home in America can save $100 billion in tax savings and deductions. Statistics showed that only approximately 11.4% of Americans who had a mortgage by owning a home that they occupied in 2013 did not take advantage of being a homeowner by deducting the mortgage interest that they paid from their federal taxes according to the Joint Committee on Taxation (JCT) and National Association of Home2-54 Maison du Lac Exterior 2 Builders (NAHB) analysis.

It cannot be emphasized enough the huge advantages of becoming a home owner in today’s economy.  In addition to the $296.2 billion that was claimed on Americans’ taxes, there was also the amount of $174.3 billion in real estate taxes that were claimed on taxes as well. Overall, people who owned homes in the U.S. in 2013 were able to trim their tax bills by over $100 billion dollars.  Mortgage interest deductions accounted for $72.4 billion in savings on taxes while real estate taxes equaled $30.2 billion.

These numbers don’t include individual state programs for making improvements and installing energy efficient, “green” products in their homes.  These deductions are specialized each year by both the state and federal government and typically have timelines and requirements on the amount of money that can be deducted.  The bottom line is that if you own your own home, you have a significantly better chance of saving money on certain 1-Lot 52 Windermere Remodel Overviewhome improvements than if you were renting your home.

Another advantage to owning your own home is that on-time mortgage payments will vastly improve your credit.  Just by owning real estate, your credit score will improve as soon you close on your home and log your first mortgage payment.  With better credit, you can expand your opportunities for loans and investments, thereby creating even better credit for yourself and your family.  As you pay more and more principle on your mortgage payments, you will see your home equity rise as well.  You can use an equity line of credit to make improvements to your home (and get those tax deductions!) which also increases your home’s value.  Real estate can be one of your greatest assets that continually increases in value, appreciation, equity, and opportunity if it is handled correctly as one of your greatest investments.  So, what are you waiting for – discover the possibilities of becoming a homeowner today!

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New Home Buyers Have More Selection in New Homes

Even though the housing market has been making incredible strides in its recovery since its low in 2008, one of the major obstacles that has been holding the sale of real estate back is the lack of supply for the growing demand of home buyers.  New home buyers especially have been stymied by a lack of inventory from local builders.  Builders themselves have been frustrated by the tightened funding requirements for construction loans from79 Oleander Carriage Style Garage banks and lenders, so there is been a “stalemate” of sorts going on in the new home industry.

However, good news is on the horizon for real estate because single-family home starts have been on the rise and holding steady over most of the months of 2015.  Single-family home startss remained steady from August to September with 740,000 starts nationwide for both months.  Overall, housing starts (including multi-family housing) increased by 6.5% and reached the 1.2 million mark – the highest its been since October, 2007.

From a yearly perspective, quarter-over-quarter, single-family home starts are up 5.7% 3rd quarter from second quarter with a total of 746,000 home starts.  The numbers year-over-year show that single-family home starts are up 11% compared to 2014.

Another strong sign of new home real estate recovering is the number of housing permits for single-family home starts.  The number of permits for single-family homes went up 9.4% year-over-year and also remained unchanged compared to the previous month of August from September, 2015. Trends also show that money of the new home purchases are coming from “contingency sales” where a home buyer has a house to sell and wants to build or buy new which is excellent news for new home builders.

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