Hurricane Harvey has already forever changed the lives of millions of residents in and around its path in Texas, and will continue to leave a trail of disaster for many years to come. It's times like these when, unfortunately, we all are reminded of the power that Mother Nature wields against our homes, communities, and livelihoods. It's times like these when, even though you may not live in those coastal areas most prone to flooding during hurricane season, it's always a good idea to know what you should do to protect your home and communities in times of flooding. This article from RealtyTimes, outlines 8 key tips to protecting that value asset you call home from potential flooding issues. It's our hope that many reading this article will never need to worry about such things. But, as we already know, Mother Nature has a powerful mind of her own.
The Colorado real estate market, like much of the rest of the country, is suffering from “fixed-in-place” syndrome. Translated, that means a serious lack of homes for sale. Specifically, the lower end of the marketplace, typically known as starter homes, is playing a dirge to many potential home buyers. While the secondary market or “move up” homes isn’t a funeral march, it also isn’t sounding anything like a Mardi Gras parade.
Fewer homes available for sale leads to rising prices and fierce competition among those seeking to purchase. So what do you need to do to make sure your dream home doesn’t stay a dream?
Understanding why inventory in the marketplace is so tight can help alleviate a lot of the frustration many are feeling about the atmosphere in this current market. It also helps in understanding what motivates the sellers that are putting homes up for sale. That information is invaluable in formulating your plan of attack to not just seek, but buy, the home you want.
Source: REColorado | Information deemed reliable but not guaranteed
Thanks to growing consumer demand and low mortgage interest rates the inventory levels continue to dominate the news and trends in our real estate market. While many geographical markets have seen a slight increase of inventory, believed to be due more to the normal increase of the summer selling season, levels are still quite a bit below what is considered normal.
A look at the actual numbers show us that inventory is at approximately 4.2 months. This has had the effect of slowing homes sales considerably, which are down nearly 1.8%. Thanks to low interest rates, still less than 5% for most borrowers, high consumer demand continues into the third quarter as strong as we’ve seen in the first three quarters of this year.
One of the brightest spots in the housing market in this past quarter has been new home sales, which began to move upwards in June for a year over year gain of 9.1%.
Whether you’re interested in buying or selling a home this year, there’s reason to be optimistic. Healthy, positive consumer sentiments are contributing to a buoyant atmosphere about the real estate market and housing in general.
While interest rates are trending slightly higher, that actually is a reflection of an improving economy. Not surprising, as seen in the previous several years of tracking this statistic, single women purchasers, representing 17% is double that of single men which is just 7%. The millennial generation continues to represent the largest group of real estate buyers for the 4th year in a row.
9 out of 10 potential home buyers recognize real estate remains one of the best financial investments, indicating that in the 2017 Q1 Housing Opportunities and Market Experience report published by the National Association of REALTORS (NAR).