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The Rilliet Report February 2016

February 25 2016
February 25 2016

The final stats are in for 2015. December's robust market was the largest monthly increase ever recorded with total existing home sales up 14.7% from the month of November. This brought total sales for 2015 up to 7.7% above the previous year.

Lawrence Yun, the National Association of Realtors's chief economist, attributes the activity to a strong year in general and also to buyer's concerns that mortgage rates will increase in 2016. Yun also reports that "in addition to insufficient supply levels of inventory moving forward, sales will be constricted by tepid economic expansion."

Predictions for moderate growth at a slower pace can be heard from other leaders too. Redfin released a "Housing Trends Report" saying more homeowners will stay put this year with a total rise of 3.5 to 4.5% for 2016. Upcoming rate hikes may lesson the appeal of selling and getting a new loan on the next home.

History shows that there is hesitancy in election years. Will the wildcard of a presidential election weigh down growth? Let's talk. Every situation is different. We can evaluate the facts and see what is best for you.

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Question: What is the Best way to Build Family Wealth?
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Eport Mage

MY TOWN

In general we know how long it takes to get to our routine destinations: i.e. to work, the beach, the mountains or even dinner in the city. Yet there is a snag: TRAFFIC.

So it may be time to download the Waze app to your smartphone. Waze is the world's largest community-based traffic navigation app. Drivers in your area share real-time traffic and road info, saving you time and gas on your daily commutes.

You can also be alerted before you approach police, accidents, road hazards, or traffic jams. It's like a personal heads-up. An active community of Waze map editors works to constantly improve and update Waze's maps. Waze drivers can also navigate the cheapest gas station on your route.

Really good! Give it a try and let me know what you think.

FYI

Spring is around the corner, which is when the real estate market usually heats up. Now is a good time to be shopping for a home. If you are selling, many professionals aim for listing a home in late March or early April, so buyers should have all their ducks in order.

Understanding "pre-emptive offers" may come into play. If we find inventory to be low, some of my buyers want to avoid a bidding war by making an offer before the property hits the market or before the seller's designated offer date.

One con to this strategy is that you will probably have to waive all contingencies, so we need to see if the seller has done all inspections and disclosures for you to review first. Also, you don't know if you may have gotten the home for less than the asking price if you wait.

For sellers, the question remains that you may have lost out on having multiple offers that drive the price up. Not all sellers will even entertain pre-emptive offers. Others think that a clean good offer now is better than waiting. A seller may get multiple pre-emptive offers too.

A well-qualified, well-prepared buyer is worth serious consideration. Together, we will evaluate each situation as it arises.


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juliadave

September 12, 2018 3:12 AM

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col

September 12, 2018 3:17 AM
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