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Dealing with the new home ownership crisis

for sale sign outside houseThe housing market has made significant strides in the last year with regard to home sales and home prices. However, even with housing’s good news, the homeownership rate continues to be at generational lows. Economists and real estate professionals are stumped.

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The coming optimism in the housing market

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There’s no doubt that 2016 was an outstanding year for real estate and the housing market. In fact, National Association of Realtors chief economist Lawrence Yun was reported to say in a January NAR press release (www.nar.realtor) that the 2016 housing market was the best since the Great Recession. There were 5.45 million total existing home sales in 2016, which exceeded 5.25 million during 2015.

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Protect valuables when selling your home

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I often write about preparing your home for a sale. Of course, that preparation is to make your home sell quicker and get the best price. However, preparing your home is more than just deep cleaning, decluttering, and minor repairs. Preparing and planning how to store your valuables will not only keep the prying eyes of nosey home buyers focused on your home’s spaces – it can also thwart would-be criminals.

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'Fake News' is well established in real estate

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“Fake news” is the cause du-jour that has energized many into a movement to stop the spreading of falsehoods. Ironically, the crusaders who point their finger at alleged sources of fake news may also be guilty of promoting it. Fake news accusations are sometimes used to promote misinformation and half-truths. Unfortunately, fake news has become a meme that is becoming trite and meaningless. The promotion of fake news may be found throughout history, but it is certainly well established in the real estate industry.

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Home sales and prices continue to go higher

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Back in January, I told you that the housing market of 2016 would be about home prices. And indeed, national home sale prices have appreciated considerably through the year. But who would have thought that home prices would once again approach the level reached during the peak market of 2006?

The S&P CoreLogic Case-Shiller National Home Price Index (spindices.com) reported in July that the index was within 3 percent of peak, with another month of 5 percent appreciation. And surprise! This week’s release of home price data indicated that the September’s S&P CoreLogic Case-Shiller National Home Price Index exceeded the index that was recorded during the peak market that occurred July 2006! September’s year-over-year gains were due to a 5.5 percent gain to the National Index, while the 20-City composite remained unchanged at a 5.1 percent.

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The winter of discontent and real estate sales

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Winter is not usually a time of year when you would think of selling your home. After all, everyone gets into holiday and hibernation mode. Between Thanksgiving and New Year’s Day, home sale inventory is usually trimmed by an average of 50 percent and contract activity is significantly reduced.

But this winter will be different. Rising interest rates and pent up demand could make the housing market very active this winter.

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New laws will affect home sales

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If your home has been listed for sale through the summer without procuring a buyer, don’t be surprised about the two new laws that will most likely affect your sale. Homeowners, who will be listing their home for sale in the fall, will most likely be advised by their real estate agents. Of course, I am talking about the increased county recordation tax and the new radon-testing requirement. 

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Knowing the future of home sales

 

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Everyone wants to know the future. Home sellers and buyers want to predict home prices. Home sellers want to know the best time to sell. Home buyers want to know if they’re getting a good price. And apparently there may be a fairly reliable predictor to home prices, however it’s not what you think it is.

Several empirical studies have attempted to provide a methodology for predicting the housing market. Of course, there is the familiar forecasting of real estate through divorce and premarital agreements. Back in 2013, the American Academy of Matrimonial Lawyers (AAML.org) issued a press release citing the increase of prenuptial agreements as sign of the improving economy. The increase in prenuptial agreements meant that people felt there was value in their assets. And this was meant to be a good sign for the housing market.

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Brexit might assist in some home sales

The immediate response of Great Britain’s referendum to exit from the European Union was one of anxiety and fear. Some thought the separation would set off a global recession, matching the financial crisis of 2008. While others believed it would be a blip on the financial radar. Of course, the housing industry is watching to see how the aftermath of the Brexit will affect homebuyers and sellers.

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