Your Tax Return: Bring it Home

This time of year, many people eagerly check their mailboxes looking for their tax return check from the IRS. But, what do most people plan to do with the money? GO Banking Ratesrecently surveyed Americans and asked the question - “What do you plan on doing with your tax refund?”

The results of the survey were interesting. Here is what they plan to do with their money:

• 41% - Put it into savings
• 38% - Pay off debt
• 11% - Go on a vacation
• 5% - Make a major purchase (car, home, etc.)
• 5% - Splurge on a purchase

Upon seeing the research, The National Association of Realtors (NAR) wondered if this could help with a constant challenge cited by many people who wish to purchase a home – saving for the down payment.

In a recent post in NAR’s Economists’ Outlook Blog, they explained:

“With a sizable tax refund, the average American would have a decent down payment depending on which region or market you live in.”

They went on to add:

“[A]pproximately 5 percent of all respondents indicated they would make a major purchase which does not seem like a lot. However, there is a bigger group 41 percent who see saving the tax return is best and that group could be potential homebuyers if they are not already.”

In other words, putting that money toward purchasing a home is a form of savings.

Bottom Line

When one considers that first-time home buyers in 2016 had an average down payment of 6%, a decent tax return could go a long way toward the necessary funds needed for a down payment on a house. Or perhaps, the down payment needed by a son or daughter to make their homeownership dream a reality. How are you going to spend your return?

 

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SOLD by Rosalyn! 6170 Harbour Pointe, Unit 101 →

New listing, a beautiful first floor condo in River Ridge in the Westerville area.  Complex has workout facility and pool! Affordably priced at $84,900! Click on  the title link for the album photos!

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Thinking of Selling? Do it TODAY!!

That headline might be a little aggressive. However, as the data on the 2017 housing market begins to roll in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME!

The February numbers are not in yet, but the January numbers were sensational. Lawrence Yun, Chief Economist for the National Association of Realtors, said:

“Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home. Market challenges remain, but the housing market is off to a prosperous start as homebuyers staved off inventory levels that are far from adequate…”

And CNBC says consumer confidence in the economy is fueling the market:

“U.S. home resales surged to a 10-year high in January as buyers shrugged off higher prices and mortgage rates, a sign of growing confidence in the economy.”

The only challenge to the market is a severe lack of inventory. A balanced market would have a full six-month supply of homes for sale. Currently, there is less than a four-month supply of inventory. This represents a decrease in supply of 7.1% from the same time last year.

Bottom Line

With demand increasing and supply dropping, this may be the perfect time to get the best price for your home. Let’s get together and discuss the inventory levels in your neighborhood to determine your next steps.

Report courtesy of KCM (Keeping Current Matters)

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Where are Home Prices headed in the next 5 years?

If you're thinking about selling your house in the next 5 years, this national forecast may interest you. 

Today, many real estate conversations center on housing prices and where they may be headed. That is why we like the Home Price Expectation Survey.

Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts, and investment & market strategists about where they believe prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.

The results of their latest survey:

Home values will appreciate by 4.4% over the course of 2017, 3.4% in 2018, 2.8% in 2019, 2.7% in 2020, and 2.8% in 2021. That means the average annual appreciation will be 3.22% over the next 5 years.

The prediction for cumulative appreciation fell from 21.4% to 17.3% by 2021. The experts making up the most bearish quartile of the survey are projecting a cumulative appreciation of 6.3%.

Bottom Line

Individual opinions make headlines. We believe this survey is a fairer depiction of future values.  This is a national report, courtesy of KCM.  

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SOLD by Rosalyn. 4461 Marland Drive $176,000. →

4461 Marland Drive. Check out this absolute beauty!  Renovated and move-in-ready, this one's sure to please the most discriminating of Buyers!  Click the title link to see the video.

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SOLD by Rosalyn. 1478 Sargas Street, Columbus $165,000. →

Beautiful Polaris area single family detached condo home, with attached garage!  Neutral and move-in ready, shows like a dream!  $165,000.  Click on the title link for the album pictures!

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First Comes Love… Then Comes Mortgage?

According to the National Association of REALTORS most recent Profile of Home Buyers & Sellers, married couples once again dominated the first-time homebuyer statistics in 2016 at 58% of all buyers. It is no surprise that having two incomes to save for down payments and contribute to monthly housing costs makes buying a home more attainable.

But, many couples are also deciding to buy a home before spending what would be a down payment on a wedding, as unmarried couples made up 14% of all first-time buyers last year.

If you’re single, don’t fret! Single women made up 18% of first-time buyers in 2016, while single men accounted for 8% of buyers. One recent article pointed to a sense of responsibility and commitment that drives many single women to want to own their home, rather than rent.

Here is the breakdown of all first-time homebuyers in 2016 by percentage of all buyers, income, and age:

Bottom Line

You may not be that much different than those who have already purchased their first homes. Let’s get together to determine if your dream home is already within your grasp!

KCM

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Millennials and Home Buying...

Many Millennials have chosen to become homeowners! They see the benefits, both tangible and intangible.  Some benefits are black and white, like the tax write-offs you receive when you own your own home.  But some things are harder to explain...like the feeling you get when you walk through the front door, the comfort you find in having friends over...or you just decide to change the paint color one weekend, and realize you CAN do whatever you want, it's yours!  That's when you do the #happydance and break open the paint cans!

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No Matter what the Groundhog says...

No Matter What the Groundhog Says, Here are 5 Reasons to Sell Before Spring!

Is spring closer than we think? Depending on which groundhog you listen to today, you may have less time than you think to get your home on the market before the busy spring season.

Many sellers feel that the spring is the best time to place their homes on the market as buyer demand traditionally increases at that time of year. However, the next six weeks before spring hits also have their own advantages.

Here are five reasons to sell now.

1. Demand is Strong 

Foot traffic refers to the number of people who are out, physically looking at homes right now. The latest foot traffic numbers from the National Association of Realtors (NAR) show that the number of buyers out looking for their dream homes in December reached the highest mark since February 2016.

These buyers are ready, willing and able to buy…and are in the market right now! Take advantage of the strong buyer activity currently in the market.

2. There Is Less Competition Now 

Housing inventory just dropped to a 3.6-month supply, which is well under the 6-month supply needed for a normal housing market. This means, in many areas, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices; however, additional inventory is about to come to market.

There is a pent-up desire for many homeowners to move, as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as real estate values have increased over the last four years. Many of these homes will be coming to market soon.

Also, new construction of single-family homes is again beginning to increase. A study by Harris Poll revealed that 41% of buyers would prefer to buy a new home, while only 21% prefer an existing home (38% had no preference).

The choices buyers have will increase in the spring. Don’t wait for this other inventory to come to market before you sell.

3. The Process Will Be Quicker

One of the biggest challenges of the housing market has been the length of time it takes from contract to closing. Banks are requiring more and more paperwork before approving a mortgage. There is less overall business done in the winter. Therefore, the process will be less onerous than it will be in the spring. Getting your house sold and closed before the spring delays begin will lend to a smoother transaction.

4. There Will Never Be a Better Time to Move-Up

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by 4.7% over the next 12 months according to CoreLogic. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30-year housing expense with an interest rate around 4% right now. Rates are projected to rise by half a percentage point by the end of 2017.

5. It’s Time to Move on with Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to the questions above. You have the power to take back control of the situation by putting your home on the market. Perhaps, the time has come for you and your family to move on and start living the life you desire.

That is what is truly important.

KCM

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Ever wonder what a difference an interest rate can make to your buying power?

Interest rates, along with other factors such as your income and credit score, determine the maximum loan amount you can be approved for.   This graph helps put it into perspective!

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SOLD by Rosalyn. 3859 Olentangy Blvd. $562,500. →

3859 Olentangy Blvd. Exciting executive style Cintonville ranch home on the park, wooded lot!  Click on the title link for the photo album!

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Central Ohio Building Permit Numbers

One of the ways to guage how the market is performing, is to track the number of new build permits that are issued.  For Franklin County, in 2016, there were 1,191 total single family building permits issued, in all municipalities.  These are numbers reported through October.  Delaware County issued a total of 818, in all municipalities.  Delaware County issued 113 multi-family building permits in the same time frame, while Franklin County issued only 20.  

- source is Building Insider Magazine, January/February 2017 issue  

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The January 2017, Real Estate Market Report is Ready to View! Click Here to download the pdf... →

Each month, KCM compiles data and market statistics nationwide, in order to put together a snapshot of the current real estate market.  This report is for those who love data, graphs, charts, and numbers.  It includes information from multiple chief economists, Fannie Mae, Zillow, and a host of other sources.  

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SOLD by Rosalyn. 660 Glenmont $465,000. →

660 Glenmont, a lovely Cintonville two story home, with many updates, and a large yard!  Click on the title link for the photo album.

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2016 Central Ohio Housing Report →

2016 was a very active year for real estate here in central Ohio!  Our board covers 13 counties.   Franklin and Delaware counties saw really impressive numbers.   Check out the report from our board of Realtors, just click on the blog title.  

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5 Reasons to Use a Full Time Realtor

Regardless of your experiences in the past with other agents or discount brokerages, consider how the current market should affect your decision in handling what might be your most valuable asset.  For one of the most important financial transactions in your lifetime, hire a Realtor with experience and a proven track record to maximize your gains.  

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Click Here to View Your Guide to Selling Your Home →

Navigating the market can be tricky.  Stay informed, and choose an agent you trust who knows the market.

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View Your Home Buying Guide Here →

Click on the title link to download the PDF.

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