Housing Predictions for the Rest of 2016

The Daily Real Estate News has just published its housing predictions for the remainder of 2016. The bottom line? Freddie Mac economists remain upbeat about the housing market’s outlook for the rest of the year… which means 2016 is a GREAT year to buy a new home!

“We’ve revised down our forecast for economic growth to reflect the recent data for the first quarter, but our outlook for the balance of the year remains modestly optimistic for the economy,” says Sean Becketti, Freddie Mac’s chief economist. “However, we maintain our positive view on housing. In fact, the declines in long-term interest rates that accompanied much of the recent news should increase mortgage market activity, particularly refinance.”

Freddie Mac’s predictions for the remainder of 2016 include:

1. The labor market will stay strong. The unemployment rate is projected to drop back below 5 percent for 2016 and 2017. 

2. Loan originations are estimated to rise by $50 billion in 2016 and reach $1.7 billion. The forecasted boost is a result of low mortgage rates that are fueling a refinancing boom.

3. Low mortgage rates should stick around longer. The 30-year fixed-rate mortgage averaged 3.7 percent in the first quarter.

4. Home prices will rise by 4.8 in 2016 and by another 3.5 percent in 2017. These rising home prices will lead home owners’ to see more equity gains.

These recent predictions should give comfort and confidence to those searching for a new home. The combination of lower unemployment rates, lower mortgage rates and rising home prices makes it clear that if you want to make a good investment, buying and owning a home NOW is the way to go – contact us today to learn more about how you can find your new home at Elite Homes! 

http://realtormag.realtor.org/daily-news/2016/04/25/4-housing-predictions-for-rest-2016

Easy Ways to Get Your Home Ready To Sell

We know you know the basics of getting your home ready to sell – de-clutter, repair, clean and stage. But buyers can be unpredictable. Any number of things – some of them practically intangible – can make them fall instantly in or out of love with your house.  So how do you combat that kind of pickiness? Here are a few tricks of the trade, courtesy of Forbes.com.

Set the welcoming mood. You’ve got curb appeal, but what about “walking up to the door” appeal? Invest in a new doormat and scrub down your front door since it’s probably covered with dust, dirt, and oils. Better yet, repaint it and add some new house numbers and a new porch light.

Wash the windows. Have your windows professionally washed, or devote an afternoon to washing them yourself from both inside and out. Even on gray days, clean windows will let in more light and make your rooms sparkle — and buyers will definitely notice if it isn’t done.

Mind the details. Small details can make your home look dumpy without you even realizing it. Freshen up rooms with new switch plates and outlet covers if yours are grubby or yellowed. Polish handles and hardware, and use a Mr. Clean Magic Eraser to remove minor spots and scuffs on walls.

Get painting. Paint adjacent rooms the same color to give the appearance of an open floor plan. Paint the walls to match your drapes and use the same colors and patterns in the master bedroom and bath. Walls aren’t the only things that need a fresh coat of paint. Dingy doors, window frames and trims will drag down the prettiest of rooms.

Appeal to the senses. Bake a fresh batch of cookies to create a homey feel in the kitchen. Employ soothing scents like vanilla and lavender in bathrooms and bedrooms. Make sure everything is clean and sparkling.

Make your space look bigger. Hang floor-length curtains above the windows to give the illusion of higher ceilings. Lay down a striped rug to make the floor seem more expansive. Use a clear shower curtain to open up a small bathroom.

Fake a closet organization system. Make your storage look custom with DIY shelves, hangers, and bins. Organize clothes by type and color for added impact.

Dress up the laundry area & garage. Make your laundry area and garage look welcoming by adding a folding surface, bins, and baskets for storage, or even installing wall shelves to store laundry accessories as well as sporting goods.

Prepare for snoopers. Buyers will open your fridge, peek in your medicine cabinet, and check under your sinks. Make these areas so tidy that even Martha Stewart would be proud.

De-clutter. You have a lot of stuff. Potential buyers don’t need to see it. The less “stuff” that’s around, the roomier your house will seem. Start packing BEFORE you list your home so that those extra books, clothes and furniture are in storage.

Good luck!

Elite Homes builds beautiful garden home communities perfect for baby boomers 55+ - featuring, single-family, low-maintenance homes, in a relaxing and convenient locations around Louisville.

Louisville's area's home sales rise sharply in July

Article written by: By Gregory A. Hall • ghall@courier-journal.com • July 28, 2009

Buoyed by the $8,000 federal tax credit for first-time homebuyers , Louisville-area home sales so far this month are up sharply over the same period a year ago.

The improvement — coming on the heels of June numbers showing an uptick over May — is an indication that as the nation's housing market shows signs of recovering, Louisville is gaining with it.

“The first-time homebuyers are making a huge, huge dent in the market,” said Jan Scholtz, president of the Greater Louisville Association of Realtors.

Sales through Monday were up 27 percent over the same period a year ago, said Lisa Stephenson, executive vice president of the Realtors association.

The 1,042 homes sold in July through Monday had already exceeded the 1,015 for the entire month last year, she noted.

Both nationally and locally, the tax credit is being cited as a significant factor in the market's improvement.

The credit is part of the federal stimulus package passed in February and applies to homes bought before Dec. 1.

Realtors say the hope is that as first-time homebuyers help the low end of the market, existing homeowners will be able to sell and move into larger quarters, stimulating sales among the higher-priced homes.

Joe Simms, owner of the Joe Simms Group RE/MAX Associates in eastern Jefferson County, said he tried Tuesday to set up appointments for a client and found four of the seven homes he planned to show had sold.

Because so many of the buyers have been purchasing starter homes, prices still are down, he said, but still, “we've been real busy. … We've had a great month, and I think most of it's due to the $8,000 tax credit.”

Earlier this month, the Louisville Realtors group, which draws chiefly from Jefferson, Bullitt and Oldham counties, reported its members sold 1,175 homes in June, the most since a year earlier and only 1.3 percent fewer than June 2008.

Southern Indiana Realtors reported selling 285 homes in June, a 13 percent increase from a year earlier.

Scholtz said she expects the local market to grow in coming months because consumers are more confident than they were when the housing and financial crises developed. “It's going to continue to gain like this,”Scholtz said. “We are going crazy selling houses to first-time homebuyers.”

Stephenson did not reveal median price figures for July, but agreed with Simms that prices are not up. With so much of the recent activity being among lower-priced homes, median prices haven't been as quick to rebound.

Nationally, sales of new homes rose by the largest amount in more than eight years last month, according to a Commerce Department report this week. Sales rose 11 percent in June to a seasonally adjusted annual rate of 384,000, from an upwardly revised May rate of 346,000, the government reported.

Low prices and historically low interest rates —– averaging 5.20 percent nationally for a 30-year fixed rate —– have also contributed to sales increases.

“The worst of the housing recession,” said David Resler, chief economist at Nomura Securities, “is now behind us.” And as with the overall economy, the “recovery” is likely to be slow and arduous, he said.

Last week, the National Association of Realtors said that sales of existing homes posted a monthly increase of 3.6 percent in June.

Also, home prices in May posted their first monthly increase nationwide since the summer of 2006, according to data released Tuesday in the Standard & Poor's/Case-Shiller home price index of 20 major cities. The index rose 0.5 percent from April, but was still 17.1 percent below May of last year.

Louisville is not part of the index, but Realtors' figures showed a median Louisville price of $137,000 in May, up 1.1 percent from a year earlier. The median slipped to $136,000 in June.
“I think people are tired of waiting and the rates are still decent,” said Louisville Realtor Sandy Gulick. “I think people have gotten off the fence. I just think that the country is feeling a little bit more comfortable … ”

Reporter Gregory A. Hall can be reached at (502) 582-4087. The Associated Press contributed to this story.

The original article can be found at:http://www.courier-journal.com/apps/pbcs.dll/article?AID=2009907280340