Real Estate Insider Blog

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24
Jan
2017

What’s the average number of homes buyers view before purchasing?

According to NAR statistics, Buyers looked at a median of 10 homes before purchasing in 2012 where it has remained for the last five years.

Over three decades, the number of homes viewed during buyers’ home search process has decreased while the number of weeks that buyers search has increased. The Profile of Home Buyers and Sellers has collected data since 1987 on the length of the home search process and the number of homes viewed. This year, NAR celebrated its 35th anniversary of the profile report and to commemorate we take a look back at the data to compare how searching for a home has changed over time.

There has been a gradual move towards the midpoint in the home search process. Meaning, tightened inventory in recent years means there are less homes on the market and buyers must search longer for the right home. With fewer homes available, buyers also look a fewer homes that suit their needs.

In 1987, buyers searched for a median of seven weeks and looked at a median of 12 homes before ultimately purchasing a home. This is the shortest period of time buyers reported searching for a home, other than in 2001 when the length of the search was also a median of seven weeks. Throughout the late 1980’s, 1990’s, and early 2000’s, buyers searched for a steady median of eight weeks. In 2008, the number of weeks that buyers searched for a home bumped up to 10 weeks and up again to 12 weeks in 2009 where it remained until 2013. The ...

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12
Jan
2017

Are Home Prices Increasing in the Tampa Bay Area?


The aggregate amount of equity in U.S. residential homes has more than doubled since 2011, the result of 40 percent price appreciation nationwide during that time.

Even with that much of an increase in home equity — which hit a trough of $6.1 trillion in June 2011 but by June 2016 had risen to $12.7 trillion — there is still plenty more equity to be regained while home price appreciation continues over the next year, according to CoreLogic's U.S. Economic Outlook for October 2016.

"We project the national CoreLogic Home Price Index will rise another 5 percent in the coming year, helping to boost home-equity wealth by close to $1 trillion," CoreLogic Chief Economist Frank Nothaft said. "In turn, this wealth gain should add to consumption spending and contribute to economic growth in 2017."

According to CoreLogic's most recent Home Equity Report released in mid-September, more than half a million (548,000) homeowners regained equity in the second quarter of 2016, bringing the total of residential homes with equity to approximately 47 million (93 percent). This left approximately 7 percent, or close to 3.6 million homeowners, in negative equity.

"We see home prices rising another 5 percent in the coming year based on the latest projected national CoreLogic Home Price Index," said Anand Nallathambi, president and CEO of CoreLogic. "Assuming this growth is uniform across the U.S.,...








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04
Jan
2017

Home Buying for Military Families in Florida


 

It's time to move. Many military families spend a good amount of time moving from one location to the next as duty calls. Yet, this process can be frustrating and overwhelming at the same time. If you are planning to buy a new home in your new community, there are a few things to keep in mind about the process. The right home is one that allows you and your family to find the comfort and support, amenities, and lifestyle that you are looking for.

There's plenty to think about when it comes to moving as a military family. You may already know about your options with VA loans. Once you have your loan squared away, it is time to think about home buying.

  • Choose an area with other military families or local supportive services. These are fantastic opportunities for everyone who faces the need to move constantly. Air Station Clearwater is located on the NW side of the St Petersburg - Clearwater Int'l Airport. We are the largest air station in the Coast Guard and support a variety of missions with both C-130 and H-60 aircraft. We also have an award-winning galley, medical clinic, exchange and housing office that service hundreds of Coast Guard personnel assigned to units in the greater Tampa Bay Area.
     
  • Consider the area's resale value. If you think you may have to move again within three to five years, you'll want to choose an area where home prices are on the rise and with a solid level of growth. Good jobs, school...
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