Redfin, the Seattle-based real estate company, says that the drought in listings that has affected the inventory of homes for sale marked its 21 st month in June. This is driving prices up and marketing time down , with each setting new records during the month. The typical home found a buyer in 36 days, a day less than the record set in May. More than a quarter, of homes that sold, 26.6 percent, did so above their list price, driving the average sale-to-list price ratio to a record high of 95.5 percent. Redfin's estimate of annual home prices increases is in line with that of other companies that track them; a 7.3 percent gain from the previous June, to a median of $298,000. This is the highest since the company began tracking it in 2010. Their estimate of the month-over-month gain was wildly
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Monday, July 17, 2017
Rates Give Back Some of Yesterday's Gains; What Homeowners are Buying When They Move; Appraisal Trends
Mortgage rates had their first great day in several weeks yesterday, but ended up giving back some of those gains today. Bond markets that underlie interest rates took their cues from central bank statements. In Europe, unnamed officials suggested the European Central Bank (ECB) would announce a plan to decrease its bond buying in September. Because central bank bond buying puts downward pressure on rates, this sort of news puts upward pressure on rates! Granted, we're talking about limited comments from the other side of the world. As such, the impact on mortgage rates in the US is limited, but there was impact nonetheless. Bond markets also took some damage from Fed Chair Yellen's 2nd day testifying before congress. This time around, she showed a bit more conviction on the topic of removing
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Rates at 2-Week Lows After Yellen; Housing as Investment; HUD Suspends Lender; Refi Apps Tank
Mortgage rates had been holding in a narrow range near their highest levels in roughly 3 months over the past few days. Despite some stability in underlying bond markets, lenders had hesitated to make meaningful adjustments to rate sheets (in their defense, there wasn't much to work with). That all changed today after Fed Chair Yellen's congressional testimony. In fact, it was the prepared remarks for the testimony, released at 8:30am ET this morning that did the trick for bond markets (which underlie interest rate movement). Market participants were eager to see if Yellen would strike a similarly soft tone to some of the recent speeches from other members of the Fed. Indeed, that was the case as Yellen said the Fed doesn't need to hike much more in order to reach a neutral Fed Funds Rate.
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Glimmer of Hope in Rate Stability, But It Could Be a Trap; Delinquencies Decline; Prepayments vs Refis
Mortgage rates remained in a very narrow range near their highest levels in roughly 3 months today. If you're into splitting hairs, we could discuss the fact that the average lender is charging microscopically lower closing costs for the same rates quoted yesterday, but most borrowers won't even see a change in rate quotes. The sideways momentum isn't all too surprising given that the week's biggest potential market movers are all coming out over the next 3 days. The past 2 days, then, have been a nice reprieve from the consistently higher rates seen since June 27th. But undertand the reprieve is not necessarily an indication of a reversal. Even if the coming days end up helping rates, there are lingering risks regarding the European Central Bank (ECB) policy announcement on July 20th. It's
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Rates Little-Changed Near Recent Highs; Underwater Disparity; Lender/Investor Changes; Week Ahead
Mortgage rates improved somewhat today, on average, but the gains were modest. Some lenders were unchanged from Friday afternoon's latest levels. That leaves us essentially in line with the highest rates since early April, after having been at 8-month lows just 2 weeks ago. From 8-month lows to 3-month highs is an abrupt move taken at face value, but it's made possible due to a narrow range persisting during that time (relative to other stretches of 8 months of time). In terms of today's finer detail, it may as well have been a 3rd day of the weekend as far as bond markets (which underlie rates) were concerned. Trading levels haven't moved out of their recently higher, narrower range since last Thursday morning. That will likely change --if not tomorrow, then shortly thereafter. The second
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Hot Home Trend to Watch: The Two-Toned Kitchen
By Melissa Dittmann Tracey, REALTOR® Magazine
Two-toned colored kitchens are gaining popularity this year. White and gray painted cabinets are dominating kitchen color schemes, according to the 2017 Kitchen & Bath Design Trends survey conducted by the National Kitchen and Bath Association.
Particularly gray-toned kitchen cabinets are seeing a surge in popularity lately.
But colors are getting mixed too in adding a little more pizzazz to kitchen design. For example, the surrounding kitchen cabinets may be white and then the center island may have gray cabinets. Or, white cabinets may be on the top and then gray cabinets on the bottom.
Other materials are getting mixed in the kitchen too, but the combinations are mostly muted and simple. “Clean lines with no fussy moldings or trims,” one NKBA survey respondent said. “White kitchens are never going away, but I’ve recommended mixed countertop materials, mixed cabinet colors and frequently use lots of light/dark materials for contrast.”
That said, for the more daring, blue and black-toned cabinets, as well as high-gloss finishes are gaining popularity in kitchen designs too, according to NKBA’s survey.
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Saturday, July 15, 2017
That Small Backyard Can Still Be a Selling Point
By Melissa Dittmann Tracey, REALTOR® Magazine
Don’t underestimate the power of a space based on its size. Sure, your listing may be size-challenged in the yard department, but that doesn’t mean it can’t still be a showpiece.
“As building lots continue to be smaller and scarcer, lot preparation with the goal of maximizing livable outdoor space tops the list of property enhancement desires,” according to Kermit Baker, chief economist at the American Institute of Architects. Indeed, the desire for outdoor living space ranked tops among architects for landscaping trends in the first quarter of 2017 AIA survey. Blended indoor/outdoor living came in second.
In the latest issue of REALTOR® Magazine, we took a look at How to Make a Big Statement With a Small Yard.
There are plenty of ways you can enhance a small space and several design experts showed us how, from setting a focal point to using reflective materials, tweaking the furnishing scale, accenting with container gardens and layering the light. Read tips on each, and take a look at a few examples.
Show off the green
Prune plants so they’re more vertical than horizontal, training them to grow up rather than out. Also, consider creating a vertical wall of planters, like containers of ornamental grasses. You can also raise plant height by several feet using retaining walls, raised beds, or extra long, slender containers.
Photo courtesy: Dennis Hammett, Ebby Halliday REALTORS(R)
Photo Credit: Photos by Linda Oyama Bryan for Mariani Landscape, Lake Bluff, Ill., a member of the National Association of Landscape Professionals
Create functional, inviting spaces
Even a small backyard can show off a dining space or an area with comfy chairs around a fire pit. Show how the space can be used for entertaining.
Photo Credit: Photos by Linda Oyama Bryan for Mariani Landscape, Lake Bluff, Ill., a member of the National Association of Landscape Professionals ]
Accentuate the far side of the yard
By getting buyers to gaze across a stretch of yard, you’ll help make the space feel larger. For example, place a bench at the far side of the landscape, surrounded by lush greenery.
Photo courtesy Costa Farms
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