Real estate firms are optimistic about the industry’s future despite competition from non-traditional market participants and virtual firms, finds a report from the National Association of Realtors. The report found 60 percent of NAR member firms expect profitability from all real estate activities to increase in the next year. 44 percent of them expect competition from virtual firms to increase in the next year and 43 percent expect the same form non-traditional market participants. Some of the other big challenges firms will be facing in the next two years include keeping up with technology and housing affordability.
Home Prices Rising at the Lowest Rate Since 2012
Home prices rose 4.7 percent in December, which is the lowest rate since 2012, according to a CoreLogic report. The chief economist for CoreLogic said higher mortgage rates slowed home sales and price growth during the first half of the year.
For 2019, he predicts an average annual price growth of 3.4 percent.
When looking at the top 50 markets based on housing stock, 40 percent were overvalued, 18 percent were undervalued and 42 percent were at value.
In terms of renter interest in home ownership, the biggest reason was to fulfill a dream and raise a family. People in this group tended to be younger and were more likely to have kids. Those who were least interested in home ownership tended to be older and said they don’t want the burden of a long-term financial commitment and are less likely to have kids.
CoreLogic’s CEO says the slowdown in the rate of home price appreciation reflects the impact of inventory shortages and growing affordability issues in many markets. But, 2019 could see an increase in home buyers if home-price growth continues to moderate, interest rates remain stable and household incomes rise.
Produced by Sequence Media Group
Mortgage Rates Fall to Their Lowest Levels in 8 Months
Mortgage rates have fallen to their lowest levels in eights months, with the average rate for a 30-year fixed mortgage falling to 4.51%. The rate is still higher than it was a year ago at 3.95%.
Financial experts say this may give a much-needed boost to the U.S. housing market.
This report was produced by Sequence Media Group
Mid-Century Modern Home Located In Arcadia
This is an amazing opportunity to own a mid-century modern home in Arcadia with direct views of Camelback Mt. This 7020sqft home is within walking distance to Hopi Elementary. The main house is 5133sqft with 4 bedrooms/3 baths, formal living and dining areas as well two additional rooms for family lounging or offices.
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Scottsdale, Arizona Luxury Real Estate Market Update For November
Here’s your Scottsdale, Arizona Luxury Real Estate Market Update For November... Listings were down 17 percent from a year earlier, but up 5 percent from the previous month. The median listing price was nearly 800 thousand dollars, $799K The median sale price was nearly 550 thousand dollars, $548K. The days listings were on the market was down two percent from a year ago, 90 to 88 days. The number of units sold decreased 8 percent year over year, but increased 9 percent month over month.
