Home values climbed across metro Phoenix again in 2013, and many neighborhoods saw double-digit increases. More than half of all the ZIP codes in Maricopa and Pinal counties posted their biggest annual increase in home prices since the crash, according to The Arizona Republic's latest Valley Home Values Report. The median sales price was $205,000 on Dec. 31, compared with $164,000 in December 2012. Prices also rose 35 percent in 2012, meaning prices are back to about 2003 levels for most people. Overall, … [Read more...]
This chart shows it still makes sense to buy a home
February 13, 2014 by Leave a Comment
Home prices still look reasonable compared with rents What’s up with the housing recovery? There are disturbing signs that the big rally that began in 2011 slammed on the brakes, big-time, in the final months of last year. Pending home sales—probably the best leading indicator of the housing market—plunged 9% between November and December, to their lowest level in more than two years, according to the National Association of Realtors. Average sales prices have fallen about 5% since the summer, says the NAR. … [Read more...]
Study: Buyers, Sellers Will Jump Off the Fence This Year
February 13, 2014 by Leave a Comment
Consumers are more committed to buying or selling this year, according to Prudential Real Estate's fourth quarter Consumer Outlook Survey. Of the 2,500 consumers surveyed, 78 percent held a favorable view of real estate, a five-point jump from the previous quarter and 15 points higher than at the end of 2012. Sixty-three percent said they were more committed to buying and selling in 2014. One generation in particular has a favorable perception of real estate right now: Millennials. The generation peaked at 87 … [Read more...]
Houzz Tour: Shaker Simplicity Inspires a Modern Farmhouse
January 16, 2014 by 1 Comment
Mixing classic farmhouse style with sustainable features, this Connecticut home is as charming as it is sensible When the owners of this house met with architect Rafe Churchill for the first time, they brought along the 1953 children’s classic One Morning in Maine by Robert McCloskey for inspiration. In the book McCloskey — best known for penning Make Way for Ducklings andBlueberries for Sal — recounts the adventures of an older Sal as she loses her first tooth.The backdrop for the story is a sensible and … [Read more...]
5 ways the jumbo mortgage market will change in 2014
January 16, 2014 by 1 Comment
Big changes are coming to jumbo mortgages. Wealthy home buyers signed up for these loans in droves last year because of their low rates and flexible repayment options. The total dollar amount of originated private jumbo mortgages—which exceed $417,000 in most parts of the country and $625,500 in pricey housing markets such as New York and San Francisco—was on track to be the highest since 2007. But the jumbo-mortgage landscape is shifting this year. New mortgage rules from the Consumer Financial … [Read more...]
This is the year to sell your home
January 16, 2014 by Leave a Comment
The prospect of higher rates is fueling a seller’s market Prices surged more than 10% in many markets last year, bidding wars are once again common, and homes are routinely going for well over the asking price in some cities. These trends make it seem like a return to the go-go days of the housing boom. Single-family homes were selling at an average price of $244,300 in November, up 7.2% from a year prior and the highest price since August 2008, according to the latest data from the National Association of … [Read more...]
Home Prices Back at Peaks in Some Areas
December 30, 2013 by Leave a Comment
Recovery Remains Uneven as Cities Spared in Bust Soar, but Many Others Struggle Home prices have zipped back into record territory in a handful of American cities, a milestone that comes seven years after the housing bust ravaged the market and the broader economy. Values are up more than 13% from their 2007 high in Oklahoma City and by more than 6% in the Denver metro area. Prices are back to all-time highs in 10 of the nation's 50 largest metropolitan areas, according to a Wall Street Journal analysis of … [Read more...]
10 Things Architects Want You to Know About What They Do
December 4, 2013 by Leave a Comment
Houzz.com recently spoke with two Best of Houzz architects, Nils Finne of Finne Architects and Michael Coates of Coates Design, to get the inside scoop on what architects do, where they find inspiration and what you should know before you hire one for your project. Here are 10 of their insights. What do architects do? Architects plan and design buildings and coordinate construction. Most U.S. states require licensed architects to have specialized education and experience and to pass a rigorous … [Read more...]
Nearly Half of States Within Reach of Peak Home Prices
December 4, 2013 by Leave a Comment
Twenty-three states are within 10 percent of their 2006 home price peaks, CoreLogic reports in its latest housing data report reflecting October data. Home prices have increased 12.5 percent year-over-year. However, prices had a more modest month-over-month gain of 0.2 percent from September to October. CoreLogic’s Home Price Index also reflects distressed sales. “In terms of home price appreciation, the housing market appears to be catching its breath as we head into the final months of 2013,” says Anand … [Read more...]
Mortgage Rates Fall to Lowest Levels Since June
November 1, 2013 by 1 Comment
For the second consecutive week, fixed-rate mortgages declined, lowering borrowing costs and helping to alleviate some signs of softening in the housing market, according to Freddie Mac's weekly mortgage market report. The 30-year fixed-rate mortgage averaged 4.10 percent this week, its lowest average since June. The Federal Reserve announced this week after its monetary policy meeting that it would be keeping its $85 billion per month bond-buying program in place for now, which should help sustain low … [Read more...]
