Wednesday, December 11th, 2013

WMAR-enotes

The calendar can sometimes have just as profound an effect on housing data as supply and demand. The 2013 Thanksgiving holiday was a week later than in 2012, causing some peculiar shifts in activity. This serves as a good reminder to watch for calendar oddities just as much as you do economic indicators. Even so, aside from family time and tryptophan, buyers and sellers had a lot to be grateful for this Thanksgiving. Buyers still live in a time of great affordability, and sellers should be thankful for shorter market times, higher prices and less competition.

In the Twin Cities region, for the week ending November 30:

• New Listings decreased 47.0% to 540 • Pending Sales decreased 38.5% to 579 • Inventory decreased 4.5% to 14,582

For the month of November:

• Median Sales Price increased 13.4% to $195,000 • Days on Market decreased 26.5% to 75 • Percent of Original List Price Received increased 1.3% to 95.4% • Months Supply of Inventory decreased 11.1% to 3.2

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Monday, December 9th, 2013

by The KCM Crew

financial burdenLast week, I was talking to a young couple I know that was about to close on their first home. They were riding the wild rollercoaster of current mortgage rate swings and were not happy about the mortgage process overall. Yet, when the conversation shifted to finally living in a home that they own, their disposition changed dramatically.

A smile came across their faces as they talked about decorating their son’s bedroom and how much he will enjoy the backyard. They talked about inviting friends over for dinner and their family over for the holidays. The more they talked, the more excited they became.

I asked them if many of their friends were also buying. I was shocked to find out that they weren’t. Why not? Their friends believed that homeownership was financially unobtainable right now. Many wanted to own but didn’t think they could afford the monthly mortgage payment. They decided to rent instead.

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Monday, December 9th, 2013

WMAR-enotes

As the end of the year approaches, market futurists will either put on their overly cheery, poinsettia-colored glasses or turn into a bunch of dreary Nostradamus Nellys. The wise analyst will tune out extremes and embrace seasonally appropriate slowdowns as a sign of normal market activity while looking with anticipation to what will likely be continued moderate recovery in 2014. Watch for light gains in inventory, quieter pending sales activity and more sedate market times.

In the Twin Cities region, for the week ending November 23:

• New Listings increased 46.6% to 893

• Pending Sales increased 42.8% to 841

• Inventory decreased 3.6% to 15,008

For the month of October:

• Median Sales Price increased 11.4% to $194,900

• Days on Market decreased 27.2% to 75

• Percent of Original List Price Received increased 1.4% to 95.8%

• Months Supply of Inventory decreased 10.0% to 3.6

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Tuesday, December 3rd, 2013

by The KCM Crew

Home-Price-Expectation-275Today, many real estate conversations center on housing prices and where they may be headed. That is why we like the Home Price Expectation Survey. Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts and investment & market strategists about where prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.

The results of their latest survey

The latest survey was released last week. Here are the results:

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Monday, December 2nd, 2013

We are pleased to have Carrie Van Brunt-Wiley, editor of the HomeInsurance.com Blog, return as our guest blogger today. The HomeInsurance.com blog serves as a resource center for insurance consumers and homebuyers across the country. – The KCM Crew

One of the first stages during the hunt for a new home is crunching the numbers to figure out your budget. And no matter how high or low that budget may be, prospective homebuyers should take into consideration the cost of insuring the home.

It’s easy to overlook insurance, especially since you may be more worried about the number of bedrooms, the school district, or the size of the backyard. But before you can close on the purchase, your lender will require you to line up homeowners insurance. You may be hit with some sticker shock if the home you are about to buy ends up being a high risk- and therefore high cost- home to insure.

Once you’ve got a few homes in your sight, you should get some preliminary home insurance quotes on each property. Just as you will compare asking price and property taxes- figure your insurance costs into the equation as well. Even homes of similar size and style can vary greatly in terms of cost to insure.

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