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Instead of reporting on the latest market trends and statistics in the Tri County area, today I'll be going over three important things you need to know if you're entering the real estate market this winter.
Topic number one is Family wealth. This chart will simply blow you away. It shows the current trend in the difference of family wealth between a family that owns a home versus a family that is a renter. It is DRAMATIC and the difference is growing even more dramatically.
Just five years ago, the difference in family wealth between a homeowner and a renter was $182,000. In the last five years, that number has skyrocketed to $220,000. On average, the net worth of a renter is $5,000, much lower than a homeowner.
Buyer traffic is topic number two. If we take a look at this map, there are more and more people that want to own a bigger home. With just a few exceptions nearly every state in the country is blue, showing Strong buyer traffic. THEN, all of a sudden, something strange shows up in our tracking. Foot traffic is down for the first time.
So why, if demand is so strong—why are we showing less houses? When we look at the Seller Traffic index; we can see that the activity is way down. The orange color designates weak demand for sellers. In other words, sellers are not putting properties up for sale. If we look at the 2015 inventory levels compared to the same time last year, we see six of the first nine months, are below where we were in 2014. The last three months we are way lower.
Now, Finally let's discuss Mortgages rates &FICO scores! It’s likely you’ve heard the rule of thumb that you shouldn’t buy a home unless you can put 20 percent down. There is a common misconception you shouldn’t buy a home unless you can put 20 percent down. A growing number of borrowers are putting down between 5 and 10 percent of the purchase price. Some qualified borrowers are even putting down as little as 3 percent.
Many sellers think that they need an 800 FICO score. But that’s just not true either - a score just above 700 is fine. However, we were able to secure loans for people with scores as low as 580!
Conditions are perfect for you to do really well selling your home in the next 3 to 6 months. However, it won’t just happen by accident. You need an expert marketer, marketing your home, using a well-constructed, personalized, home selling strategy.
That’s why I am offering a FREE Room-by-Room Review by going to www.FreeRoomByRoom.com. There are things you need to do within 6 months of putting your home on the market. If you are prepared, you will be able to sell your home and keep up to 10% of your equity in your pocket.
So go to www.FreeRoomByRoom.com today and get your room by room review scheduled.
AND Don’t forget, If you want to Sell Your Home Fast in 26 Days!! Come to our next Home Selling Shark Seminar, Saturday, January 23rd at the Hilton Garden Hotel in Fort Washington.
Just go to www.homesharkseminar.com to register for your seat today!
My team and I hope you have a Joyous Holiday season!
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