Freddie Mac, Fannie Mae, and The Mortgage Bankers Association are all projecting that home sales will increase in 2018. The chart below is showing what each entity is projecting in sales for the remainder of this year and the next.
As we can see, each entity is projecting sizable increases in home sales next year. It looks like an optimistic market for 2018!
According to Nerd Wallet's Millennials & Homebuying Study, "The majority of millennials said they consider owning a home more sensible than renting for both financial and lifestyle reasons — including control of living space, flexibility in future decisions, privacy and security, and living in a nice home."
93% of millennials agree the top reason they choose to buy is to have control over their living space. Many millennials who rent a home or apartment prior to buying their own homes dream of the day that they will be able to paint the walls whatever color they'd like, or renovate an outdated part of their living space.
Millennials also realize they will have control of their future decisions by using their monthly housing cost as a savings account that can be borrowed against in the future.
This is the right house for us!
Many first home buyers wonder how they will know when they have found the right house, and that's perfectly normal! Here are a few preliminary things you should know about finding the right house.
Forget the fact that you are not the only one looking at this house. Trust your instincts.
Real estate professional of 40 years, Elizabeth Weintraub, cleverly draws from her experience the following signs that will clue you in!
10 Little Signs You Will Know You Have Found the Right House
Except for that nagging little thought, that wonders if you should sleep on it, every other thought in your head says this is the perfect house for you. No doubt about it, this will be your home!
RICHMOND, Va. (August 23, 2017) – According to the July 2017 Home Sales Report released by the Virginia REALTORS®, there is no slackening in the residential real estate market. Year‐to‐date volume (the sum of all sales) for the period January through July rose 9.7 percent over the same period in 2016, from $22.411 billion to $24.593 billion. Year‐over‐year, transactions in the month of July contracted by less than half of one percent, from 11,549 to 11,495. Inventory constraints continue to affect the number of sales and also drive price upward, as eager buyers demand more than the current market supplies.
Claire Forcier‐Rowe, 2017 President of the Virginia REALTORS®, shares "Low rates and lasting consumer confidence have propelled buyers into Virginia's market faster than sellers are committing to list their properties. Without certainty that there will be inventory to move to, prospective sellers are reluctant to list. So, there's a premium on new inventory that's evident in the price trends and speed of transactions this year."
Typical of the industry's seasonality, the number of transactions fell from June to July by 18.1 percent (from 14,042 to 11,495). Declines are typical following the June market peak. In comparison, last year's sales from June to July fell by 13.3 percent.
Statewide median sales price for July 2017 was $295,000, an increase of 6 percent from the median price last July ($278,275). Typical of seasonal trends, July median price tapered from June's $299,000, declining 1.3 percent. Sustained price elevation indicates continued strong demand. Further illustrating the high motivation of buyers, the average number of days on the market remained notably low at 50 days. The average number of days on the market in July 2016 was 60 days. Average transaction speed has quickened by 16.7 percent in the last twelve months.
July 2017 volume (the sum of all transactions) was $4.069 billion, rising 4.4 percent over last July's volume of $3.898 billion. As a multiplier of pace and price, the gain in volume was attributed solely to higher prices, as pace was relatively flat. Month‐over‐month, volume fell 20 percent (from $5.085 billion). The steep decline is typical of the industry's seasonality, as market activity contracts following the June peak.
The average 30‐year fixed mortgage interest rose slightly in July to 3.97 percent. Virginia unemployment ticked up slightly in July to a seasonally‐adjusted rate of 3.8 percent, continuing to track well below the national rate.
The Virginia Home Sales Report is published by the Virginia REALTORS®.