Technology lets homeowners see renovation dreams in 3-D
Source: The Washington Post
When it comes to home building, renovations and purchases, little needs to be left to the imagination thanks to new technology, such as a 3-D home-design software package. Real estate professionals have used 3-D renderings to help buyers visualize their dream homes.
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Americans reignite love of McMansions
Source: CNN Money
During the recession, many industry experts said the days of the McMansion were over, but in the past three years, the average size of new homes has grown significantly, according to a new Census Bureau report.
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Consumer confidence continues to rise
The Conference Board Consumer Confidence Index®, which had improved in May, increased again in June. The Index now stands at 81.4 (1985=100), up from 74.3 in May. The Present Situation Index increased to 69.2 from 64.8. The Expectations Index improved to 89.5 from 80.6 last month.
Consumers’ assessment of current conditions continued to improve in June, with those stating business conditions are “good” holding steady at 19.1 percent, and those saying business conditions are “bad” decreasing to 24.9 percent from 26 percent. Consumers’ appraisal of the job market also was more positive. Those claiming jobs are “plentiful” increased to 11.7 percent from 9.9 percent, while those claiming jobs are “hard to get” edged up to 36.9 percent from 36.4 percent. More info…
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A good first impression is important in real estate. Online appeal gets buyers to view the home in person, and curb appeal gets them in the door.
With 90 percent of buyers looking for homes online, listing photos are crucial and should not be blurred or distorted, taken at the wrong time of day, or overly focused on furniture or other items.
When it comes to curb appeal, here are some suggestions for sellers: Read more….
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Inventory situation improves in June
Source: Default Servicing News
The overall number of listings on Zillow was down 12.2 percent year-over-year at the start of June, an improvement from the 17.5 percent shortfall recorded in January.
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Asking prices accelerate in least affordable housing markets
Source: Default Servicing News
Nationally, asking prices increased 9.5 percent year-over-year in May, but in the 10 least affordable metros, asking prices spiked 16.3 percent during the same time period, according to Trulia.
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WASHINGTON (MarketWatch) — Existing-home sales rose in May to the highest pace since November 2009, when buyers were rushing to make a tax-credit deadline, pointing to a continuing recovery, the National Association of Realtors reported Thursday.
Existing-home sales rose 4.2% in May to a seasonally adjusted annual rate of 5.18 million. These sales were 12.9% higher than during the same period in the prior year.Economists polled by MarketWatch had expected the pace of existing-home sales to hit a rate of 5 million in May, compared with an April rate of 4.97 million. Read more here…
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Six Week Streak for Mortgage Rates
For the sixth consecutive week, fixed-mortgage rates climbed higher. According to the latest results of Freddie Mac’s Primary Mortgage Market Survey, the 30-year, fixed-rate mortgage has increased over half a percentage point since a steady uptick began last month. This news follows a positive employment report for May with the economy adding 175,000 new jobs.
Despite the streak, mortgage rates are coming off their all-time record low and buying is 41 percent cheaper than renting nationally.
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Nearly 1 million houses float back into positive equity
Source: HousingWire
Approximately 850,000 more residential properties returned to a state of positive equity during the first quarter of 2013, according to the CoreLogic first quarter home equity report.
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Confidence in home price gains reaches record levels
Source: Default Servicing News
According to a Fannie Mae National Housing Survey, Americans expressed record confidence in price gains, with 55 percent – a survey high – saying they believe prices will go up in the next year.
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