A new report from Realtor.com indicates that the number of listings rose 1.4 percent from June, which is the fifth consecutive monthly rise. In comparison with last year, the number of homes listed for sale has started to increase in some markets. Read the full story
When setting an asking price, there are two major strategic approaches: overpricing when inventory is low to get higher initial offers, or pricing homes below nearby properties to instigate a bidding war in a market with pent-up demand. But what’s the best method? New research on a behavioral trait called “anchoring” sheds some light on the power of price. Read the full story
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The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California dropped to 36 percent in the second quarter of 2013, down from 44 percent in first-quarter 2013 and from 51 percent in second-quarter 2012, according to C.A.R.’s Traditional Housing Affordability Index (HAI). The second quarter 2013 figure fell below 40 percent for the first time since the third quarter of 2008.
Nearly all regions of the state experienced sharp quarter-over-quarter declines in housing affordability, with Bay Area and coastal regions recording the greatest decreases in the index due to significantly higher home prices.
At an index of 71 percent, Madera County was the most affordable county of the state, while San Francisco and San Mateo counties tied for the least affordable at 17 percent.
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Realtor.com announced the results of its Back to School survey, which looks at the impact school boundaries have on buyers looking to purchase a home within two years. Realtor.com® found that three out of five home buyers surveyed said school boundaries will impact their home purchasing decision.
A majority of home buyers who said school boundaries will have an impact are willing to pay 1 percent to 10 percent above budget to live within school boundaries. Of those surveyed, 91 percent said school boundaries are “important” or “somewhat important,” while only 7.43 percent said school boundaries are “unimportant” or “very unimportant.”
Home buyers who said school boundaries will have an impact on their decision also indicated that they would give up several amenities to live within school boundaries of choice:
- 62 percent would do without a pool or spa
- 51 percent would give up accessibility to shopping
- 44 percent would pass on a bonus room
- 42 percent would offer up nearby parks and trails
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It’s a seller’s market, so experts are advising home buyers that patience will pay off at a time when the inventory of available homes for sale is low. Experts contend that in six months to a year from now, the inventory of unsold homes should improve markedly, and it should be easier to qualify for financing.
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Millennials are increasingly optimistic about residential real estate, according to the most-recent Consumer Outlook Survey by Prudential Real Estate. A full 80 percent of respondents ages 25-34 said their perception of the housing market is “favorable” or “somewhat favorable,” representing a 9 percentage point increase from the Q1 study.
Among all respondents, the national survey also found that confidence in real estate and home values jumped sharply, reaching 83 percent in Q2 compared with 77 percent in Q1.Confidence is highest in both South and West regions at 84 percent.
Among all respondents, 70 percent said that finding the right home and community is crucial to family happiness. Millennials were even more emphatic about the emotional side of homeownership: 93 percent favor a home for “more space for my family,” while only 75 percent view it as “financial security to borrow against.”
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Tight supplies, rising rates and bidding wars have characterized market conditions for many buyers looking to secure the property of their dreams. A new survey conducted by Trulia and Harris Interactive shows that 41 percent of respondents are concerned that mortgage interest rates will rise before they are ready to buy. Finding a suitable home and qualifying for a mortgage were other major concerns. Read the full story