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SendOutCards - Sell Your Home Fast

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Sell Your Home Fast

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SendOutCards - Rising Mortgage Rates: Homebuyers Are More Resilient Than You Might Think

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Rising Mortgage Rates: Homebuyers Are More Resilient Than You Might Think

Last week, the average 30-year fixed-rate mortgage rose to 4.16 percent, while the Federal Reserve raised the federal funds rate for the first time in a year, and only the second time this decade.

How does this affect homebuyers? Redfin is on the record predicting that in 2017, rates won’t average above 4.3 percent for the year, as Redfin chief economist Nela Richardson explained in detail in a recent post on rates.

But what if rates were to continue to rise? Very few homebuyers would stop their search, according to a recent Redfin-commissioned survey of people planning to buy a home in the next year. When asked “If mortgage rates were to rise above the current 4%, what effect would it have on your home-buying plans?” only 2.6 percent of respondents said they’d cancel their search.

  If Mortgage Rates Rose Above the Current 4%, What Effect Would it Have on Your Homebuying Plans?

I’d increase my urgency to buy before rates went up further 23.80% My urgency wouldn’t change, but I’d have to look in other areas or buy a smaller home due to increased payments 22.60% No impact 25.30% I’d slow down my search and see if rates come back down again 25.80% I’d cancel my plan to buy a home 2.60%

  One in four buyers said the increase would have no impact on their plans. Others said the rise would affect their plans, but they wouldn’t give up: 22.6 percent said they’d look in other areas or buy a smaller home to account for rising payments, while 23.8 percent said they’d increase their urgency to buy before further increases. Lastly, 25.8 percent said they’d slow down their search, to see if rates would go back down.

Why are homebuyers so resilient? While there’s no definitive answer, often homebuyers are searching for a new home because of a major life event, such as a birth or a marriage or a job relocation, which can’t easily be timed to the market — but which still motivates a purchase along its own timeline.

And while rates have climbed, they’re still historically low, which many homebuyers realize.

Methodology

Redfin commissioned SurveyGizmo to field a study of 3,300 people who bought or sold a home in the past year, tried to buy or sell in the past year, or plan to buy or sell in the next year across 11 major markets. These respondents were sourced from SurveyGizmo’s panel sample partners. SurveyGizmo set quotas to reach 300 people per market.

Of the 3,300 respondents, 934 said they were planning to buy in the next year, and were asked the question above. The survey was conducted between December 2nd and 14th.

The post Rising Mortgage Rates: Homebuyers Are More Resilient Than You Might Think appeared first on Redfin Real-Time.

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SendOutCards - 5 Trends in Cleveland Housing for 2017

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5 Trends in Cleveland Housing for 2017

‘Tis the season of anticipation and planning for Cleveland real estate agents, and nothing pairs better with a small glass of eggnog than a meeting with the ghosts of housing past, present and future.

As thousands of Clevelanders spend their first holiday seasons in new homes, we close our books on 2016 and look forward. So what’s in store for Cleveland housing in 2017?

1. Downtown focuses on ownership

Our city’s center saw a Cavs championship and epic parade, the Tribe’s World Series appearance and the national spotlight hosting the RNC. The movement to downtown living is real, but what about homeownership as a move toward long-term stability? According to the Downtown Cleveland Alliance, 880 of 7,098 housing units downtown are owner-occupied and only 19 units sold in Q3 2016 compared to 90 the year prior. This is what makes celebrated events like Heinen’s moving into the Cleveland Trust Building such a beacon for future development for housing, not just entertaining. Most millennials and empty-nesters will go the renting route due to concerns about job security, lifestyle flexibility and an uncertain housing future. But for the momentum to sustain as something more than a “cycle,” this crew needs to start owning pieces of Cleveland. Smart money in 2017 knows this, city officials and DCA know it and the push for homeownership will start next year. The first piece may be builders providing more options for buyers to choose from.

2. Millennials make the rules

As more millennials move downtown in “The Fifth Migration,” the underlying “walkability” and lifestyle motives move buyers into the inner-ring suburbs, notably Lakewood and Cleveland Heights. This demographic helped push both cities to five year highs in median sale price, record home sales in Cleveland Heights and more than a third of Lakewood homes selling for over list price. This is the “crazy” market you heard about this year: fast moving and hyper competitive between those wanting to move closer to the city and those being priced out of the city by increasing rental rates, among other things. In 2017, we’ll continue to see lines extending outside the door at open houses in Lakewood and West Park, multiple offers on anything priced between $150,000 and $250,000 and an even stronger push than 2016 toward on-demand real estate services in a market that will move faster than ever before.

3. Our new president

The long-term effects of the Trump administration in the U.S. real estate market will only begin to be felt in one calendar year, but we’ve already seen a small spike in interest rates and that’s a trend that is expected to continue. According to Redfin’s chief economist Nela Richardson, “The Trump administration ushers in three major policies that could significantly affect the long-term trajectory of the U.S. real estate market: infrastructure spending, tax cuts and changes to immigration policy.” As these policies take shape during his first year in office, we’ll start to see the immediate and long-term effects on housing.

4. Interest rates don’t affect buyer psyche

In response to a Redfin survey in early November,the majority of homebuyers said that mortgage rates were “very important” or “important” in their decision to buy, but only 7.5 percent said they’d give up on their search if rates increased a point or more.

5. Prices outpace incomes

There are few really interesting storylines to play out in the next 12 months that will provide us with some answers about what kind of market this actually is: buyer, seller, bubble, etc. First up is job growth and wage increases in major cities, moving people toward markets like the Rust Belt and, yes, Cleveland. This trend has helped put us on the map, earning us titles like “America’s Hottest City.”

However, “the the percentage of homes in America’s largest cities that are affordable on the median income has declined the past two years and will continue to fall in 2017. Making things harder for people looking for affordable homes, a lot of homeowners who have lived in their homes for several years and might be thinking about moving won’t list their homes for sale this year. That’s because they are among the millions of homeowners locked into a mortgage rate below 4 percent,” said Richardson. This leads to the second storyline and a carryover from 2016, there will be very low housing supply for first-time homebuyers  to choose from in hot neighborhoods; The sellers stay in control. The last thing to watch out for in 2017 is the widening gap between the aforementioned “hot” neighborhoods and the cities/neighborhoods that aren’t experiencing growth, some of which were yesterday’s most desirable markets. A few  to keep an eye on are Avon Lake, Avon and Solon.

The post 5 Trends in Cleveland Housing for 2017 appeared first on Redfin Real-Time.

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SendOutCards - Nela Richardson Offers Advice to College Graduates at UMD Ceremony

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Nela Richardson Offers Advice to College Graduates at UMD Ceremony

On Wednesday, December 21st Redfin Chief Economist Nela Richardson returned to her alma mater at the University of Maryland to give the following address to graduates at the College of Behavioral and Social Sciences’ winter commencement. Click here to watch the video of her remarks.

Thank you for that kind introduction and for extending me this honor of congratulating the class of 2016.

A lot has changed in the world since I sat in your chair. By way of a personal example—the 6 lb 8 oz newborn my husband and I had my final year of doctoral school is now taller than me, and his younger brother is catching up fast.  

One of the biggest changes among them is the role of technology and big data in nearly every facet of our decision making. Looking for a home to buy, a ride to the airport, Juan Dixon’s jersey from NCAA Basketball Championships in 2002—there’s an app for all of that.  And with technology, and the advancement of big data, people are making decisions faster than ever. The world that you are graduating into is changing very quickly. For some of you, careers that you will dedicate the rest of your lives to haven’t been invented yet.

Along with a great education, BSOS has given each of you a special mission—to be the solution. “Be the solution”—in my remarks today I’d like to focus on that first word: be.

Ten years ago—a commencement speaker might have encouraged you to be the solution by identifying a career path. An even bolder speech would have inspired you to be a trailblazer and to find your own path.

And while it’s always good to have a plan, I’ve learned that the the winds of change will blow you off course and off your preset path. I started my career at the height of the housing boom for a large mortgage insurer. At that time, we were told that “the worst was over” and it would be smooth sailing from there on out. Over the next 5 years a lot of boats capsized—boats from all around the world: financial institutions, pension funds, multinational companies, city government, and millions of families that lost their homes to foreclose.

I spent a year writing about the financial crisis with a housing policy group at Harvard. Over that time, I stopped seeing myself as an analyzer of data and started seeing myself as a humanizer of it.  

You see, the world’s hardest problems are persistent, but data changes so quickly. While technology races ahead, people are often left behind. No matter how many data points, algorithms and economic models you program, it’s impossible to automate every solution.

My success in finding solutions in the haystack of data has been based on being authentic, having a unique voice. At some point in my career, after trying in vain  to find and follow an ever-elusive near mythical career path, I began to realize that if my success was based on authenticity then I couldn’t expect my path to be automated, pre set or scheduled. My career, like my life, updates with new information, experiences, ideas, that form who I am as a person. By being authentic, I can humanize data so that other people can benefit from it.  

Automation, preset paths, fixed beliefs are the death knell to innovation. Think of the greatest innovators and change agents in a culture—Steve Jobs, Dave Chappelle, Elon Musk, Stephen Hawking, Misty Copeland, Oprah Winfrey, Bob Gates, Shirley Ann Jackson. In every one of their stories an authenticity was key. Innovation requires authenticity. I submit to you today that there is really only one way to be the solution in a world of constant change—by being authentic to your best self, talents and beliefs.  

Being an economist, I’ve always enjoyed game theory, particularly the concept of backward induction, where you start at the end of a problem and work your way backward to find the solution. On the cusp of a new world of opportunity at the birth of your careers, I ask you to jump to the end.  

Before you’ve advanced in your career, before you’ve made compromises, before you’ve burnt the midnight oil, or burnt out from the pressure, before you’ve been sidelined, or sidetracked, or climbed the ladder all the way to the top, before all that—imagine what success feels like to you. If you’re thinking what I’m thinking, you’re all in a beachfront villa in Hawaii with an S-class convertible out front. But let’s turn the screw a bit deeper. Who’s with you? Family? Friends?  What is the one thing that’s brought you consistent joy—writing, managing, creating, traveling, programming.

What’s the thing you did that you are most proud of? Whose life or lives did you effect? What did you change? What did you solve?

Now friends work backward. How did you get there?  Only you can answer that. But you all can get there—as long as you are authentic to what success means to you. Let that be your north star through change. That’s how you be the solution.

Congratulations class of 2016—I am looking forward to seeing how your authentic voices change the world!

  The post Nela Richardson Offers Advice to College Graduates at UMD Ceremony appeared first on Redfin Real-Time.

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SendOutCards - Homebuyers Will Look for Cheaper Homes if Mortgage Rates Reach 5 Percent, Redfin Agents Report

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Homebuyers Will Look for Cheaper Homes if Mortgage Rates Reach 5 Percent, Redfin Agents Report

Homebuyers haven’t had it easy lately. Prices were up nearly 8 percent in November compared to last year. Inventory declined, again. Add rising mortgage rates to the mix and the outlook starts to appear pretty grim. But, despite rising rates and falling inventory, Redfin agents report homebuyers remain optimistic.

In a survey this month of more than 800 Redfin real estate agents across the country, we asked respondents to describe the general attitude of today’s homebuyer in one word. More than one in three agents described buyers as being “hopeful,” which outranked other choices such as “fatigued,” “disappointed” and “rushed.” When asked if now is a good time to buy, 44 percent responded that it is — the highest this sentiment has been of all four agent surveys Redfin has conducted this year and just one percentage point lower than in December of last year.

Will rising rates affect buyers? Perhaps — but the sky won’t fall. We asked Redfin agents how they thought an increase in mortgage rates from 4 to 5 percent over the next year would affect the housing market and 49 percent said homebuyers would modify their searches and shop for less expensive homes. Nineteen percent said the rate hike will have no effect at all and 16 percent expressed concern that the market will slow dramatically. Some agents thought the rate hike would more likely affect supply than demand, as another 16 percent said prospective sellers locked into low mortgage rates would decide not to sell in order to hold onto their cheap mortgage.

These results corroborate those of a recent survey of homebuyers, which revealed that a mere 2.6 percent would end their home search if mortgage rates were to rise above four percent. 

In fact, many agents noted that any negative response to rising rates is likely to be short-lived. Rates remain at historic lows and an increase of even one percentage point is not going to have a dramatic effect on affordability.

“Many of my clients–both buyers and sellers–have expressed concern and hesitation about increasing mortgage rates,” said Redfin Los Angeles real estate agent Arto Poladian. “The rate hike has led to a conversation that I haven’t had in a long time: the ability to buy down your mortgage rate. It does mean having to pay more up front, but it is a powerful way to keep your monthly mortgage payment within the budget you set when rates were still below four percent. Now that rates are on an upward trend I expect more people will be exercising this option.”

Another way to ease the burden of higher mortgage rates is to pay less in real estate commissions and fees. Forty-four percent of the agents we surveyed said more agents representing the buyer or seller on the other side of their transactions offered either a discounted commission or a rebate of some kind to their client in 2016 than in the year prior. This corroborates what we heard from recent homebuyers and sellers last summer — change is taking shape in the industry as more options are becoming available to help people buy and sell homes in nontraditional ways.

Consumers are taking advantage of these new choices and agents and brokers are responding by adjusting their fees. Providing a higher level of service at a lower price has always been a key tenet of Redfin’s business model and we are pleased that more brokerages are finding ways to make it easier and less expensive to buy and sell homes. We anticipate that commissions will continue to fall in the coming year as the industry welcomes new innovations and as more people realize that if their friend saved money on real estate fees, they can too.

Despite some encouraging signs, persistently low housing supply remains a significant pain point in the market. Over half of the Redfin agents surveyed said that many prospective home sellers are continuing to live in their homes, despite expressing a desire to sell. In addition to a lack of homes to choose from, a driving factor behind this decision is that many homeowners are locked into a sub-four-percent mortgage rate they don’t want to let go of. Redfin predicts this will continue to affect inventory throughout 2017.

Another indicator of possible inventory woes to come is that 44 percent of agents reported many homeowners move anyway and choose to rent their home rather than sell it.

“For some homeowners looking to move, it can be a wise decision to take advantage of the combination of rising rents and low mortgage rates by renting their current homes,” said Redfin chief economist Nela Richardson. “For this reason, we have a group of move-up buyers that are not making their starter homes available to the next generation of homebuyers, which is historically how more affordable inventory is added to the market. Unfortunately this hits millennials the hardest. This is a double-whammy for the inventory crunch since not only are there fewer homes for sale but the ones that do get listed are mostly in a higher price range.”

About the Survey

Redfin’s survey was conducted between Dec. 8  and Dec. 12, and includes responses from 827 real estate agents in 38 states and Washington, D.C.

    The post Homebuyers Will Look for Cheaper Homes if Mortgage Rates Reach 5 Percent, Redfin Agents Report appeared first on Redfin Real-Time.

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SendOutCards - Redfin Names the Most Competitive Neighborhoods of 2016

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Redfin Names the Most Competitive Neighborhoods of 2016

“We put the home on the market on Thursday, got immediate interest and accepted the strongest offer at $15,000 over asking price by Sunday,” recalled Redfin real estate agent in Bellevue, Marina Pelzel. She helped her clients sell their three-bedroom townhome in the red-hot neighborhood of Factoria in Bellevue, Washington in August. In addition to the high offer price, the buyers waived the inspection contingency and already had their loan fully approved by their lender, making it nearly as strong as a cash offer.

Factoria earned the distinction of being named the most competitive neighborhood for homebuyers in 2016. Our ranking is based on several indicators of competition, including the percentage of homes that sold for more than their asking price, how quickly homes went under contract and annual price growth in 2016.

In Factoria, 62 percent of homes sold for over asking price and the typical home found a buyer in just seven days.

Stand-out cities

Seattle was home to 10 of the country’s 30 most competitive neighborhoods. In addition to Factoria, the University District and Woodridge landed in the top 10.

Eight Boston-area neighborhoods ranked, led by Washington Square (Brookline) and Prospect Hill (Somerville). Denver had seven hoods in the top 30, including Lakeside and West Pleasant View (Golden).

Three San Francisco neighborhoods made the list. Washington, D.C. and Los Angeles also cracked the top 30, each with one neighborhood named.

Rank Neighborhood (City) Metro Median Sale Price 2016 Home Price Growth Avg Sale-to-List Price % Sold Above Asking Median Days on Market % All Cash 1 Factoria (Bellevue) Seattle, WA $352,500 25.9% 104.9% 62.1% 7 46.3% 2 University District (Seattle) Seattle, WA $559,000 22.2% 105.1% 66.1% 7 34.8% 3 Washington Square (Brookline) Boston, MA $945,000 30.0% 102.1% 55.9% 7 42.7% 4 Prospect Hill (Somerville) Boston, MA $635,000 30.9% 102.6% 56.9% 8 41.2% 5 Inner Richmond (San Francisco) San Francisco, CA $1,900,000 26.0% 111.5% 83.0% 13 33.8% 6 Dolores Heights (San Francisco) San Francisco, CA $1,895,000 30.7% 108.3% 68.0% 14 36.2% 7 Woodridge (Bellevue) Seattle, WA $708,500 12.5% 107.0% 74.3% 7 36.8% 8 Lakeside (Wheat Ridge) Denver, CO $370,000 27.6% 102.1% 58.4% 6 32.3% 9 West Adams (Los Angeles) Los Angeles, CA $550,688 22.5% 103.7% 68.6% 12 37.9% 10 Brickyard Road-Queensgate (Bothell) Seattle, WA $324,000 20.0% 104.8% 80.4% 5 25.0% 11 South Delridge/Westwood (Seattle) Seattle, WA $349,950 22.8% 103.9% 62.5% 7 29.2% 12 West Pleasant View (Golden) Denver, CO $350,000 20.1% 102.3% 47.8% 6 38.5% 13 College View (Denver) Denver, CO $230,000 31.4% 100.7% 56.6% 5 41.7% 14 Hoffman Town (Aurora) Denver, CO $238,690 15.9% 101.7% 51.4% 6 40.4% 15 Mountlake Terrace (Seattle) Seattle, WA $360,000 31.8% 103.8% 55.8% 7 26.4% 16 Bryant (Seattle) Seattle, WA $760,000 19.3% 106.4% 66.2% 7 23.2% 17 Highline Villages (Aurora) Denver, CO $184,450 19.0% 102.1% 60.0% 5 27.5% 18 Belmont (Cambridge) Boston, MA $907,500 15.2% 103.8% 60.0% 7 28.1% 19 East Watertown (Watertown) Boston, MA $549,750 18.2% 103.4% 61.2% 7 25.9% 20 East Riverdale (Riverdale) Washington, DC $241,000 22.3% 102.7% 47.1% 14 45.5% 21 South Everett (Everett) Seattle, WA $299,000 15.0% 101.9% 68.4% 7 30.3% 22 West Cambridge/Harvard Square (Cambridge) Boston, MA $990,000 3.7% 108.5% 72.4% 7 43.3% 23 Union Square (Lakewood) Denver, CO $194,500 18.8% 101.2% 52.5% 4 32.0% 24 Waverley Square (Belmont) Boston, MA $537,000 14.3% 102.8% 53.7% 8 32.6% 25 Rose Hill (Redmond/Kirkland) Seattle, WA $690,000 34.8% 102.7% 67.0% 7 21.1% 26 Union Square/Ward Two (Somerville) Boston, MA $661,125 10.2% 103.9% 60.3% 8 33.3% 27 Horseshoe Park (Aurora) Denver, CO $223,000 23.9% 102.6% 62.7% 5 20.8% 28 Benson Hill (Renton) Seattle, WA $288,500 17.3% 102.1% 60.2% 8 29.0% 29 Parkside (San Francisco) San Francisco, CA $1,280,000 13.8% 113.4% 77.3% 18 31.6% 30 Jamaica Plain (Boston) Boston, MA $561,000 21.7% 104.9% 66.7% 7 18.8%

What’s driving the competition? Continuously low inventory is one key factor. A six-month supply of homes for sale signals a balanced market between buyers and sellers, but home supply in most metros featured in the top 30 hovered near one or two months throughout the year.

How to win in a competitive market

The results this year were similar to our findings last year. The top 30 most competitive neighborhoods in 2015 were located in just four cities: Boston, Portland, San Francisco and Seattle. While Portland remains a hot seller’s market, it was edged out by Denver this year in the top 30.

In the most competitive neighborhoods, bidding wars, escalating prices and fast sales are the rule, not the exception. Many buyers realize they may not be able to get their dream home in these markets, and must instead make some concessions on location, price, move-in readiness or other factors. Redfin real estate agents have some strategies on how to compete in a tough market.

Matt Schorr, a Redfin real estate agent in San Francisco, says it’s helpful to submit a streamlined offer that makes it easy for the seller to close quickly. “Start by choosing a local mortgage lender who knows your market and can fully underwrite your loan before you even go under contract, that way the seller knows your financing is secure, and your offer will better compete with all-cash offers,” Schorr said. “Another way to strengthen your offer is to shorten or waive your inspection contingency. Prior to doing so, make sure you and your real estate agent closely review the seller’s disclosures and any pre-inspections for red flags.”

Bidding war strategies often come with risks for the buyer, so we recommend speaking to a Redfin agent in your neighborhood to determine the right strategy for you. Below are links to more information about how to successfully buy a home in a competitive market

How to Get a Good Deal on a House in a Great Area

The Risks of Waiving 3 Common Home Buying Contingencies

What is an Escalation Clause?

Consider a Fixer-Upper to Avoid Competition

How to Make a Competitive Offer with a VA Loan

Which neighborhoods will be most competitive in 2017? Next month, we’ll publish our Hottest Neighborhoods of 2017 report, an analysis of Redfin.com user activity data and local Redfin agent insights that predicts which neighborhoods will heat up in the new year.

Methodology: To determine the rankings, we analyzed five factors in 27 metro areas. The rankings were based on transaction data from multiple listing services and public records data in 27 major metropolitan areas. Each factor was given equal weighting, with the exception of the average sale-to-list price ratio, which was given three times the weight as it best represents the effect of competition. Neighborhoods must have had at least 50 home sales between January 1, 2016 and December 5, 2016 to be included in the top 30 national ranking. Only condo, single-family home and townhome sales were included. We controlled for the overlapping or duplication of neighborhoods. The five factors analyzed were:

Year-over-year median sale price growth (year-to-date through December 5 for each year)

Percentage of listings that sold above asking price

Median days on market

Average ratio of sale price to list price

Percentage of homes that sold for all cash

The post Redfin Names the Most Competitive Neighborhoods of 2016 appeared first on Redfin Real-Time.

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SendOutCards - Housing Demand Soared in Oakland This November, While Much of the Country Saw Dips Due to Low Supply

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Housing Demand Soared in Oakland This November, While Much of the Country Saw Dips Due to Low Supply

The Redfin Housing Demand Index, based on thousands of Redfin customers requesting home tours and writing offers, declined 7.3 percent from October to a seasonally-adjusted level of 94 in November.

A level of 100 represents the historical average for the three-year period from January 2013 to December 2015. November demand was below recent historical norms, but higher than much of the spring and summer of this year.

In November, 7.6 percent fewer homebuyers went on tours compared to October, and 8 percent fewer homebuyers wrote offers. Both numbers are seasonally-adjusted.

Compared to the previous November, there were 10.2 percent fewer homes on the market last month, giving homebuyers precious few homes to tour and write offers on. This marks the eighteenth consecutive month of year-over-year declines in homes for sale, leading to a shrinking pool of possibilities for homebuyers on the search.  

Competition for homes held steady, however. In November, 49.4 percent of offers written by Redfin agents in the 15 metros tracked by Demand Index faced bidding wars, down from 50.7 percent in October and 50.6 percent a year earlier. These levels tell us that for the few homes available, there was strong interest among buyers. The Redfin Real-Time Housing Market Tracker found that prices rose nearly 8 percent last month, compared to a year earlier.

“Buyers and sellers had a lot to digest in November, including an election, higher home prices and an increase in 30-year mortgage rates that rose from 3.5 percent at the beginning of the month to 4 percent at the end,” said Redfin chief economist Nela Richardson. “Nationally, new listings were at a standstill, as sellers paused to assess market timing. It took about a month longer for a typical buyer to search for a home and make a successful offer in November than it did for a newly listed home to go under contract. This is the widest margin between time to buy and time to sell that we’ve seen.”

Metro-Level Demand Highlights:

Los Angeles Buyers Cautious As Price Reach 2007 Levels

The Los Angeles area saw its Demand Index drop 18 percent from October to a level of 83 in November. Demand has been tepid throughout the year, with levels regularly in the 70s during the spring and summer. In November, the number of Redfin customers touring homes in L.A. was down 12.8 percent compared to October, and customers making offers was down 25.5 percent.

“Rising rates are putting off some buyers in Los Angeles, as is the uncertainty of a new presidential administration,” said Redfin real estate agent Alec Traub. “But the real kicker is the fact that prices here are at or, in some instances, above 2007 peak levels, so you have a lot of buyers concerned about a potential bubble. These folks are taking more a wait-and-see approach, rather than jumping in.”

Local and National Factors Had Been Suppressing Homebuying Activity in Chicago

The Chicago market saw demand increase to 98 in November, after a relatively slow October (91). Customers requesting tours were up 28.7 percent and the number making offers increased 22.5 percent in November.

Redfin real estate agent Greg Whelan said that the Chicago Cubs’ World Series run in October combined with the uncertainty of the election distracted many homebuyers, but they re-entered the market in force in early November. Lest the Chicago Cubs run seem insignificant, an estimated 5 million Cubs fans showed up at the team’s victory parade … and the population of Illinois is only 12.9 million.

Going forward, the Chicago market could see more gains. Redfin real estate agent Michael Linden said, “Since Thanksgiving, I’ve seen activity comparable to what I normally see in July and August. I already have quite a few closings scheduled for January and February, and several more of my customers are touring aggressively and are serious about making offers. In terms of pricing, sellers are being a bit more flexible in negotiations, which helps. Right now, we’re seeing a really strong, active market.”

  Oakland Sees Pickup As Mortgage Rates Rise and Buyers Know San Francisco is Out of Reach

Demand in Oakland, California, was at a level of 125 in November, up from 99 in October. Oakland saw a 12.5 percent increase in customers requesting tours and a 62.7 percent jump in those writing offers compared to October.

“When mortgage rates were under 4 percent, buyers thought they could wait out the seasons until the market changed in their favor,” said Redfin real estate agent Dylan Masella. “Now that rates are finally rising, some buyers feel that if they do not buy now, they will not be able to afford a home in the East Bay as prices continue to rise. What was supposed to be a slow autumn has turned into a market full of unprecedented activity.”

While the median sale price in nearby San Francisco is $1.1 million, in Oakland it’s a far lower $635,000, according the latest Redfin Real-Time Housing Market Tracker.

“Over the past few years, a large percentage of our buyers in Oakland and Berkeley have been professionals and couples who rent in San Francisco and started their home searches there,” said Redfin real estate agent Noah Manning. “These buyers found significant competition and very high prices in San Francisco , so they switched their focus to the East Bay, causing Oakland’s market demand to continue to increase.”

Homebuyer demand in San Francisco fell 10.8 percent to 90 in November.

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The post Housing Demand Soared in Oakland This November, While Much of the Country Saw Dips Due to Low Supply appeared first on Redfin Real-Time.

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SendOutCards - Home Seller SMS

New Post has been published on http://jupdi.com/home-seller-list/

Home Seller SMS

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SendOutCards - SendOutCards Opportunity - SendOutCards Promptings

New Post has been published on http://jupdi.com/sendoutcards-opportunity-sendoutcards-promptings/

SendOutCards Opportunity - SendOutCards Promptings

The SendOutCards Opportunity event of the year - Do you have the SendOutCards Promptings? Do you know what I mean by a “prompting”?   It is that inner voice that urges you unrelentingly to do something.   Ever have an urge to call or write someone or maybe send them a text and you don’t bother and later regret it? We all do it!   But let me tell you about a way to avoid that regret in the future.

FREE REPORT : SIGNUP NOW - INSTANT DELIVERY > > >

Start or Grow Your Business With Relationship Marketing. Learn From The Experts With This Free Report. No Strings Attached

SendOutCards Opportunity is a tool that you could consider a relationship marketing manager or guide to help you make connections with people who mean so much to you, and in a way to create not just a short-term warm fuzzy feeling, but a lasting relationship!

SendOutCards Opportunity - Relationship Marketing Company

SendOutCards Opportunity is the brain child of Kody Bateman out of Salt Lake City, UT and his passion is to get people to connect, to care, and to share kindness with everyone… in fact, he wants to build a revolution of kindness, one card at a time!

Kody is coming to Houston, TX on January 23, 2016 for a SendOutCards Promptings Academy.   We are so excited to have him in our city, to teach us and review with us some major components to mastering relationships and marketing in your business.   Find out ways to effectively build your habits of daily success during this personal development seminar. Develop top business building and teamwork skills. And learn how to being the best person you can be- and then giving that person away!

Discover 's Secrets To Growing Her Network Marketing Business

Looking to learn more about how you too can start your very own business, just simply complete the short form to bottom of this page to be contacted by . There is no pressure, and best of all you can get all the information you need without ever having to leave your home

SendOutCards Promptings Academy Houston Event

Join with us as we welcome the creator of the  SendOutCards Opportunity to Houston, TX.   Not from here? No Problem--We would love to share this with you and give you a taste of Southern Hospitality!

  Contact To Learn More About

Complete the short form below to get more information about the opportunity. Speak to one-on-one and learn to build your residual income.

[send-out-cards-opportunity-blog]

SendOutCards - Blog

New Post has been published on http://jupdi.com/blog/

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