Tag: bath remodel

The Signs Look Good…

Consumers’ Positive Financial Attitudes a Good Sign for Housing

 

By Katie Penote

 

WASHINGTON, DC – Consumer optimism toward the housing market gained some momentum last month following a dip in December, likely getting a boost from their increasingly positive financial outlook, according to results from Fannie Mae’s January 2015 National Housing Survey™. The share of respondents who said their household income is significantly higher than it was 12 months ago rose 4 percentage points to 29 percent, and the share expecting their personal financial situation to improve over the next year increased to 48 percent – both all-time survey highs. After dropping in December, the share who said it is a good time to buy a home increased 3 percentage points to 67 percent, and the share saying they would buy rather than rent if they were to move jumped 5 percentage points to 66 percent, marking the first increase since September 2014.

“Consumers are as positive about their personal finances at the start of 2015 as they have been since we launched the National Housing Survey in 2010, and this optimism seems to be spilling over into housing market attitudes,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Consumers are more optimistic about the environment both for buying and for selling a home today, and the share who plan to own on their next move has jumped back up, reversing a three-month trend toward renting. These results are in line with lender optimism about future growth in their mortgage origination business, as shown in our Mortgage Lender Sentiment Survey™. Overall, these are good signs to start off 2015 and are consistent with our expectation that strengthening employment and economic activity will boost the speed of the housing recovery.”

SURVEY HIGHLIGHTS

Homeownership and Renting

  • The average 12-month home price change expectation rose to 2.5 percent.
  • The share of respondents who say home prices will go up in the next 12 months rose to 49 percent. The share who say home prices will go down remained constant at 8 percent.
  • The share of respondents who say mortgage rates will go up in the next 12 months decreased by 3 percentage points to 45 percent.
  • Those who say it is a good time to buy a house increased to 67 percent. Those who say it is a good time to sell increased to 44 percent—tying an all-time survey high.
  • The average 12-month rental price change expectation decreased to 3.6 percent.
  • The percentage of respondents who expect home rental prices to go up in the next 12 months fell slightly to 52 percent.
  • The share of respondents who think it would be easy to get a home mortgage today fell to 50 percent, while the share saying it would be difficult to get a mortgage rose 3 percentage points to 47 percent.
  • The share who say they would buy if they were going to move rose to 66 percent, while the share who would rent decreased 5 percentage points to 29 percent.

The Economy and Household Finances

  • The share of respondents who say the economy is on the right track increased by 3 percentage points to 44 percent.
  • The percentage of respondents who expect their personal financial situation to get better over the next 12 months increased to 48 percent—an all-time survey high.
  • The share of respondents who say their household income is significantly higher than it was 12 months ago rose 4 percentage points to 29 percent—an all-time survey high.
  • The share of respondents who say their household expenses are significantly higher than they were 12 months increased to 35 percent.

The most detailed consumer attitudinal survey of its kind, Fannie Mae’s National Housing Survey™ polled 1,000 Americans via live telephone interview to assess their attitudes toward owning and renting a home, home and rental price changes, homeownership distress, the economy, household finances, and overall consumer confidence. Homeowners and renters are asked more than 100 questions used to track attitudinal shifts (findings are compared to the same survey conducted monthly beginning June 2010). To reflect the growing share of households with a cell phone but no landline, the National Housing Survey has increased its cell phone dialing rate to 60 percent as of October 2014. For more information, please see the Technical Notes. Fannie Mae conducts this survey and shares monthly and quarterly results so that we may help industry partners and market participants target our collective efforts to stabilize the housing market in the near-term, and provide support in the future.

For detailed findings from the January 2015 survey, as well as technical notes on survey methodology and questions asked of respondents associated with each monthly indicator, please visit the Fannie Mae Monthly National Housing Survey page on fanniemae.com. Also available on the site are in-depth topic analyses, which provide a detailed assessment of combined data results from three monthly studies. The January 2015 National Housing Survey was conducted between January 1, 2015 and January 22, 2015. Most of the data collection occurred during the first two weeks of this period. Interviews were conducted by Penn Schoen Berland, in coordination with Fannie Mae.

 

Opinions, analyses, estimates, forecasts, and other views of Fannie Mae’s Economic & Strategic Research (ESR) Group included in these materials should not be construed as indicating Fannie Mae’s business prospects or expected results, are based on a number of assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. Although the ESR Group bases its opinions, analyses, estimates, forecasts, and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current, or suitable for any particular purpose. Changes in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions, estimates, forecasts, and other views published by the ESR Group represent the views of that group as of the date indicated and do not necessarily represent the views of Fannie Mae or its management.

 

Fannie Mae enables people to buy, refinance, or rent homes.

Visit us at: http://www.fanniemae.com/progress.

 

I read this article at: http://www.fanniemae.com/portal/about-us/media/corporate-news/2015/6217.html

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help.  

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522

Want Real Estate Info on the Go? Download our FREE Real Estate App:  http://thecatonteam.com/mobileapp

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Connect with us professionally at LinkedIn: http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

 

Home Sales Off to a Bumpy Start in 2015

Home Sales Off to a Bumpy Start in 2015

DAILY REAL ESTATE NEWS |

Existing-home sales dropped in January to the lowest rate in nine months, according to the National Association of REALTORS®’ latest housing report. All regions across the country saw declines in sales in January, with the Northeast and West posting the largest losses.

Still, the pace of sales was higher than a year ago – at a 4.82 million seasonally adjusted annual rate remains up 3.2 percent compared to a year ago.

“January housing data can be volatile because of seasonal influences, but low housing supply and the ongoing rise in home prices above the pace of inflation appeared to slow sales, despite interest rates remaining near historic lows,” says Lawrence Yun, NAR’s chief economist. “REALTORS® are reporting that low rates are attracting potential buyers, but the lack of new and affordable listings is leading some to delay decisions.”

5 Stats to Gauge the Market

Here’s a closer look at where the housing market stands, based on NAR’s existing-home sales report for January.

  1. Inventory: Total housing inventory at the end of January rose 0.5 percent to 1.87 million existing homes available but sale. Unsold inventory is at a 4.7-month supply at the current sales pace.
  2. Home prices: The median existing-home price for all housing types was $199,600 – 6.2 percent above year ago levels. “Although sales cooled in January, home prices continued solid year-over-year growth,” Yun notes. “The labor market and economy are markedly improved compared to a year ago, which supports stronger buyer demand. The big test for housing will be the impact on affordability once rates rise.”
  3. Distressed sales: Foreclosures and short sales comprised 11 percent of sales in January, down 15 percent from a year ago. Broken out, 8 percent of sales in January were from foreclosures and 3 percent were short sales. The average discount that a foreclosure sold at was 15 percent below market value, while short sales were discounted, on average, 12 percent.
  4. Days on the market: Properties tended to stay on the market slightly longer in January – 69 days compared to 66 days in December. Short sales remained on the market the longest at a median of 128 days, while foreclosures tended to sell in 63 days. Overall, 30 percent of homes sold in January were on the market for less than a month.
  5. Cash sales: All-cash sales made up 27 percent of transactions in January, down from 33 percent a year ago. Individual investors, who account for the bulk of cash sales, purchased 17 percent of homes in January, below the 20 percent in January 2014.

Regional Breakdown

Here’s a closer look at existing-home sales in January across the country:

  • Northeast: existing-home sales dropped 6 percent to an annual rate of 630,000. Sales are 3.3 percent above a year ago. Median price: $247,800, up 2.7 percent from a year ago
  • Midwest: existing-home sales fell 2.7 percent to an annual level of 1.08 million in January. Sales are still 0.9 percent above January 2014 levels. Median price: $151,300, up 8.2 percent from a year ago
  • South: existing-home sales dropped 4.6 percent to an annual rate of 2.07 million in January, but are still 5.6 percent above year ago levels. Median price: $171,900, up 7.4 percent from a year ago
  • West: existing-home sales fell 7.1 percent to an annual rate of 1.04 million in January, but are still 1 percent above a year ago. Median price: $291,800, up 7.2 percent from a year ago.

 

Allow me to add my 2 cents.  On the San Francisco Peninsula – we are experience a HUGE demand for housing.  We actually are having a housing shortage with the volume of people who work on the peninsula and expect to live on the peninsula.  As a result we have seen rental prices soar through the roof!  I can’t even believe I used to rent a two bedroom apartment in 1996 for under $1000 in SAN CARLOS!  Now – a 2 bedroom apartment is going for close to $2500-$3500 A MONTH!  And the East Bay is rapidly capturing our displaced employees – have you seen the bridges these days during commute hours?  Redwood City is one of the few communities that has actually built housing and they are going for a premium.  So if you want to call San Mateo or Santa Clara County home – it’s best you start saving your money and get into the market sooner than later.  The Caton Team is here to help you every step of the way.  Call or email me anytime.

Sabrina

650.568.5522 or sabrina_caton@yahoo.com

I read this article at: http://realtormag.realtor.org/daily-news/2015/02/24/home-sales-bumpy-start-in-2015?om_rid=AACmlZ&om_mid=_BU7P7wB8-lmizw&om_ntype=RMODaily

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help.  

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522

Want Real Estate Info on the Go? Download our FREE Real Estate App:  http://thecatonteam.com/mobileapp

Visit our Website at:   http://thecatonteam.com/

VISIT OUR NEW INSTAGRAM PAGE: http://instagram.com/thecatonteam

Visit us on Facebook:   http://www.facebook.com/pages/Sabrina-Susan-The-Caton-Team-Realtors/294970377834

Yelp us at: http://www.yelp.com/biz/the-caton-team-realtors-sabrina-caton-and-susan-caton-redwood-city

Or Yelp me: http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

Connect with us professionally at LinkedIn: http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

 

Why Homebuyers Need to Act Now

Wow – the article below really stuck a chord with me  – as I just heard one of my buyers “wants to wait”.  I cringe when I hear that – because in my 11 years in this business, and Susan’s 16 years – “waiting” has got our clients no where!

Well, let me rephrase that – those who were able to get back into the market after stepping out – ended up spending more money on less house.  Point Blank – end of story.  I kid you not.  Some of them are still looking and it isn’t getting any easier.  Now maybe the few would couldn’t buy before the financial crises did great “waiting” by buying afterwards – but those folks are far and few between and those days are long behind us.  We have exceeded our pre-bust prices – by far!  And with the way our market has fully recovered, with amazing demand we have for housing on the San Francisco Peninsula and the lack of inventory – waiting means paying more money for less house.  And in some cases not even a house – but a condo or townhouse – or nothing at all.

There is a phrase in Real Estate we use.  Don’t wait and buy real estate – buy real estate and wait!  Once you own your home, you will gain equity as the market continues to climb.  Now I know so many buyers, myself included, that would like to see prices come down a bit – for affordability factors.  However, that’s not likely to happen here on the San Francisco Peninsula.  Do you know how many new office spaces are being built or planed to be built here?  I do.  And it is a lot.  And where are these people going to live?  If you want to rent a place these days – get ready to fork over at least $2000 for a one bedroom apartment if not a studio!  And why waste a good $2000 on rent when a person could easily afford a mortgage payment and actually earn some equity so that you can buy a larger house down the road.

The first home you buy will never be perfect, nice enough, or big enough.  But buy investing in a home – since we all need to live somewhere – a buyer will earn equity that will in turn get them into a better home down the road.  In the long run, you earn more money buying and holding real estate than the stock market or that saving account.

It breaks my heart to hear when person looses steam while trying to buy a home.  Our Bay Area real estate market is very competitive.  Always has, always will.  However, The Caton Team knows how to maneuver through it and have had great success with our buyers who take our sage advice, consider the facts, review our numbers and give it their all.

If you have questions regarding buying or selling – we are here to help – call or email me any time.

Sabrina

650-568-5522

sabrina_Caton@yahoo.com

 

Now for the article…

 

Why Homebuyers Need to Act Now

 

DAILY REAL ESTATE NEWS

 

Home buyers need to move fast if they want to spend less, notes Jonathan Smoke, chief economist at realtor.com® in commentary at the site.

“Delayed purchases will only result in higher monthly mortgage payments as prices and rates rise,” Smoke writes. Realtor.com® is forecasting that affordability may decline as much as 10 percent over the year.

The Federal Reserve continues to remind the financial markets that it plans to raise its target federal funds rate this year, which will cause mortgage rates to rise. Many economists are predicting 30-year fixed-rate mortgages to average near 5 percent by the end of the year.

For now, mortgage rates are near historical lows for homebuyers and home owners who can take advantage. Freddie Mac reported last week that the 30-year fixed-rate mortgage averaged 3.66 percent (last year at this time it averaged 4.32 percent), and 15-year fixed-rate mortgages averaged 2.98 percent (a year ago, it averaged 3.40 percent).

“Right now, the Fed is using the word ‘patient’ to describe its approach to picking the time to raise the target rate,” Smoke notes. “However, when the Fed ‘loses patience,’ rates will go up at least 20 to 40 basis points in anticipation of the target rate officially going up. … So, buyers beware: The clock on these low mortgage rates may be ticking.”

Source: “2015: Buy Now, Before the Fed’s Patience Ends,” realtor.com® (Jan. 30, 2015)

 

I read this article at: http://realtormag.realtor.org/daily-news/2015/02/04/why-homebuyers-need-act-now?om_rid=AACmlZ&om_mid=_BU0pLgB8-LaaY2&om_ntype=RMODaily

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help.  

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522

Want Real Estate Info on the Go? Download our FREE Real Estate App:  http://thecatonteam.com/mobileapp

Visit our Website at:   http://thecatonteam.com/

VISIT OUR NEW INSTAGRAM PAGE: http://instagram.com/thecatonteam

Visit us on Facebook:   http://www.facebook.com/pages/Sabrina-Susan-The-Caton-Team-Realtors/294970377834

Yelp us at: http://www.yelp.com/biz/the-caton-team-realtors-sabrina-caton-and-susan-caton-redwood-city

Or Yelp me: http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

Connect with us professionally at LinkedIn: http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

 

 

Cost Vs. Value – What should I do to my home to improve its value?

Cost Vs. Value – What should I do to my home to improve its value?

One of my favorite questions as a Realtor revolves around fixing up the house.  There are two ways to build equity in your home (equity is what your home is worth, minus the mortgage).  One – sit back and wait for the real estate market to rise.  (Which it is steadily going these days in the San Francisco Bay Area)  And two – fix up your house.

The second method can either make or break your investment.  Let’s go with ‘break’ first.  A homeowner can spend hundreds of thousands of dollars fixing up the wrong part of the house.  Or worse, remolding a place till it’s just ugly!  Unless you are living in your forever house, you want to be smart with your money by doing a smart remodel or addition.  That means picking finishes and fixtures that are contemporary and neutral.  I’ve seen one too many amazing kitchens and baths that fit the homeowner to a tee – only leaving potential buyers counting their pennies for the demolition.

The first remodel that comes to mind is the kitchen, then the bath; two fantastic ways to improve the value of your home if done right.  The pink grout to match the flamingo theme in the bathroom is not going to beg for the highest bidder.  So before you head to the hardware store – think three times, measure twice and cut once…

For more information and statistics surrounding home improvement and where you should invest your money – please visit the link below.  It’s a very interesting read.

I read this article at: For the San Francisco Bay Area visit http://www.remodeling.hw.net/cost-vs-value/2014/pacific/san-francisco-ca/

For national information please visit: http://www.remodeling.hw.net/cost-vs-value/2014/

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

Got Questions? – The Caton Team is here to help.  

Email Sabrina & Susan at:  Info@TheCatonTeam.com

Call us at: 650-568-5522  Office:  650-365-9200

Want Real Estate Info on the Go?  Download our FREE Real Estate App:  http://thecatonteam.com/mobileapp

Visit our Website at:   http://thecatonteam.com/

Visit us on Facebook:   http://www.facebook.com/pages/Sabrina-Susan-The-Caton-Team-Realtors/294970377834

Yelp us at: http://www.yelp.com/biz/the-caton-team-realtors-sabrina-caton-and-susan-caton-redwood-city

Or Yelp me:  http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

Connect with us professionally at LinkedIn:  http://www.linkedin.com/profile/view?id=6588013&trk=tab_pro

Please enjoy my personal journey through homeownership at:   And yes – you can walk through my own Kitchen & Bath remodel as well.

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE#70000218/ 01499008