Updates on Wine and Real Estate in Napa Valley
Whether capitalizing on job opportunities, affordability, or warm-weather places to retire, Americans are making moves to these top cities to take advantage of the strength in the current housing market.
A strong economy and lower mortgage rates have made it easier for many would-be buyers to get into the market. According to realtor.com, it just depends on which market.
To find the top market in your area, contact a local real estate professional.
If you’re planning on selling your house in 2020, these are the top renovations that will give you the highest Return on your Investment.
Regardless of how long you’re planning on staying in your current home, it’s smart to be aware of which home renovations add the most value.
The exterior of a house is the first thing buyers see when searching for a home. Upgrading your roof or siding will ensure your home leaves a great first impression!
Winter is a great time to list a house, since inventory is traditionally low, and most sellers are holding off until spring to put their homes on the market.
Waiting for warmer weather when more competition is on the market will only put your house up against many more choices for buyers.
Get your house ready to sell now with quick and easy fixes that make a big impact.
Some Highlights:
According to NAR’s latest Profile of Home Buyers & Sellers, the median age of all first-time home buyers is 32.
With more millennials entering a home buying phase of life, they are driving a large portion of the buyer appetite in the market, keeping buyer activity strong.
More and more “old millennials” (ages 25-36) are realizing that home ownership is now within their grasp, and they’re actively dominating the first-time home buyer market!
Some Highlights:
Existing Home Sales are currently at an annual pace of 5.46 million.
The inventory of existing homes for sale remains below the 6 months needed for a normal market and is now at a 3.9-month supply.
Inventory remains low due to high demand from buyers who are still looking for a house to buy!
Some Highlights:
The Veterans Administration (VA) Home Loan is a benefit that is available to more than 22 million veterans and 2 million active duty service members to help them achieve the dream of homeownership.
In 2018, $161 billion was loaned to veterans and their families through the program.
In the same year, the average loan amount was $264,197 and 610,513 loans were guaranteed.
Some Highlights:
Many potential homebuyers believe they need a 20% down payment and a 780 FICO® score to qualify to buy a home. This stops many people from even trying to jump into homeownership! Here are some facts to help take the fear out of the process:
71% of buyers who purchased homes have put down less than 20%.
78.1% of loan applications were approved last month.
In September, the average credit score for approved loans was 737.
Some Highlights:
The “cost of waiting to buy” is defined as the additional funds necessary to buy a home if prices and interest rates were to increase over a period of time.
Freddie Mac forecasts interest rates will rise to 3.8% by Q4 2020.
CoreLogic predicts home prices will appreciate by 5.4% over the next 12 months.
If you’re ready and willing to buy your dream home, now is a great time to buy.
