Real Estate Blog

Housing Update: Demand Up, Supply Down, Prices Increasing | Keeping Current Matters

Earlier this week, the National Association of Realtors (NAR) released their latest quarterly report. The report covered three important aspects of the housing market:

  1. Buyer Demand
  2. Supply of Housing Inventory
  3. Single Family Residential Prices

Today, we want to break down the highlights of the report along with several quotes from Lawrence Yun, the Chief Economist at NAR.

Buyer Demand

Total existing-home sales (which include single family and condo) were at an annual rate of 4.97 million in the first quarter of 2015. This represents a number which is 6.2 percent higher than the pace during the first quarter of 2014.

Yun: "Sales activity to start the year was notably higher than a year ago, as steady hiring and low interest

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Freddie Mac's New 3% Down Program | Keeping Current Matters

Today, Freddie Mac is scheduled to start buying mortgages with down payments of only three percent – the first time down payments have been this low on Freddie Mac loans in nearly five years. The program is called Freddie Mac Home Possible AdvantageSM.

In a recent Executive Perspectives, Dave Lowman EVP, Single-Family Business Freddie Mac, explained the potential impact this program will have on the housing market:

“There's a new reason Realtors and lenders may expect more qualified borrowers at the closing table during this spring's home buying season. In addition to low mortgage rates and rising job growth, the down payment hurdle is starting to shrink for creditworthy borrowers, including first-time homebuyers.”

And the mortgage

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Although this is written by an agent in Massachusetts, the very same scenarios have happened to me on several occasions.  The latest, just a few weeks ago, was a couple who wanted to see one of my properties. I specifically asked them if they were working with an other agent and they told me no.  So I showed them the property and they asked if the seller would take less.  I suggested they make an offer and see if the seller would accept it.  Their response was they would have their agent make the offer if they decided on this property.  I was shocked and said why didn't you have your agent show you the property.  Their response floored me.  They didn't want to disturb their agent.  (His office was 1.5 miles up the road, while I traveled 23 miles one way,

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