Author: admin

By Susanne Dwyer

Housing inventory hit a new low in the first quarter of 2017, bottoming out from the early days of the recovery from the recession, according to Trulia’s recently released quarterly Inventory and Price Watch. Supply overall fell 5.1 percent year-over-year, dragged down by an 8.7 percent decrease in starter home supply and a 7.9 percent decrease in trade-up supply. Premium supply dribbled down just 1.7 percent.

“Recovering home values have proven to be a double-edged sword,” says Ralph McLaughlin, chief economist at Trulia. “While homeowners across the country are thrilled to regain equity in their homes, many have not been in a hurry to trade up. This has added to the inventory gridlock that ties up would-be starter home inventory from ever coming on to the market, further constraining supply and decreasing affordability.”

The starter home squeeze is being felt by first-time homebuyers, who, given the current supply, have to spend more of their monthly earnings to afford an entry-level home: 38.8 percent. The median list price of a starter home in the first quarter of the year was $166,015.

“Saving up for a down payment is one of the biggest obstacles to homeownership for first-time buyers,” McLaughlin says. “In markets plagued with tight inventory and decreasing affordability, millennials who make up most of these first-time buyers may find homeownership increasingly out of reach. However, there continues to be an uptick in new construction, which should help increase supply in some inventory-constrained markets.”

Source: Trulia

For the latest real estate news and trends, bookmark RISMedia.com.

The post Report: Same Old Story for Inventory appeared first on RISMedia.

…read more

From:: Real Estate News

By Susanne Dwyer

Housing inventory hit a new low in the first quarter of 2017, bottoming out from the early days of the recovery from the recession, according to Trulia’s recently released quarterly Inventory and Price Watch. Supply overall fell 5.1 percent year-over-year, dragged down by an 8.7 percent decrease in starter home supply and a 7.9 percent decrease in trade-up supply. Premium supply dribbled down just 1.7 percent.

“Recovering home values have proven to be a double-edged sword,” says Ralph McLaughlin, chief economist at Trulia. “While homeowners across the country are thrilled to regain equity in their homes, many have not been in a hurry to trade up. This has added to the inventory gridlock that ties up would-be starter home inventory from ever coming on to the market, further constraining supply and decreasing affordability.”

The starter home squeeze is being felt by first-time homebuyers, who, given the current supply, have to spend more of their monthly earnings to afford an entry-level home: 38.8 percent. The median list price of a starter home in the first quarter of the year was $166,015.

“Saving up for a down payment is one of the biggest obstacles to homeownership for first-time buyers,” McLaughlin says. “In markets plagued with tight inventory and decreasing affordability, millennials who make up most of these first-time buyers may find homeownership increasingly out of reach. However, there continues to be an uptick in new construction, which should help increase supply in some inventory-constrained markets.”

Source: Trulia

For the latest real estate news and trends, bookmark RISMedia.com.

The post Report: Same Old Story for Inventory appeared first on RISMedia.

…read more

From:: Finance and Economy

By Susanne Dwyer

In the following interview, Andrew Ratner, vice president of Berkshire Hathaway HomeServices Gallo Realty in Rehoboth Beach, Del., discusses his firm’s approach to working with homebuyers, and the local market.

Region Served: Lewes, Rehoboth Beach and Bethany Beach, Sussex County, Del., and the ocean resorts of Maryland
Years in Real Estate: 22
Number of Offices: 3
Number of Agents: 85
Best Way to Stay in Touch with Agents: Email and face-to-face
Favorite Vacation Spot: Spain

Please describe what you like most about the region in which you work.
There are so many things to love. Our Delmarva region is a scenic oceanside resort area with charming historic towns surrounded by rural scenery. We are just two to three hours to the major East Coast cities of Washington, D.C., Philadelphia and New York City. We also enjoy a moderate climate with mild winters.

What strategies do you have in place to successfully reach out to first-time buyers?
When it comes to working with first-time buyers, our No. 1 strategy is to have our agents work closely with their buyers during the mortgage process, as this seems to be the trickiest part. We also maintain strong relationships with local banks and mortgage brokers, who thoroughly educate our first-time buyers in the multi-faceted financial aspects of buying a home.

When it comes to closing a transaction, what is your top strategy?
Our ultimate goal is to create client relationships for life; therefore, maintaining honest, open communication with our client is tops on our list. If a deal isn’t beneficial for our client, it wouldn’t be in either of our best interests to “close it.” I believe that is why our firm is one of the most trusted and respected real estate companies in our region.

What is your best tip for dealing with a picky buyer?
When dealing with a “selective” buyer, I always ask them to try and put themselves into the seller’s shoes…how would they respond to the issue if they were the seller? I also counsel them so they understand that negotiations are never one-sided. As a broker, it’s important to look at things from both sides and come up with the best strategy that allows both sides to feel satisfied with the results of the transaction.

What are two fundamentals you feel are essential to your company’s continued success?
Continual education and training related to technology, prospecting and the changing market is the constant factor that contributes to our success. We recently contracted with a nationally recognized training program for new and established agents, which we are so excited about. In addition, we are constantly monitoring the industry, not just our individual market, in order to anticipate trends and market stability to create strategies for our continued success.

For more information, please visit www.berkshirehathawayhs.com.

Paige Tepping is RISMedia’s managing editor. Email her your real estate news ideas at paige@rismedia.com.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Finding Success With an Open and Honest Approach appeared first on RISMedia.

…read more

From:: Real Estate News