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Real Estate the Smart Way / August 1, 2016

NextRE - Newsletter

 
Dear Reader: Real Estate the Smart Way will keep you informed about the things that can impact your family’s quality-of-life by providing the best of news and perspectives on key issues that affect home buying, selling, up-keep and lifestyle. Get smarter, subscribe here.

  August 1, 2016
Newsletter No. 122
 
 
  Low Supply Has Homes Selling Fast
  Homes are selling an average of a week faster than they did a year ago, meaning home shoppers should be prepared to move quickly in a competitive housing market, according to the June Zillow Real Estate Market Reports.

The 78-day average includes the time it takes to close, which is usually one or two months after the home goes under contract. This means that homes are pending within about a month of being listed.

The length of time homes stay on the market before selling has been steadily decreasing since 2010, when homes took an average of five months to sell. The average time home buyers had in Pittsburgh, Philadelphia and Charlotte, N.C. dropped by at least wo weeks, the biggest change among the largest U.S. metros.

The low inventory and quick-moving market combine to create a competitive home shopping market, especially for potential buyers looking for less expensive homes. The most expensive third of the market has experienced the smallest drop in available inventory compared to the rest of the market.
 
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  Mortgage Rates Hover over Historic Lows
  Average fixed mortgage rates ticked up slightly across the board but remain near historic lows, according to the recently released Freddie Mac Primary Mortgage Market Survey (PMMS).

"Post-Brexit volatility tapered off over the last two weeks, allowing interest rates to bounce back a bit from their record and near-record lows,” says Sean Becketti, chief economist, Freddie Mac. “The 30-year fixed mortgage rate increased 3 basis points to a still-quite-low 3.45 percent. With the Federal Reserve on hold and the UK monetary authority taking at least a one-month breather, we don't expect any significant movement in mortgage rates in the near-term. This summer remains an auspicious time to buy a home or to refinance an existing mortgage."

As Becketti noted, the 30-year fixed-rate mortgage (FRM) averaged 3.45 percent with an average 0.5 point for the week ending July 21, 2016, up from the last week when it averaged 3.42 percent. A year ago at this time, the 30-year FRM averaged 4.04 percent.

The 15-year FRM averaged 2.75 percent with an average 0.5 point, up from the last week when it averaged 2.72 percent. A year ago at this time, the 15-year FRM averaged 3.21 percent.
 
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  Your Search for a New Home or a Rental should Start Here
  The NextRE Phone App makes it very easy! Just click on "Search Nearby" and it all pops-up, laid out in color and with full details for you."

Search Nearby - Brings up properties for sale or rent in a one-mile radius of your the location of the user; shown either on a map or as a photo listing as the viewer wishes.

The phone app offers the user all the key functionality of The NextRE.com website, the convenient features based on GPS, and a broad range of personal use advantages.

The menu of the phone app is organized in six primary functionalities, namely: Search Nearby, Search for Property, Find a NextRE Member, News & Information, About Us, and NextPM Property Management.
 
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