The Market Looks Optimistic As Pending Home Sales Rise Nearly 4% Last Month - Plus the Vital Report by Vital AC Solutions
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The Market Looks Optimistic As Pending Home Sales Rise Nearly 4% Last Month. This reversed the course from the previous months. Most of the country saw increases, with only the Northeast reporting a minor decrease in pending home sales, this according to the National Association of Realtors. Read more in their report below:
WASHINGTON (April 30, 2019) – Pending home sales rose in March, reversing course from a month prior, according to the National Association of Realtors®. Three of the four major regions saw growth last month, as the Northeast reported a minor slip in contract activity.
The Pending Home Sales Index,* www.nar.realtor/pending-home-sales, a forward-looking indicator based on contract signings, increased 3.8% to 105.8 in March, up from 101.9 in February. Year-over-year contract signings declined 1.2%, making this the 15th straight month of annual decreases.
Lawrence Yun, NAR chief economist, noted that pending home sales data has been exceptionally fluid over the past several months but predicted that numbers will begin to climb more consistently. "We are seeing a positive sentiment from consumers about home buying, as mortgage applications have been steadily increasing and mortgage rates are extremely favorable."
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Yun noted that sales activity in the West had increased at a relatively stable rate for five consecutive months before the region saw a significant spike in activity in March. "Despite some affordability issues in the West, the numbers indicate that there is a reason for optimism. Inventory has increased, too. These are great conditions for the region."
Pointing to active listings from data at realtor.com®, Yun says the year-over-year increases indicate a potential rise in inventory. Denver-Aurora-Lakewood, Colo., Seattle-Tacoma-Bellevue, Wash., San Francisco-Oakland-Hayward, Calif., Portland-Vancouver-Hillsboro, Ore.-Wash., and Nashville-Davidson-Murfreesboro-Franklin, Tenn., saw the largest increase in active listings in March compared to a year ago.
Although pending contracts appear to be on an overall upswing, Yun says current sales activity is underperforming. "In the year 2000, we had 5 million home sales. Today, we are close to that same number, but there are 50 million more people in the country," he said. "There is a pent-up demand in the market, and we should see a better performing market in the coming quarters and years."
March Pending Home Sales Regional Breakdown
The PHSI in the Northeast declined 1.7% to 90.5 in March and is now 0.4% below a year ago. In the Midwest, the index grew 2.3% to 95.3 in March, 5.0% lower than March 2018.
Pending home sales in the South jumped up 4.4% to an index of 127.2 in March, which is 0.7% higher than last March. The index in the West ascended 8.7% in March to 95.1 and fell only 1.6% below a year ago.
The National Association of Realtors® is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.
The index is based on a large national sample, typically representing about 20% of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.
An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined. By coincidence, the volume of existing-home sales in 2001 fell within the range of 5.0 to 5.5 million, which is considered normal for the current U.S. population.
NOTE: NAR’s April Housing Minute video will be released on April 30, Existing-Home Sales for April will be reported May 21, and the next Pending Home Sales Index will be May 30; all release times are 10:00 a.m. ET.
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What is SUCCESS in Real Estate, or Better, what is S.U.C.C.E.S.S in Real Estate?
SUCCESS in real estate has many connotations. The Real Estate Show explores what that might mean to you, and more importantly, how to achieve it. For some it is simply to have a nice home to live in and enjoy. That’s true for many homeowners and they often achieve success in real estate like that. However, circumstances and tastes change, and these people often find themselves back in the search. It’s natural.
If you are a real estate investor, then success in real estate means something completely different, and the answer is more varied and more complex. Success in real estate to an investor may mean a certain amount of income, a certain number of properties, sales, or a certain amount of net worth. This is but a short list, there could could be infinite variations and combinations of these too.
Perhaps, though, having success in real estate may be more of a journey, than a destination. Kind of like “Happiness is a journey and not a destination”. So therefore, maybe it is more of a process than a condition. If you belive that success in real estate is a process or a system, then you will like what I show you next. Success can be summarized… and memorized, as an acronym. Here it is:
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Anything worth doing should be worth repeating. Anything worth repeating, should have a duplicatable process or SYSTEM. This, by the way, is an overlooked “secret” of many wealthy people who have had success in real estate and many other areas of business and investing.
As I previously mentioned above, success in real estate for investors is a bit more complex or COMPREHENSIVE and therefore often involves the efforts as others for help, guidance, and often COACHING. It certainly requires EDUCATION, SUPPORT, and a solid set of STRATEGIES
You can have more SUCCESS in YOUR real estate goals and transform your business into the income source you dreamed of. Find out more on today’s episode and learn more about Real Estate Investing and learn HOW by listening to The Real Estate Show with Eric Willner , Live every weekday morning at 8 o’clock (EST) on Florida’s Money Talk Radio station WSBR AM740, FM 96.9, and FM 103.9. You can also hear us on the free apps: iHeart Radioand TuneIn. Recorded Rebroadcasts are available 24/7 on Facebook. Please share our Facebook updates.
Radio Show Notes 4/26/19 Friday: Weekly Report
Learn more about Real Estate Investing and learn HOW by listening to The Real Estate Show with Eric Willner, Live every weekday morning at 8 o'clock (EST) on Florida's Money Talk Radio station WSBR AM740, FM 96.9, and FM 103.9. Then contact us at 888-595-7779 to see how we can help you with your real estate goals. You can also hear us on the free apps: iHeart Radio and TuneIn and the WSBR AM740 app. If you miss the live show, Recorded Rebroadcasts are available 24/7 on Facebook.
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Eric Willner is the Host and Founder of The Real Estate Show, an informative show about how to buy, own, and improve real estate the right way. You can reach Eric Willner at Eric@Ericwillner.com or 888-595-7779.
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Radio Show Notes 4/25/19 Thursday: Can you get a Mortgage With No Credit History?
Getting a Mortgage with no credit history can be a challenge, but it is not impossible. Today, The Real Estate Show busts the myth about getting a Mortgage with no credit history. By creating and documenting a good history of on time payments using a few good tips and a little help from your landlord and utility companies, the house of your own can be closer than you think.
Usually, the first thing most lenders look at when you want to buy a house is your credit history. That includes your credit score and the history of payments you made which they used to calculate that score. Conventional knowledge and the media usually only talk about traditional or conventional forms of credit such as credit cards, auto loans, or a current mortgage. These traditional lines of credit are what usually form a track record of how people manage that.
However, what if you don’t have these traditional lines of credit? If you don’t have any credit history or you have what is sometimes called a nontraditional credit history, that is, one with no credit card debt or other kinds of loans, it will probably be harder to establish a set of measurable credit statistics. That will make getting a Mortgage with no credit history tougher in finding a mortgage lender who will work with you. But don’t give up! It’s not impossible. Plus, chances are you’re not starting from zero, as you may think, and there are creative ways to start and grow your credit.
I have found that many people underestimate what they have done, especially in the world of finance and credit. Even if you have no formal credit history, you have paid for things, correct? You probably have a track record of paying for essentials, like rent and utilities. There are ways for you to document these payments and use them to boost your credit. First of all, you need to stop paying things in cash. Credit card, debit cards, and Checks serve as acceptable documentation. If you have been paying two and Inc. larger apartment complex, a letter from them may serve as well.
Some credit agencies, like Experian, one of the three major credit reporting agencies, accept documented rental payment history as proof of credit history. There is a process, but your landlord has to opt into the system, and then report the payments as made regularly and on time. One of our partners, www.timetofixmycredit.com, can also show you how to document rent payments for a credit report. Doing this will change and improve your situation in getting a Mortgage with no credit history to someone who has a history, and the information is directly related to housing.
The bottom line is paying your rent and utility bills on time it shows responsibility and tells the story of how well you’re managing those payments. It also tells how well you manage other debts. This makes getting Mortgage with no credit history more likely. Furthermore, these types of payments establish a track record that Phico and vantage score have now started to include in credit scoring formulas. The idea that you need credit cards or other personal loans to qualify for a home loan simply isn’t true anymore, according to Rod Griffin, director of public education for Experian.
It’s also a good idea, for the future, to start building credit in the conventional way as well. It does not cost anything to access your existing credit history by going to www.annualcreditreport.com. This way you get a written snapshot of what credit history does exist, and make sure that there are no errors or in accuracies on the report.
Finally, I suggest you also check out the option of an FHA mortgage. People without a strong credit record can often get a mortgage backed by the Federal housing administration (FHA). FHA loans allow lenders to use nontraditional credit histories to qualify borrowers. To be successful, applicants must be able to show at least one year of no delinquency on rental payments. No more than one 30 day delinquency to other creditors such as utility or car insurance payments. And no collection accounts, other than medical related trade lines. FHA also requires that your debts (including your proposed mortgage payment) must not total more than 50% Of your total income. You must also have at least one months worth of cash reserves after closing on the mortgage. That includes closing costs and down payment.
As you can see, getting a Mortgage with no credit history IS possible!
Do these things, and If you are serious about real estate, then find out more on today and everyday’s episodes and learn more about Real Estate Investing and learn HOW TO by listening to The Real Estate Show with Eric Willner , Live every weekday morning at 8 o’clock (EST) on Florida’s Money Talk Radio station WSBR AM740, FM 96.9, and FM 103.9. You can also hear us on the free apps: iHeart Radio and TuneIn. Recorded Rebroadcasts are available 24/7 on Facebook. Please share our Facebook updates.
Real Estate Opportunities are everywhere and in every market. Wednesday’s are when The Real Estate Show shares its Midweek Report: Sales Fell, Prices Increased, Interest Rates, Inventory and Other Real Estate Opportunities Signals You Should Know. Each person’s interpretation of what Real Estate Opportunities are May differ, but the data needed is largely the same. Check out today’s full show by clicking on the shows link above or read the summary below.
The first big number comes from the existing home sales numbers which fell in March, following February’s big sales numbers, according to the National Association of Realtors, and is the first of the signs of good Real Estate Opportunities. Each of the four major regions in the United States saw a drop off in sales, with the mid west feeling the largest decline last month. Total existing home sales, that is completed transactions that include single-family homes, townhomes, condominiums and co-ops, fell 4.9% from February. Sales as a whole, are down 5.4% from a year ago in March 2018.
The market strength still showed in that the median existing home Price for all housing types was $259,400, up 3.8% from the same time last year, when it was $249,800. More evidence of Real Estate Opportunities. Total housing inventory was up 2.4% from a year ago, and unsold inventory is now at a 3.9 month supply, which is up from 3.6 months last year. These increases in inventory are highly desirable ( more selection/Real Estate Opportunities) which also help keep home prices in check. NAR’s chief economist, Laurence Yun.
If you are serious about finding Real Estate Opportunities, then find out more on today and everyday’s episodes and learn more about Real Estate Investing and learn HOW TO by listening to The Real Estate Show with Eric Willner , Live every weekday morning at 8 o’clock (EST) on Florida’s Money Talk Radio station WSBR AM740, FM 96.9, and FM 103.9. You can also hear us on the free apps: iHeart Radio and TuneIn. Recorded Rebroadcasts are available 24/7 on Facebook. Please share our Facebook updates.