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Bidding Wars Expected to Heat Up Again

Posted by: MAAR/MLS on Tuesday, July 16, 2019

Lower mortgage rates are bringing out more potential home buyers. In certain parts of the country, this has translated into a lot more competition. In markets that have seen prices become more moderate, supply is lower than it was a year ago and bidding wars are becoming more prevalent. For example, a recent Redfin housing index notes that cities like Oklahoma City; Richmond, Va.; Memphis, Tenn.; Buffalo, N.Y.; and Atlanta are seeing buyer demand outpace the number of available homes for sale.

“With low mortgage interest rates luring more home buyers off the sidelines as supply dwindles, we’re likely to see competition pick up, especially for the most affordable homes and neighborhoods, where inventory is limited and buyers are most rate-sensitive,” says Daryl Fairweather, Redfin’s chief economist. He says his brokerage is starting to see an increase in the number of home buyers starting their searches and taking home tours following the latest mortgage rate drops.

Is Inventory Tightening Again? One Forecast Says Yes

Posted by: MAAR/MLS on Friday, July 12, 2019

In just a few months, home shoppers may begin to see a drop in the number of homes for sale, which could lead to the return of bidding wars and quicker home sales, a new report from realtor.com® predicts.

Realtor.com® researchers predict a major shift to occur in the housing market that will affect buyers’ bargaining power well into 2020. With high demand for the limited number of homes for sale, buyers may need to be braced to pay higher home prices.

The U.S. median listing price in June reached its highest point of the year at $316,000. Properties in June spent an average of 56 days on the market, a two-day increase from a year ago.

“It was only 18 months ago that the number of homes for sale hit its lowest level in recorded history and sparked the fiercest competition among buyers we’ve ever seen,” says Danielle Hale, realtor.com®’s chief economist. “If the trend we’re seeing continues, overall inventory could near record lows by early next year. So far there’s been a lackluster response to low mortgage rates, but if they do spark fresh buyer interest later in the year, U.S. inventory could set new record lows.”

Newly listed homes have either declined or only increased very little in 2019. Why aren’t more homeowners taking advantage of the market and listing their homes for sale? “It’s likely a combination of a rate lock, recently decreased consumer confidence, and older generations choosing to age in place,” Hale says. Consumers are showing slightly more concern over a potential recession and future economic growth that could be making them skittish.

But low mortgage rates also may be keeping many homeowners in place. Seven years ago, the 30-year fixed-rate mortgage reached its lowest average at 3.3%, according to Freddie Mac’s records. That prompted many homeowners to refinance and lock in lower monthly mortgage payments.

Rates today remain low, but they’re still 50 basis points higher than they were in December 2012. That means many homeowners still have mortgages with rates well below today’s averages.

Source: 

Move Inc.

Where Mortgage Debt Is Highest

Posted by: MAAR/MLS on Thursday, July 11, 2019

For most Americans, a home purchase is the biggest purchase of their life and thus requires taking on a large amount of debt. The average mortgage debt can vary considerably from state to state.

“Cost of living and home prices are a big factor,” says Greg McBride, chief financial analyst at Bankrate. “The cost of living impacts how much you can save for something like a down payment, and home prices impact how much you have to borrow.”

Wealthier states tend to have the highest amount of mortgage debt. 24/7 Wall St., a personal finance website, pinpointed which states have the highest amount of mortgage debt. Here are the top 10: Read more...

Risky Loans From Housing Bubble Era Resurface

Posted by: MAAR/MLS on Wednesday, July 10, 2019

Mortgage products that haven’t been widely used since before the Great Recession are making a comeback. The volume of loans with alternate documentation has more than doubled in the last two years among loans included in mortgage-backed securities, according to a report from Fitch Ratings.

The alt-doc loans have performed well since the housing crisis, but Fitch analysts say they’re still concerned about the uptick. “Although alternative document residential mortgage loan products that were introduced in the U.S. after the financial crisis have performed better than our expectations, we maintain a cautious approach to these loans because of their limited history,” Fitch analysts noted in the report.

One such no-income, no-asset mortgage program called the Agency NINA was recently announced by the 360 Mortgage Group. It does not require borrowers to prove their income or assets to be approved for the loan. The loan program is available to investors, not owner occupants.

These riskier loan products are appealing to borrowers who may be unable to qualify for a loan using traditional underwriting due to, for example, high personal debt-to-income ratios.

So far, the loans have been performing better in recent years due to the Ability-to-Repay rule and other protective measures that have taken affect since the housing crisis, Fitch notes. The Ability-to-Repay rule, “combined with increased third-party due diligence and improved alignment of interests with issuers, have all contributed to better than expected performance,” Fitch notes in its report. But when the housing market cycle turns, the industry will need to be prepared. The agency concludes: “Fitch will likely need to observe continued strong performance over a longer horizon before making any significant changes in its approach to the programs.”

LEAD Academy Receives Donation from Montgomery Area Association of Realtors

Posted by: MAAR/MLS on Tuesday, June 25, 2019

MONTGOMERY - On Tuesday, officials from LEAD Academy were joined by officials from the Montgomery Area Association of Realtors to receive a donation of $200,000 and announce a strategic partnership between the two organizations.

 

"We are are so thankful to the Board and all the members at the Montgomery Area Association of Realtors for this very generous gift," said Charlotte Meadows, chair of the LEAD Academy Board. "MAAR is an organization that is dedicated to helping improve our community and we are excited to join with them in this goal."

 

Supreme Court Rules Landowner Can Sue Over Govít Access

Posted by: MAAR/MLS on Monday, June 24, 2019

The U.S. Supreme Court ruled on Friday that property owners can challenge government access to their land, which some view as a major victory for property rights.

The court’s ruling stemmed from a case involving a Pennsylvania woman, Rose Mary Knick, whose land the town of Scott Township used in 2013 to access an old burial ground. Knick didn't grant the town permission to come on her property, and she sought damages in court for what she viewed as an invasion of her privacy. Local rules, however, require property owners to allow access to private cemeteries discovered on their land.

Open House(s) in the River Region

Posted by: MAAR/MLS on Friday, June 21, 2019

Searching for a

Searching for a dream home?  

Many area REALTORS® will hold homes Open for prospective buyers.  Check our listings for the area Open Houses this weekend.

Click Here to see a complete listing

 

Existing-Home Sales Ascend 2.5% in May

Posted by: MAAR/MLS on Friday, June 21, 2019

WASHINGTON (June 21, 2019) – Existing-home sales rebounded in May, recording an increase in sales for the first time in two months, according to the National Association of Realtors®. Each of the four major U.S. regions saw a growth in sales, with the Northeast experiencing the biggest surge last month.

Total existing-home sales1, completed transactions that include single-family homes, townhomes, condominiums and co-ops, jumped 2.5% from April to a seasonally adjusted annual rate of 5.34 million in May. Total sales, however, are down 1.1% from a year ago (5.40 million in May 2018).     

More Buyers Use Govít Assistance Programs for Down Payments

Posted by: Kim McElroy, 2019 President MAAR on Thursday, June 20, 2019

Some would-be home buyers may be able to afford the
monthly payments of a mortgage, but they can’t scrape up
enough money for the down payment. More than 2,500
government assistance programs nationwide are offering
help, and more buyers are taking advantage of the aid.
More than 13% of borrowers who used Federal Housing
Administration mortgages in the first three months of this
year used government assistance for their down payment,
up from 8.6% five years prior, according to recently
published FHA data. The number of government assistance programs has
doubled between 2013 to 2016..

Open House(s) in the River Region

Posted by: MAAR MLS on Friday, June 7, 2019

Searching for a dream home?  

Many area REALTORS® will hold homes Open for prospective buyers.  Check our listings for the area Open Houses this weekend.

Click Here to see a complete listing

Open House(s) in the River Region

Posted by: MAAR MLS on Friday, May 31, 2019

Searching for a dream home?  

Many area REALTORS® will hold homes Open for prospective buyers.  Check our listings for the area Open Houses this weekend.

Click Here to see a complete listing

$12.5M senior center coming to midtown Montgomery

Posted by: Jennifer on Thursday, May 30, 2019

A $12.5 million project is underway to build a senior living center on the former campus of Saint James School in Montgomery.

Crews are demolishing an old gym at 2005 N. Country Club Drive to make way for the new development. The campus off Carter Hill Road in midtown was used by the school starting in the 1970s before Saint James moved to its current location on Vaughn Road.

“There’s an aging population of seniors. We saw a need for affordable housing there,” said Tom Champion, an executive with co-developer Gulf Coast Housing Partnership.

Called Country Club Estates, the project will feature 62 units of “affordable independent living” for people 55 and older, spread over a 67,000-square-foot, two-story building. 

Montgomery-based electric authority closes deal on 350K solar panel array

Posted by: Brian Edwards, Montgomery Advertiser on Wednesday, May 29, 2019

In Montgomery County, 800 rural acres will soon be home to a massive 350,000-panel  solar array.

The project, a partnership between local utility company Alabama Municipal Electric Authority and Lightsource BP, will bring a large-scale, utility-sized solar development to the River Region. Utility leaders say several recent factors have made solar power a realistic energy source, and they expect others to follow suit shortly.

Open House(s) in the River Region

Posted by: MAAR MLS on Friday, December 8, 2017

Searching for a dream home?  

Many area REALTORS® will hold homes Open for prospective buyers.  Check our listings for the area Open Houses this weekend.

Click Here to see a complete listing

Open House(s) in the River Region

Posted by: MAAR MLS on Friday, December 1, 2017

Searching for a dream home?  

Many area REALTORS® will hold homes Open for prospective buyers.  Check our listings for the area Open Houses this weekend.

Click Here to see a complete listing

Open House(s) in the River Region

Posted by: MAAR MLS on Friday, November 17, 2017

Searching for a dream home?  

Many area REALTORS® will hold homes Open for prospective buyers.  Check our listings for the area Open Houses this weekend.

Click Here to see a complete listing

Open House(s) in the River Region

Posted by: MAAR MLS on Friday, November 10, 2017

Searching for a dream home?  

Many area REALTORS® will hold homes Open for prospective buyers.  Check our listings for the area Open Houses this weekend.

Click Here to see a complete listing

Open House(s) in the River Region

Posted by: MAAR MLS on Friday, November 3, 2017

Searching for a dream home?  

Many area REALTORS® will hold homes Open for prospective buyers.  Check our listings for the area Open Houses this weekend.

Click Here to see a complete listing

Open House(s) in the River Region

Posted by: MAAR MLS on Friday, October 27, 2017

Searching for a dream home?  

Many area REALTORS® will hold homes Open for prospective buyers.  Check our listings for the area Open Houses this weekend.

Click Here to see a complete listing

Open House(s) in the River Region

Posted by: MAAR MLS on Friday, October 20, 2017

Searching for a dream home?  

Many area REALTORS® will hold homes Open for prospective buyers.  Check our listings for the area Open Houses this weekend.

Click Here to see a complete listing

Buyers Arenít Spooked by Haunted Houses

Posted by: MAAR MLS on Tuesday, October 17, 2017

With inventories so tight, many consumers say they’re even willing to live in a haunted house. Thirty-three percent of more than 1,000 consumers recently surveyed say they’re willing to live in a haunted house, and another 25 percent said they’d consider it, according to a newly released survey by realtor.com®. “Haunted houses are a popular attraction this time of year, but we wanted to see how many people would actually live in one,” says Sarah Staley, a housing expert who commented on the study’s findings. “What we found may be a sign of today’s tight housing market, or for many living in a haunted house doesn’t have to be a deal breaker.” Further, 47 percent of respondents said they’d live in a home where someone has died, and 27 percent additional respondents said they’d at least consider it, according to the survey. Still, 40 percent of consumers said they’d need a price reduction in order to choose a haunted home over a non-haunted home.

Open House(s) in the River Region

Posted by: MAAR MLS on Friday, October 13, 2017

Searching for a dream home?  

Many area REALTORS® will hold homes Open for prospective buyers.  Check our listings for the area Open Houses this weekend.

Click Here to see a complete listing

Open House(s) in the River Region

Posted by: MAAR MLS on Friday, October 6, 2017

Searching for a dream home?  

Many area REALTORS® will hold homes Open for prospective buyers.  Check our listings for the area Open Houses this weekend.

Click Here to see a complete listing

Open House(s) in the River Region

Posted by: MAAR MLS on Friday, September 29, 2017

Searching for a dream home?  

Many area REALTORS® will hold homes Open for prospective buyers.  Check our listings for the area Open Houses this weekend.

Click Here to see a complete listing

REALTORSģ Raise $1.8M for Storm Victims

Posted by: MAAR/MLS on Tuesday, September 26, 2017

The real estate industry has been pouring in donations to go toward supporting storm victims affected by catastrophic flooding from Hurricanes Harvey and Irma. Over the past two weeks, individual and state and local association donations to the REALTORS® Relief Foundation have totaled $1.2 million. The National Association of REALTORS® also announced this week that it would give an additional $600,000 contribution to the RRF. Locally the Montgomery Area Association of REALTORS® donated $10,000.00 to the Texas Association of REALTORS® relief fund to help consumers and fellow REALTORS®. The RRF says 100 percent of all donations go directly to victims of natural disasters, and NAR covers the foundation’s administrative expenses. “The devastation caused by Hurricanes Harvey and Irma is enormous, and our thoughts and support go out to all of those affected,” says NAR President William E. Brown. “The National Association of REALTORS® wants our members and the consumers they serve to know that the REALTOR® family is here for them. We encourage one and all to join NAR in donating to the REALTORS® Relief Foundation.” The RRF was established in 2001 in response to the Sept. 11 terrorist attacks. Since then, the foundation has raised more than $26 million for housing-related aid, which supports mortgage and rental assistance for disaster victims. Source: REALTOR® Magazine

Open House(s) in the River Region

Posted by: MAAR MLS on Friday, September 22, 2017

Searching for a dream home?  

Many area REALTORS® will hold homes Open for prospective buyers.  Check our listings for the area Open Houses this weekend.

Click Here to see a complete listing

Open House(s) in the River Region

Posted by: MAAR MLS on Friday, September 15, 2017

Searching for a dream home?  

Many area REALTORS® will hold homes Open for prospective buyers.  Check our listings for the area Open Houses this weekend.

Click Here to see a complete listing

Open House(s) in the River Region

Posted by: MAAR MLS on Friday, September 8, 2017

Searching for a dream home?  

Many area REALTORS® will hold homes Open for prospective buyers.  Check our listings for the area Open Houses this weekend.

Click Here to see a complete listing

Open House(s) in the River Region

Posted by: MAAR MLS on Friday, September 1, 2017

Searching for a dream home?  

Many area REALTORS® will hold homes Open for prospective buyers.  Check our listings for the area Open Houses this weekend.

Click Here to see a complete listing

Open House(s) in the River Region

Posted by: MAAR MLS on Friday, August 25, 2017

Searching for a dream home?  

Many area REALTORS® will hold homes Open for prospective buyers.  Check our listings for the area Open Houses this weekend.

Click Here to see a complete listing