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July RE/MAX National Housing Report

by Mayes Harris Team

Three Takeaways from The July RE/MAX National Housing Report:

1.)   July Home Sales Rose 1.8% Year-Over-Year
2.)   Median Sale Price was up 4.4% from July 2017
3.)   Inventory for July was 2.9 – The Smallest Ever for July


BOTTOM LINE:

If you’re selling, you’re in a prime position, and your home most likely will move quickly.

If you’re buying, we’ll strategize and be ready to act fast. Getting pre-approved for a home loan is crucial, having a list of wants and needs, and be willing to compromise will help.

Contact us today!

 

How important are good school districts when choosing a place to live?

by Mayes Harris Team

Some wonder if it is better to buy a larger home in an area that may be up and coming versus a smaller home in an area that has a better school district. Although it is a personal choice, remember that real estate is an investment and as such, you should always consider the end game. Let's see just how important buyers consider the school district to be. What sacrifices will they make in order to get into a good school district? 

According to a report from Realtor.com, 86% of 18-34 year-olds and 84% of those aged 35-54 indicated that their home search areas were defined by school district boundaries.

What is surprising, however, is that 78% of recent homebuyers sacrificed features from their “must-have” lists in order to find homes within their dream school districts.

The top feature sacrificed was a garage at 19%, followed closely by a large backyard, an updated kitchen, the desired number of bedrooms, and an outdoor living area. The full results are shown in the graph below.

Buyers are attracted to schools with high test scores, accelerated academic programs, art and music programs, diversity, and before and after-school programs.

With a limited number of homes available to buy in today’s real estate market, competition is fierce for homes in good school districts. Danielle Hale, Chief Economist for Realtor.com, explained further,

Most buyers understand that they may not be able to find a home that covers every single item on their wish list, but our survey shows that school districts are an area where many buyers aren’t willing to compromise.

For many buyers and not just buyers with children, ‘location, location, location,’ means ‘schools, schools, schools.'

The bottom line is for buyers across the country, the quality of their children’s (or future children’s) education ranks highest on their must-have lists. Before you start the search for your next home, let’s get together to discuss the market conditions in our area.

Concord Art Walk - Fridays

by Mayes Harris Team

If you are an art lover then you'll want to take time to attend the Concord Art Walk which is hosted by the Cabarrus Arts Council.  Bring the family, friends or a date and take a stroll through The Galleries. Be sure to enjoy the artwork all throughout beautiful downtown Concord. These Art Walks always take place on Fridays from 6:00-9:00 pm.

It really is a wonderful thing to have this available to our community. It is a FREE event, which is always nice and features live music, refreshments, artist demonstrations and much more!

There are nearly two dozen artists who will fill the lawn of the Cabarrus Arts Council, 54 Union Street South, Concord, to show and sell their works. Inside The Galleries, meet and talk with the artists featured in our new exhibition, A wonderful way to spend an evening!

 

Davidson Farmer's Market

by Mayes Harris Team

Meet me at the market is the line on their website. What a great way to spend a few hours on Saturday with friends and/or family. This Farmer's Market is when the community really comes together and this is what I love about this community. Davidson really is like a picture out of a Norman Rockwell painting.

So here are some facts so you can plan your next trip to the Davidson Farmer's Market. 

1. The hours for the market are 8 am to 12 pm with 8:30 am to 10:30 am being the busiest. If you are looking for something that may be in a limited supply then you will want to get there early. If you are going to experience the community experience then plan on arriving after 10:30 am. 

2. The market is totally outdoors and so dress appropriately according to the weather.

3. There is public parking which is available on Main Street, Town Hall Lot, Police Department Lot, and at Davidson Presbyterian Church lot at the corner of Depot & Jackson Streets.

So plan on coming out and enjoy yourself!! Further information can be found here - DavidsonFarmersMarket.org

Here's Why Buying Wins Out Over Renting

by Mayes Harris Team

The results of the latest Rent vs. Buy Report from Trulia show that homeownership remains cheaper than renting, with a traditional 30-year fixed rate mortgage, in 98 of the 100 largest metro areas in the United States.

In the six years that Trulia has conducted this study, this is the first time that it was cheaper to rent than buy in any of the metropolitan areas.

It’s no surprise, however, that those two metros are San Jose and San Francisco, CA, where median home prices have jumped to over $1 million dollars this year. Home values in San Jose have risen 29% in the last year, while rents have remained relatively unchanged.

For the 98 metros where homeownership wins out, 97 of them show a double-digit advantage when buying. The range is an average of 2.0% less expensive in Honolulu (HI), all the way up to 48.9% in Detroit (MI), and 26.3% nationwide!

Below is a map of the 100 metros that were studied. The darker the blue dot on the metro, the cheaper it is to buy there.

In order to calculate the true cost of renting vs. buying, Trulia includes all assumed renting costs, including one-time costs (like security deposits), and compares them to the monthly costs of owning a home (insurance, mortgage payments, taxes, and maintenance) including one-time costs (down payments, closing costs, sale proceeds). They also assume that households stay in their home for seven years, put down a 20% down payment, and take out a 30-year fixed rate mortgage. The full methodology is included with the study results here.

Below is a chart created with the data from the last six years of the study, showing the impact of the median home price, rental price, and 30-year fixed rate interest rate used to calculate the ‘cheaper to buy’ metric.


In 2016, when buying was 41.3% less expensive than renting, the average mortgage rate was the driving force behind the difference. Rates this year are the highest they have been in six years which has narrowed the gap, all while home price appreciation has also been driven up by a lack of homes for sale.

Cheryl Young, Trulia’s Chief Economist, had this to say,

“One point deserves emphasizing: The ultra-costly San Francisco Bay Area is not a harbinger for the nation as a whole. While renting may outweigh buying in San Jose and San Francisco, it is unlikely that renting will tip the scales nationally anytime soon.”

Bottom Line

Homeownership provides many benefits beyond the financial ones. If you are one of the many renters out there who would like to evaluate your ability to buy this year, let’s get together to find your dream home.

Displaying blog entries 1-5 of 5

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