| New York State Ranks #1 Highest Mortgage Closing Costs in the US for the Third Straight Year | Bankrate Releases 2007 National Closing Cost Survey
NEW YORK, July 12 /PRNewswire-FirstCall/ -- Bankrate, Inc. (Nasdaq: RATE) announced today that New York State is the most expensive location in the country to close a mortgage transaction. The average closing cost in New York is $3,830, compared to Indiana (least expensive state) at $2,339. The survey compared the costs of lender fees, title fees and settlement fees in 51 geographic locations. Included in the study is a detailed listing of average closing fees by state, and a printable worksheet for consumers to compare average costs to their lenders' fees. To view the survey, go to
www.bankrate.com/closingcosts.
"Consumers armed with information can make better deals," said Holden Lewis, senior reporter at Bankrate.com. "Many fees are fixed costs, but others are negotiable. Doing homework can save consumers money in the end," Mr. Lewis added. The Bankrate survey includes tips and advice on saving money
on closing costs.
Bankrate's Closing Cost Survey was conducted in June of 2007 by obtaining four to nine good faith estimates from the Web sites of online lenders. Researchers picked a ZIP code in some of the largest cities in each state and requested information on the closing costs for at $200,000 loan. They
requested fees on a 30-year, fixed-rate mortgage for a borrower with a 20 percent down payment and good credit to buy a single-family house. Bankrate's survey includes lenders' origination fees and title and settlement fees, and not taxes or prepaid items.
2007
Closing
2007 Rank 2006 Rank State Costs
1 1 New York $3,830
2 2 Texas $3,413
3 5 Florida $3,175
4 12 Pennsylvania $3,169
5 4 Ohio $3,047
6 3 Hawaii $3,008
7 13 New Jersey $2,996
8 11 Oklahoma $2,978
9 8 New Mexico $2,922
10 25 Delaware $2,904
11 6 Connecticut $2,858
12 14 Massachusetts $2,849
13 18 Louisiana $2,844
14 16 Mississippi $2,836
15 21 Tennessee $2,832
16 7 Alaska $2,811
17 17 Calif. - LA $2,779
18 27* Rhode Island $2,768
19 38 Maryland $2,755
20 32* Virginia $2,727
21 49 New Hampshire $2,724
22 46* District of Columbia $2,722
23 36 North Dakota $2,719
24 23* Colorado $2,705
25 50 Michigan $2,694
26 30 Minnesota $2,692
27 41 West Virginia $2,692
28 35 Arkansas $2,687
29 27* Maine $2,671
30 29 Vermont $2,666
31 20 Georgia $2,655
32 32* Utah $2,646
33 19 Idaho $2,627
34 48 Montana $2,619
35 9 Kentucky $2,602
36 40 Iowa $2,583
37 23* South Carolina $2,558
38 37 Washington $2,555
39 10 Alabama $2,552
40 42 South Dakota $2,532
41 15 Oregon $2,532
42 44 Kansas $2,521
43 39 Nebraska $2,515
44 26 Wisconsin $2,508
45 51 Missouri $2,496
46 45 Arizona $2,489
47 34 North Carolina $2,487
48 22 Nevada $2,467
49 31 Illinois $2,401
50 46* Wyoming $2,390
51 43 Indiana $2,339
SOURCE Bankrate, Inc.
 Now that summer is here in Florida, and around the country, some of the most violent storms of the season can occur. Whenever a tornado strikes, I always think of my customers who live in those types of residences. Lately, I have begun to purchase weather radios for my customers who are buying a mobile home through me. I got the idea a while back when I read that the federal government was considering a requirement that all new mobile homes should come with such a device installed.
With hurricanes, we often have several days of warning so there is plenty of time to get to higher ground or to find an emergency shelter. However, tornados can pop up at a moment's notice, often when we are asleep. That is why they can be so deadly. The combination of incredible wind speeds and unpredictability are often a fatal combination. Tornados can even severely damage conventional homes.
Many weather radios have alert features so they are silent until the US Weather Service sends through the alarm. At that point the occupants can be warned, even if it is in the middle of the night. Hopefully giving them plenty of time to move to a more secure location.
I checked online and Radio Shack has models ranging in price from $15.99 to $89.99. Walmart had a model priced at $12.86. Other outlets might also sell this type of device. I noticed that some even come with a flashlight built into them. Not a bad feature if the power goes out.
So if you live in a mobile home, I recommend that you make a small investment in a weather radio. It will give you some peace of mind and will perhaps save the lives of you and your loved ones. Thought this idea was worth passing along to those of you who live in areas that are tornado prone.
If you have any questions concerning this topic, you can call me at: 813-783-4444 , e-mail me at: jelwell1@tampabay.rr.com or visit my webpage at: www.jelwell.century21bnr.com
In a poll conducted by Quinnipac University in New York, it was revealed that voters in Florida favor a property tax proposal that will be voted on in January 2008, 57% to 17%. However, most admit that they do not really understand how it would work. At least 60% of the people who vote on the proposed change will need to support it in order for it to become law. Those persons who were polled felt that local government worries about cuts in services were either "not valid" or "not a reason to vote against the proposal".
The property tax cuts already enacted during the recent special session of the state legislature were felt to be insufficient by 47% of voters, too large by 8%, and just about right by 29%.
Meanwhile, Charlie Crist is riding a surge of popularity. 73% of voters approve of his performance so far, including many Democrats. However, many say they are not seeing the insurance savings that he promised when he first took office and called for a special legislative session to handle this concern of Floridians. No one I know is yet jumping for joy over lower premiums. It would seem that by now someone would see some positive results.
On the tax proposals, what concerns me personally is that it appears that so few voters know what the new plan will entail. As voters it is our responsibility to be educated concerning the issues in play and to understand the choices that we are making in the voting booth. Hopefully, more information will become available before January 2008 so that all of us can become informed voters and do what is best for our state.
You can see the full poll results by clicking on the following link: Poll Results
Today Freddie Mac reported that average mortgage interest rates for 30 and 15 year loans were motionless, or nearly so. Nationally the average mortgage interest rate for 30 year fixed-rate mortgages was 6.73% (6.70% in the southeast), unchanged from 6.73% a week ago. The average interest rate for 15 year fixed-rate mortgages was 6.38%, down only slightly from 6.39% last week.
Recent statistics indicate that the housing market has not arrived at the bottom of its fall. It was reported that June's housing starts were somewhat of a surprise rising to 1,470,000 units for the month. However, single home construction fell 0.2%. New building permits declined 7.5% in June, and that was the lowest they have been since 1997.
I also just saw a report that said the Federal Reserve chairman indicated that we should not expect the Fed to lower interest rates significantly in the near future since inflation remains a major concern. However, in the past we have seen that sometimes mortgage rates do not necessarily mirror what the Federal Reserve tries to accomplish.
Do keep in mind that we live in a very large and complex country. What happens in California is not necessarily what is happening in Florida. And what happens in Florida may be a far cry from what occurs in Michigan. Real estate is still very much a local issue.
If you want to learn more about Freddie Mac or see the details of their survey, go to: www.freddiemac.com and click on the link for "Current Weekly Survey". They break down the survey by specific regions in the United States so you can see how your state compares to other parts of the country. They also explain the mission of Freddie Mac and offer a lot of useful information for consumers.
If you would like to speak with a lender you can find some at my website: www.jelwell.century21bnr.com . You can also speak with your own bank, credit union, or mortgage broker to see what your particular interest rate would be should you decide to finance a home purchase.
Earlier today Freddie Mac reported that after three weeks of having interest rates decline, they have gone back up again. Nationally the average mortgage interest rate for 30 year fixed-rate mortgages was 6.73% (6.65% in the southeast), up from 6.63% a week ago. The average interest rate for 15 year fixed-rate mortgages was 6.39%, up from 6.30% last week.
Healthy consumer credit growth in May and positive employment figures forced interest rates higher during the past week. This one jump all but erased the declines that had taken place over the past 3 weeks.
Freddie Mac is predicting that 30 year fixed-rate mortgage interest rates will remain relatively stable through the rest of 2007. They also feel that the weakness in the housing market will continue during the same period. The number of homeowners refinancing their home loans is also decreasing
Do keep in mind that we live in a very large and complex country. What happens in California is not necessarily what is happening in Florida. And what happens in Florida may be a far cry from what occurs in Michigan. Real estate is still very much a local issue.
If you want to learn more about Freddie Mac or see the details of their survey, go to: www.freddiemac.com and click on the link for "Current Weekly Survey". They break down the survey by specific regions in the United States so you can see how your state compares to other parts of the country. They also explain the mission of Freddie Mac and offer a lot of useful information for consumers.
If you would like to speak with a lender you can find some at my website: www.jelwell.century21bnr.com . You can also speak with your own bank, credit union, or mortgage broker to see what your particular interest rate would be should you decide to finance a home purchase.
WASHINGTON, July 11, 2007
Home prices are expected to recover in 2008 with existing-home sales picking up late this year and new-home sales rising early next year, according to the latest forecast by the National Association of Realtors®.
Lawrence Yun, NAR senior economist, said a good buyers’ market has evolved. “Buyers now have an overwhelming advantage given the wide selection of homes available in many markets,” he said. “But with profit margins coming under pressure, homebuilders will limit new construction well into 2008. This should help the overall inventory level to move steadily into a more balanced state.”
Existing-home sales are expected to total 6.11 million this year and 6.37 million in 2008, down from 6.48 million last year. New-home sales are projected at 865,000 in 2007 and 878,000 next year, compared with 1.05 million in 2006. Housing starts, including multifamily units, are forecast at 1.43 million units this year and 1.44 million in 2008, down from 1.80 million last year.
Existing-home prices are likely to rise 1.8 percent to a median of $222,700 in 2008 after a 1.4 percent decline this year to $218,800. The median new-home price should rise 2.2 percent to $245,400 next year following a 2.6 percent drop in 2007 to $240,100.
“Markets that sharply reduce new construction in 2007 will generally experience respectable price increases in 2008,” Yun said. “Local conditions vary considerably, but with historically low mortgage interest rates this summer and sustained job gains, it could be a good time for first-time buyers with a long-term view to test the housing waters.”
The 30-year fixed-rate mortgage is estimated to average 6.7 percent during the second half of this year, and fluctuate around 6.6 percent in 2008.
Growth in the U.S. gross domestic product (GDP) will probably be 2.0 percent in 2007, compared with a 3.3 percent growth rate last year; GDP is forecast to grow 2.8 percent in 2008.
The unemployment rate is likely to average 4.6 percent in 2007, unchanged from last year. Inflation, as measured by the Consumer Price Index, is projected at 2.6 percent in 2007, down from 3.2 percent last year. Inflation-adjusted disposable personal income should rise 3.0 percent this year, up from a 2.6 percent gain in 2006.
The National Association of Realtors®, “The Voice for Real Estate,” 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.
# # #
Existing-home sales for June will be released July 25; the Pending Home Sales Index is scheduled for August 1 and the next forecast will be August 8.
SOURCE: National Association of REALTORs Press Release
Let's hope that for the sake of sellers and real estate professionals (and those who depend on them) that there may be a glimmer of light at the end of this tunnel. And that it is not a train coming toward us!!
What is the best way to find a REALTOR® in the area where you are selling or buying a home? These days many people, up to 75%, begin their searches by looking on the internet. However, when you enter something like "Realtor Zephyrhills Florida" into a search engine like Yahoo or Google, what most often comes up first is a series of services that appear to be local specialists since they pepper their search results with the word "Zephyrhills". In reality, they are referral services that could be located anywhere in the country! I suppose they could even be in a foreign country. Their computers add in the word "Zephyrhills" from your search inquiry so that it appears that you have reached a local site. If you had put in "Holliston" then the results would have that city's name appear several times. If you proceed to give them your contact information they contact an agent that they have recruited over the phone and probably have never met. They then charge a percentage of the commission or a flat fee for each lead referral they send to an agent. I get at least one call a week, sometimes more, from these services promising to send me referral leads if I sign up with them. But, I have never had any of them qualify me based on my expertise, training, experience, or area of service. My willingness to pay them seems to be the main qualification. If you use one of these services investigate it carefully to be sure that you will be getting an agent that works in your target area and can perform the services you need.
If you scroll down a little farther the screen or go to the next page, the actual websites of agents in your target area should begin to appear. You can usually identify these because the name of a specific real estate agent will probably be included in the information. When you speak with them always ask them where they work and what area they cover. If it is in or close to your city of interest, great. If it is farther away, be sure that you are convinced that they can help you efficiently and expertly.
One good way to find an agent is to visit the National Association of REALTORS® (NAR) site at: www.realtor.com You can enter the name of the city where you currently live or where you wish to move, and the names of NAR members in that general area will appear. One caveat here though! If you put in Zephyrhills, for example, 500 names will appear. In our town there are no where near 500 agents. Some of the names are those of agents located up to 50 miles away. Ask any prospective agents how far away from your target city they live and work. It just makes sense that a local agent will be better informed about the local real estate market. Legally I can sell homes in the Miami area and tell the NAR system that I would service a zip code area there. However, I know little about that particular market and could not perform as well in that city. Not to mention that I could not service the listing well due to its distance. My best advice is to deal with a local REALTOR®. An additional benefit of searching through the NAR site is that you will not just find a real estate agent, but a REALTOR® who subscribes to the NAR's Code of Ethics. This ensures that you will get the highest standard of service possible. You can see the Code of Ethics at the NAR site.
In Florida you can search through the Florida Association of REALTORs® (FAR) site at: http://fl.living.net/ Again, be aware that some agents will list cities they service that are faraway from your target area. So if you truly want a local agent, ask the agent how far they are from the city you are interested in and how much business they do there. They may offer to do a referral for you, but you can also find the agents in that city yourself.
If you are looking for a REALTOR® in a city other than the one you live in, you may wish to contact a local agent you know and respect near where you live, and ask him/her to find an agent for you. As a real estate professional, your local agent can help evaluate the abilities of other REALTOR®s and refer you to the best qualified candidates. In this electronic age we often have contacts in other markets and can put our customers in touch with them. This can greatly streamline the search process for you and will hopefully increase your chances of finding a great agent to work with. Usually the agent in the other town will pay your local agent a referral fee if you buy or sell a property. So he/she will be compensated for helping you find a good REALTOR®.
Of course, another way of finding a good REALTOR® is to call me! I am a full-service real estate professional,and always work very hard for my customers. I invite you to visit my website at: jelwell.century21bnr.com to see what CENTURY 21 Bill Nye Realty, Inc. and I can do for you. You can also contact me via telephone from 9 AM to Midnight at: 813-783-4444 or e-mail at: jelwell1@tampabay.rr.com It will be my pleasure to assist you in any way that I can!
WASHINGTON, July 03, 2007 - Pending home sales, a forward-looking indicator, shows existing-home sales may ease but should stay fairly close to present levels in the months ahead, according to the National Association of Realtors®.
The Pending Home Sales Index*, based on contracts signed in May, rose in the West and Northeast but fell in the Midwest and South. The national index stood at 97.7 in May, down 3.5 percent from a downwardly revised April index of 101.2, and is 13.3 percent lower than May 2006 when the reading was 112.7. In April, the index was 10.4 percent lower than a year earlier.
Lawrence Yun, NAR senior economist, stressed that housing activity continues to be impacted by tighter lending criteria and a lack of buyer confidence. “Some transactions are being postponed from mortgage market disruptions,” he said. “But better supervised lending will put housing in a fundamentally healthier state over the long term.
“Mortgage purchase applications are trending up, with some of the rise due to buyers reapplying for alternatives to subprime financing. Nonetheless, home sales should stay close to present levels in the months ahead given an accumulating pent-up demand,” Yun said.
The pent-up demand results from slow household formation, which is significantly below levels that would be expected in a period of job creation and economic growth. “As consumer confidence improves, home sales will rise,” he said.
The 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.
An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.
Annual changes in the index are more closely related to actual market performance than are month-to-month comparisons. As the relatively new index matures and seasonal adjustment factors are refined, the month-to-month comparisons will become more meaningful.
The PHSI in the West rose 5.6 percent in May to 95.4 but was 13.7 percent below a year ago. In the Northeast, the index increased 3.8 percent from April to 93.1 but is 9.6 percent lower than May 2006. The index in the South fell 7.6 percent in May to 107.2 and was 15.4 percent below a year ago. In the Midwest, the index dropped 8.9 percent in May to 89.4 and was 11.7 percent below May 2006.
The National Association of Realtors®, “The Voice for Real Estate,” 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.
* The Pending Home Sales Index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity from 2001 through 2004 parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.
The forecast will be revised on July 11, and existing-home sales for June will be released July 25.
SOURCE: National Association of REALTORS® (NAR) Press Release
The US Census Bureau is reporting which cities now sit at the top of the population list and which ones are out-pacing the rest of us in growth. Out of the top 25 fastest growing population centers, 4 of them are in my state of Florida, though only two are in a major city, those being Orlando and Miami, predictably. The two fastest growing cities are not usually considered to be major players in the state, Port St. Lucie and Cape Coral.
As always population growth is a two-edged sword. For real estate agents we love having more people come to our areas since they will need a place to call home. That normally means more sales for us. On the other hand, in some states and areas (like Florida) our officials are always a step behind when it comes to getting infrastructure ready to handle the increased number of residents. Roads, schools, parks, jails, libraries, etc always seem to be in short supply. I used to be a teacher and it was a yearly sight that when a new school opened there would be a field full of portable classrooms out back since between the planning stage and the opening day, the school had become too small for the influx of new residents.
Oh well, that is just the way it is I guess. Hope you find the information concerning your own little piece of this big country interesting and informative.
Census Bureau Announces Most Populous Cities
Phoenix has become the nation’s fifth
most populous city, according to U.S. Census Bureau population estimates released
today. As of July 1, 2006, this desert metropolis had a population of 1.5
million.
New York continued to be the nation’s
most populous city, with 8.2 million residents. This was more than twice the
population of Los Angeles, which ranked second at 3.8 million. (See Table
1 Excel
| PDF.)
The estimates reveal that Phoenix moved into
fifth place ahead of Philadelphia, the latest evidence of a decades-long population
shift. Nearly a century ago, in 1910, each of the 10 most populous cities
was within roughly 500 miles of the Canadian border. The 2006 estimates show
that seven of the top 10 — and three of the top five — are in
states that border Mexico.
Only three of the top 10 from 1910 remained
on the list in 2006: New York, Chicago and Philadelphia. Conversely, three
of the current top 10 cities (Phoenix; San Jose, Calif.; and San Diego) were
not even among the 100 most populous in 1910, while three more (Dallas, Houston
and San Antonio) had populations of less than 100,000. (See fact
sheet. [PDF])
The estimates also reveal that many of the
nation’s fastest-growing cities are suburbs. North Las Vegas, Nev.,
a suburb of Las Vegas, had the nation’s fastest growth rate among large
cities (100,000 or more population) between July 1, 2005, and July 1, 2006.
North Las Vegas’ population increased 11.9 percent during the period,
to 197,567. It was joined on the list of the 10 fastest-growing cities by
three in the Dallas metro area: McKinney (ranking second), Grand Prairie (sixth)
and Denton (ninth). In the same vicinity, Fort Worth just missed the list,
ranking 11th.
Florida and Arizona each had two cities among
the 10 fastest growing: Port St. Lucie (third) and Cape Coral (fourth) in
Florida; and Gilbert (fifth) and Peoria (seventh) in Arizona, both near Phoenix.
North Carolina (Cary, near Raleigh) and California (Lancaster, near Los Angeles)
each contributed one city to the list. (See Table 2 Excel
| PDF.)
California had seven cities among the 25 fastest growing, leading all states.
Phoenix had the largest population increase
of any city between 2005 and 2006, adding more than 43,000 residents to reach
1.5 million. However, Texas dominated the list of the 10 highest numerical
gainers, with San Antonio, Fort Worth, Houston, Austin and Dallas each making
the top 10. North Las Vegas; Miami; Charlotte, N.C.; and San Jose, Calif.,
rounded out the list of the 10 biggest numerical gainers. (See Table 3 Excel
| PDF.)
Overall, eight Texas cities were among the 25 biggest numerical gainers to
lead all states.
New Orleans had by far the largest population
loss among all cities with populations of at least 100,000 people. The city
lost slightly more than half of its pre-Hurricane Katrina population. It fell
from 452,170 on July 1, 2005, to 223,388 one year later — a loss of
50.6 percent. To put the size of this loss into perspective, Hialeah, Fla.,
which experienced the second-highest rate of loss over the period, saw its
population decline by 1.6 percent.
(See Table 4 Excel
| PDF.)
For more information about the geographic areas
for which the Census Bureau produces population estimates, see <http://www.census.gov/popest/geographic>.
-X-
These estimates are based on Census 2000 population
counts — updated using information on building permits and other estimates
of change.
SOURCE: US Census Bureau
Today Freddie Mac reported that for a third week in a row the mortgage interest rates have inched down. Nationally the average mortgage interest rate for 30 year fixed-rate mortgages was 6.63% (6.56% in the southeast), down from 6.67% a week ago. The average interest rate for 15 year fixed-rate mortgages was 6.30%, down from 6.34% last week.
Moderating core inflation rates were given as a cause of the lower rates. In fact the Federal Reserve mentioned this moderation of the core rates as the basis for leaving the target federal funds rate unchanged. As many of you know, inflation is a main worry of the Federal Reserve and often helps them determine whether they will raise or lower their interest rates. That is how they help prevent runaway inflation from taking place like it once did in the early 1970's.
Their concerns were lessened due to reports that May's personal consumption expenditures were within a range that does not set off alarm bells at the Fed. They are taking a wait-and-see attitude about whether the moderate rates of inflation will continue or not. If they begin to get uncomfortable about the trends they see, we could see the mortgage interest rates begin to climb once again. In my opinion, interest rates are still historically low and show encourage home buyers to make a move. Especially since they will be saving money due to the price reductions that we are seeing from developers and sellers of resale homes.
Do keep in mind that we live in a very large and complex country. What happens in California is not necessarily what is happening in Florida. And what happens in Florida may be a far cry from what occurs in Michigan. Real estate is still very much a local issue.
If you want to learn more about Freddie Mac or see the details of their survey, go to: www.freddiemac.com and click on the link for "Current Weekly Survey". They break down the survey by specific regions in the United States so you can see how your state compares to other parts of the country. They also explain the mission of Freddie Mac.
If you would like to speak with a lender you can find some at my website: www.jelwell.century21bnr.com . You can also speak with your own bank, credit union, or mortgage broker to see what your particular interest rate would be should you decide to finance a home purchase.
Indianapolis and Youngstown, Ohio Share Title of Most Affordable Housing Market
June 28, 2007 - The metropolitan areas encompassing Indianapolis-Carmel, Ind. and Youngstown-Warren-Boardman, Ohio-Pa. tied for the title of most affordable major U.S. housing market in this year’s first quarter, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), released today. Meanwhile, lower home prices and mortgage interest rates helped boost housing affordability across the nation in the first three months of this year.
“The latest HOI shows that about 44 percent of new and existing homes that were sold in the United States during this year’s first quarter were affordable to families earning the national median income,” said NAHB President Brian Catalde, a home builder from El Segundo, Calif. “This is up from 41.6 percent of homes sold in the final quarter of 2006, and is likely the result of lower house prices as well as the very favorable financing conditions that existed at the beginning of this year.”
“The national weighted interest rate on prime quality fixed- and adjustable-rate home mortgages, which is used in calculating the HOI, slipped to 6.4 percent in the first quarter of this year, down from 6.52 percent in the final quarter of 2006 and the lowest level since the first quarter of 2006, when it was gauged at 6.39 percent,” said NAHB Chief Economist David Seiders. “Meanwhile, following a strong nationwide surge that started in early 2004 and continued through mid-2006, overall home prices weakened for three consecutive quarters leading up to and including the period encompassing January through March of 2007. Together, these factors improved the typical family’s ability to purchase a home,” he said, “although tightening of lending standards in the subprime component of the mortgage market certainly affected more marginal credit risks as the first quarter drew to a close.”
In the nation’s most affordable major housing markets of Indianapolis and Youngstown, 89 percent of new and existing homes that were sold during the first quarter of this year were affordable to families earning those areas’ respective median household incomes of $63,800 and $51,400. The median sales price of all Indianapolis homes sold in that time frame was $116,000 and the median sales price of all Youngstown-area homes sold was just $78,000. Also near the top of the list for affordable major metros in the first quarter was Dayton, Ohio, followed by Detroit-Livonia-Dearborn, Mich., and Grand Rapids-Wyoming, Mich., respectively.
Midwestern metros also dominated the list of the most affordable smaller housing markets (defined as those with fewer than 500,000 people). Kokomo, Ind., was at the top of that list, followed by Lansing-East Lansing, Mich.; Lima, Ohio; Saginaw-Saginaw Township North, Mich.; and Bay City, Mich., in that order.
Once again at the bottom of the affordability scale was Los Angeles-Long Beach-Glendale, Calif., where just 3 percent of homes sold in the first quarter were affordable to families earning the metro’s median household income of $61,700. The median price of all homes sold in that area was $525,000. As usual, Los Angeles shared the bottom of the affordability scale with other major California metros including Santa Ana-Anaheim-Irvine as the second-least affordable, San Francisco-San Mateo-Redwood City as the fourth least affordable and Modesto as the fifth least affordable large housing markets in the nation. As the third least affordable major metro, New-York-White Plains-Wayne, N.Y.-N.J. was the only non-California location within the bottom five.
Continuing the trend, all five of the least affordable small cities (populations under 500,000) were located in California during the first quarter, with Salinas at the very bottom of the chart followed by Merced; Santa Barbara-Santa Maria-Goleta; Napa; and San Luis Obispo-Paso Robles.
Please visit www.nahb.org/hoi for tables, historic data and details.
Source: National Association of Home Builders
 I have read articles that state that at least 75% of today's home buyers begin their searches on the internet. That is a big change from just 10 years ago when most people either used print ads, mailings, or signs to find homes they might be interested in. That has all change in the technological age we now live in. I have heard people say, "That might be true for the younger generation, but not for the mature crowd". I beg to differ. In Zephyrhills, many of my customers are retirees with ages ranging from 55 to 95 years. Those rascals are just about as adept at computer searches as any teenager I know.
Due to this change in search habits, it is critical that the agent you choose to market you home is internet savy and has a broad presence on the world wide web. Now most companies at least have a company webpage and will place your home in their Multiple Listing System (MLS) and many of the larger franchises give each of their agents their own webpages. However, take a look at some of these. Many have not modified them in the least to make them more useful to their customers. It is just the basic page with basic functions.
If you take a look at my page at: www.jelwell.century21bnr.com You will see that I have added many features that help my customers get more information so that they can be better informed buyers and sellers.
It is also imperative that your home appear on as many internet venues as possible. Think of it this way. The county lets me put up just one sign in front of your home. Someone may drive by and see it, but they might make a left turn just before your corner and go the other way, never knowing your wonderful home is on the market. Now suppose it were legal for me to put 16 signs around your subdivision or neighborhood. Think of how much more likely it would be that a buyer would go by one of them and be informed that your home was nearby and available for purchase. Common sense tells you the odds are greatly increased. And the more people that learn about your home, the more likely that you will sell it sooner, with less hassles, and at a better price.
To achieve this goal I try to maintain a large presence on the internet. When customers are doing searches it is much more likely that your home will appear if it is listed on many sites, instead of just one or two. It takes me a lot of time to do this, but it helps me serve my customers better. My listings currently appear on the following websites:
- My own webpage at: www.jelwell.century21bnr.com
- My
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I am often asked what deed restrictions are. Some parts of the country have very little experience with this type of issue, while others who have lived in subdivisions, small and large, are all too familiar with them.
