Whether You Rent or Buy: Either Way You’re Paying a Mortgage


There are some renters who have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent free, you are paying a mortgage - either yours or your landlord’s.
As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.

Are you ready to put your housing cost to work for you?

Christina Boyle, Senior Vice President and Head of Single-Family Sales & Relationship Management at Freddie Mac, explains another benefit of securing a mortgage vs. paying rent:

“With a 30-year fixed rate mortgage, you’ll have the certainty & stability of knowing what your mortgage payment will be for the next 30 years – unlike rents which will continue to rise over the next three decades.”

This holiday season, why not give yourself the gift of homeownership? Lock in your housing costs for the next 30 years and guarantee you are the one building wealth.



Americans Are on The Move


  • For the 4th year in a row, the Northeast saw a concentration of High Outbound activity.
  • Oregon held on to the top stop of High Inbound states for the 3rd year in a row.
  • Much of this Outbound activity can be attributed to Boomers relocating to warmer climates after retiring.


Institute for Luxury Home Marketing - Weekly Housing Report

Monday December 12, 2016

THIS WEEK

The ILHM National Report this week looked at 22384 luxury homes on the market. The ILHM Luxury Composite Price this week is $1,554,306. These homes have been on the market for an average of 173 days.

The Market Action Index measures available supply relative to the current level of demand. Index value above 30 indicates conditions favor the seller. See the section below for full details.

PRICE
Luxury home prices across the ILHM National sample have stayed relatively stable in recent weeks. This week median price is $1,554,306.

PRICE PER SQUARE FOOT
Price per square foot gives us a view to changes in how luxury homes are valued as well as how they're being constructed. Currently median price per square foot in the luxury homes is $417.
SUPPLY AND DEMAND
Residential prices are a function of supply and demand, and market conditions can be characterized by analyzing those factors. Watch this index for sustained trends and an early view on coming price changes.

The ILHM National market is currently in the Buyer's Market zone (below 30), though not strongly so. The Market Action Index stands this week at 28 so luxury buyers should expect to find reasonable levels of selection.

INVENTORY
This chart illustrates the total number of homes in the ILHM sample each week. These are homes on the market for at least $500,000 in the top 10 zip codes for 31 major metro markets around the county.

DAYS ON MARKET (DOM)
The properties have been on the market for an average of 164 days.

LUXURY BY REGION
A look at the local luxury markets around the country.



Institute for Luxury Home Marketing - Weekly Housing Report

Monday December 5, 2016

THIS WEEK

The ILHM National Report this week looked at 22976 luxury homes on the market. The ILHM Luxury Composite Price this week is $1,548,541. These homes have been on the market for an average of 175 days.

The Market Action Index measures available supply relative to the current level of demand. Index value above 30 indicates conditions favor the seller. See the section below for full details.

PRICE
Luxury home prices across the ILHM National sample have stayed relatively stable in recent weeks. This week median price is $1,548,541.

PRICE PER SQUARE FOOT
Price per square foot gives us a view to changes in how luxury homes are valued as well as how they're being constructed. Currently median price per square foot in the luxury homes is $415.

SUPPLY AND DEMAND
Residential prices are a function of supply and demand, and market conditions can be characterized by analyzing those factors. Watch this index for sustained trends and an early view on coming price changes.

The ILHM National market is currently in the Buyer's Market zone (below 30), though not strongly so. The Market Action Index stands this week at 28 so luxury buyers should expect to find reasonable levels of selection.

INVENTORY

This chart illustrates the total number of homes in the ILHM sample each week. These are homes on the market for at least $500,000 in the top 10 zip codes for 31 major metro markets around the county.

DAYS ON MARKET (DOM)

The properties have been on the market for an average of 162 days.


LUXURY BY REGION
A look at the local luxury markets around the country.


Existing Home Sales Surge Forward Through Fall

Some Highlights:
  • The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report.
  • First-time homebuyers made up 33% of all sales in October.
  • Homes are selling quickly with 43% of homes on the market for less than a month.
  • A limited supply continues to drive up prices for the 56th consecutive month.

Institute for Luxury Home Marketing - Weekly Housing Report



 MONDAY - November 28, 2016

THIS WEEK

The ILHM National Report this week looked at 23323 luxury homes on the market. The ILHM Luxury Composite Price this week is $1,544,179. These homes have been on the market for an average of 171 days.

The Market Action Index measures available supply relative to the current level of demand. Index value above 30 indicates conditions favor the seller. See the section below for full details.

PRICE
Luxury home prices across the ILHM National sample have stayed relatively stable in recent weeks. This week median price is $1,544,179.

PRICE PER SQUARE FOOT
Price per square foot gives us a view to changes in how luxury homes are valued as well as how they're being constructed. Currently median price per square foot in the luxury homes is $414.

SUPPLY AND DEMAND
Residential prices are a function of supply and demand, and market conditions can be characterized by analyzing those factors. Watch this index for sustained trends and an early view on coming price changes.

The ILHM National market is currently in the Buyer's Market zone (below 30), though not strongly so. The Market Action Index stands this week at 28 so luxury buyers should expect to find reasonable levels of selection.

INVENTORY
This chart illustrates the total number of homes in the ILHM sample each week. These are homes on the market for at least $500,000 in the top 10 zip codes for 31 major metro markets around the county.

DAYS ON MARKET (DOM)
The properties have been on the market for an average of 161 days.

LUXURY BY REGION
A look at the local luxury markets around the country.

Institute for Luxury Home Marketing - Weekly Housing Report

Monday November 21, 2016
THIS WEEK

The ILHM National Report this week looked at 23740 luxury homes on the market. The ILHM Luxury Composite Price this week is $1,538,330. These homes have been on the market for an average of 169 days.

The Market Action Index measures available supply relative to the current level of demand. Index value above 30 indicates conditions favor the seller. See the section below for full details.

PRICE
Luxury home prices across the ILHM National sample have stayed relatively stable in recent weeks. This week median price is $1,538,330.

PRICE PER SQUARE FOOT
Price per square foot gives us a view to changes in how luxury homes are valued as well as how they're being constructed. Currently median price per square foot in the luxury homes is $413.


SUPPLY AND DEMAND
Residential prices are a function of supply and demand, and market conditions can be characterized by analyzing those factors. Watch this index for sustained trends and an early view on coming price changes.

The ILHM National market is currently in the Buyer's Market zone (below 30), though not strongly so. The Market Action Index stands this week at 28 so luxury buyers should expect to find reasonable levels of selection.


INVENTORY
This chart illustrates the total number of homes in the ILHM sample each week. These are homes on the market for at least $500,000 in the top 10 zip codes for 31 major metro markets around the county.

DAYS ON MARKET (DOM)
The properties have been on the market for an average of 160 days.


LUXURY BY REGION
A look at the local luxury markets around the country.


Institute for Luxury Home Marketing - Weekly Housing Report

Monday November 14, 2016

The ILHM National Report this week looked at 24051 luxury homes on the market. The ILHM Luxury Composite Price this week is $1,534,558. These homes have been on the market for an average of 167 days.

The Market Action Index measures available supply relative to the current level of demand. Index value above 30 indicates conditions favor the seller. See the section below for full details.

PRICE
Luxury home prices across the ILHM National sample have stayed relatively stable in recent weeks. This week median price is $1,534,558.

PRICE PER SQUARE FOOT
Price per square foot gives us a view to changes in how luxury homes are valued as well as how they're being constructed. Currently median price per square foot in the luxury homes is $412.


SUPPLY AND DEMAND
Residential prices are a function of supply and demand, and market conditions can be characterized by analyzing those factors. Watch this index for sustained trends and an early view on coming price changes.

The ILHM National market is currently in the Buyer's Market zone (below 30), though not strongly so. The Market Action Index stands this week at 28 so luxury buyers should expect to find reasonable levels of selection.

INVENTORY
This chart illustrates the total number of homes in the ILHM sample each week. These are homes on the market for at least $500,000 in the top 10 zip codes for 31 major metro markets around the county.

DAYS ON MARKET (DOM)
The properties have been on the market for an average of 158 days.


LUXURY BY REGION
A look at the local luxury markets around the country.





A Lack of Listings Remains 'Huge' Challenge in the Market



The housing crisis is finally in the rearview mirror as the real estate market moves down the road to a complete recovery. Home values are up, home sales are up, and distressed sales (foreclosures & short sales) are at their lowest mark in over 8 years. This has been, and will continue to be, a great year for real estate.

However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. According to the National Association of Realtors (NAR), buyer traffic and demand continues to be the strongest it has been in years. The supply of homes for sale has not kept up with this demand and has driven prices up in many areas as buyers compete for their dream home.

Traditionally, the winter months create a natural slowdown in the market. Jonathan Smoke, Chief Economist at realtor.com, points to low interest rates as one of the many reasons why buyers are still out in force looking for a home of their own.

“Overall, the fundamental trends we have been seeing all year remain solidly in place as we enter the traditionally slower sales season, and pent-up demand remains substantial as buyers seek to get a home under contract while rates remain so low.”

NAR’s Chief Economist, Lawrence Yun, points out that the inventory shortage we are currently experiencing isn’t a new challenge by any means:

"Inventory has been extremely tight all year and is unlikely to improve now that the seasonal decline in listings is about to kick in. Unfortunately, there won't be much relief from new home construction, which continues to be grossly inadequate in relation to demand."


Healthy labor markets and job growth have created more and more buyers who are not just ready and willing to buy but are also able to. If you are debating whether or not to put your home on the market this year, now is the time to take advantage of the demand in the market.

Institute for Luxury Home Marketing - Weekly Housing Report

Monday November 1, 2016

The ILHM National Report this week looked at 24532 luxury homes on the market. The ILHM Luxury Composite
Price this week is $1,531,410. These homes have been on the market for an average of 165 days.

The Market Action Index measures available supply relative to the current level of demand. Index value above 30 indicates conditions favor the seller. See the section below for full details.


PRICE
Luxury home prices across the ILHM National sample have stayed relatively stable in recent weeks. This week median price is $1,531,410.


PRICE PER SQUARE FOOT
Price per square foot gives us a view to changes in how luxury homes are valued as well as how they're being constructed. Currently median price per square foot in the luxury homes is $411.


SUPPLY AND DEMAND
Residential prices are a function of supply and demand, and market conditions can be characterized by analyzing those factors. Watch this index for sustained trends and an early view on coming price changes.

The ILHM National market is currently in the Buyer's Market zone (below 30), though not strongly so. The Market Action Index stands this week at 28 so luxury buyers should expect to find reasonable levels of selection.

INVENTORY
This chart illustrates the total number of homes in the ILHM sample each week. These are homes on the market for at least $500,000 in the top 10 zip codes for 31 major metro markets around the county

DAYS ON MARKET (DOM)
The properties have been on the market for an average of 157 days.


LUXURY BY REGION
A look at the local luxury markets around the country.






Institute for Luxury Home Marketing - Weekly Housing Report

Monday October 31, 2016

The ILHM National Report this week looked at 24722 luxury homes on the market. The ILHM Luxury Composite Price this week is $1,528,654. These homes have been on the market for an average of 164 days.

The Market Action Index measures available supply relative to the current level of demand. Index value above 30 indicates conditions favor the seller. See the section below for full details.


PRICE
Luxury home prices across the ILHM National sample have stayed relatively stable in recent weeks. This week median price is $1,528,654.

PRICE PER SQUARE FOOT

Price per square foot gives us a view to changes in how luxury homes are valued as well as how they're being constructed. Currently median price per square foot in the luxury homes is $410.


SUPPLY AND DEMAND

Residential prices are a function of supply and demand, and market conditions can be characterized by analyzing those factors. Watch this index for sustained trends and an early view on coming price changes.

The ILHM National market is currently in the Buyer's Market zone (below 30), though not strongly so. The Market Action Index stands this week at 28 so luxury buyers should expect to find reasonable levels of selection.

INVENTORY
This chart illustrates the total number of homes in the ILHM sample each week. These are homes on the market for at least $500,000 in the top 10 zip codes for 31 major metro markets around the county.

DAYS ON MARKET (DOM)
The properties have been on the market for an average of 155 days.


LUXURY BY REGION
A look at the local luxury markets around the country.



Institute for Luxury Home Marketing - Weekly Housing Report

Monday October 24, 2016


The ILHM National Report this week looked at 24818 luxury homes on the market. The ILHM Luxury Composite

Price this week is $1,525,810. These homes have been on the market for an average of 162 days.

The Market Action Index measures available supply relative to the current level of demand. Index value above 30 indicates conditions favor the seller. See the section below for full details.

PRICE
Luxury home prices across the ILHM National sample have stayed relatively stable in recent weeks. This week median price is $1,525,810.

PRICE PER SQUARE FOOT
Price per square foot gives us a view to changes in how luxury homes are valued as well as how they're being constructed. Currently median price per square foot in the luxury homes is $408.


SUPPLY AND DEMAND
Residential prices are a function of supply and demand, and market conditions can be characterized by analyzing those factors. Watch this index for sustained trends and an early view on coming price changes.

The ILHM National market is currently in the Buyer's Market zone (below 30), though not strongly so. The Market Action Index stands this week at 28 so luxury buyers should expect to find reasonable levels of selection.

INVENTORY
This chart illustrates the total number of homes in the ILHM sample each week. These are homes on the market for at least $500,000 in the top 10 zip codes for 31 major metro markets around the county.

DAYS ON MARKET (DOM)
The properties have been on the market for an average of 154 days.



LUXURY BY REGION
A look at the local luxury markets around the country.





Do You Know the Cost of Renting vs. Buying?


Some Highlights:
  • Historically, the choice between renting or buying a home has been a close decision.
  • Looking at the percentage of income needed to rent a median priced home today (30%) vs. the percentage needed to buy a median priced home (15%), the choice becomes obvious.
  • Every market is different. Before you renew your lease again, find out if you could use your housing costs to own a home of your own!


Don’t Disqualify Yourself… Over Half of All Loans Approved Have a FICO Score Under 750





The results of countless studies have shown that potential home buyers, and even current homeowners, have an inflated view of what is really required to qualify for a mortgage in today’s market.

One such study by the Wharton School of Business at the University of Pennsylvania, revealed that many Millennials have not yet considered purchasing a home, simply because they don’t believe they can qualify for a mortgage.

The article quoted Jessica Lautz, the National Association of Realtors’ Managing Director of Survey Research, as saying that there is a significant population that does not think they will be approved for a mortgage and doesn’t even try. The article also quoted Fannie Mae CEO Tim Mayopoulos:
“I do think that there’s a sense out there in the marketplace among borrowers that credit may not be available, especially for people with lower credit scores.”
Ellie Mae’s Vice President, Jonas Moe recently encouraged buyers to know their options before assuming that they do not qualify for a mortgage:
“Many potential home buyers are 'disqualifying' themselves. You don't need a 750 FICO Score and a 20% down payment to buy.”



So what credit score is necessary?

Below is a breakdown of the FICO Score Distribution of all closed (approved) loans in August from Ellie Mae’s latest Origination Report.



Over 50% of all approved loans had a FICO Score under 750. Many potential home buyers believe that they need a score over 780 to qualify.

If owning a home of your own has always been a dream of yours and you are ready and willing to buy, find out if you are able to! Let’s get together to determine if your dreams can become a reality sooner than you thought!

Institute for Luxury Home Marketing - Weekly Housing Report




Monday October 17, 2016

The ILHM National Report this week looked at 24925 luxury homes on the market. The ILHM Luxury Composite Price this week is $1,519,975. These homes have been on the market for an average of 161 days.

The Market Action Index measures available supply relative to the current level of demand. Index value above 30 indicates conditions favor the seller. See the section below for full details.

PRICE
Luxury home prices across the ILHM National sample have stayed relatively stable in recent weeks. This week median price is $1,519,975.

PRICE PER SQUARE FOOT
Price per square foot gives us a view to changes in how luxury homes are valued as well as how they're being constructed. Currently median price per square foot in the luxury homes is $406.



SUPPLY AND DEMAND
Residential prices are a function of supply and demand, and market conditions can be characterized by analyzing those factors. Watch this index for sustained trends and an early view on coming price changes.

The ILHM National market is currently in the Buyer's Market zone (below 30), though not strongly so. The Market Action Index stands this week at 28 so luxury buyers should expect to find reasonable levels of selection.

INVENTORY
This chart illustrates the total number of homes in the ILHM sample each week. These are homes on the market for at least $500,000 in the top 10 zip codes for 31 major metro markets around the county.




DAYS ON MARKET (DOM)
The properties have been on the market for an average of 153 days. 















Mortgage Rates by Decade Compared to Today [INFOGRAPHIC]


Some Highlights:

The interest rate you secure for your mortgage greatly influences your monthly housing costs.

In the 1980s, 30-year fixed mortgage rates averaged in the high 12s making the monthly principal and interest payment over $2,000.

Interest rates are still at historic lows; this is a great time lock in your housing cost and protect yourself from increasing rents, or refinance your current mortgage.

Why We Need More Newly Constructed Homes


The number of new home sales is far off historic norms. The National Association of Realtors (NAR) just reported that the percentage of all house sales that were newly constructed homes has fallen to the lowest numbers in forty years. Here is a graph showing the percentages:


This should come as no surprise as the number of new housing starts has fallen dramatically over the last several years



Bottom Line

We need more new construction for two reasons:

It will relieve some of the pent-up buying demand that is causing price appreciation to continue to increase well above historic norms.

It will give better opportunities to many current homeowners who want to sell but can’t find an adequate home to move in to.

Institute for Luxury Home Marketing - Weekly Housing Report


Monday October 10, 2016

THIS WEEK

The ILHM National Report this week looked at 24814 luxury homes on the market. The ILHM Luxury Composite Price this week is $1,514,802. These homes have been on the market for an average of 159 days.

The Market Action Index measures available supply relative to the current level of demand. Index value above 30 indicates conditions favor the seller. See the section below for full details.


PRICE

Luxury home prices across the ILHM National sample have stayed relatively stable in recent weeks. This week median price is $1,514,802.


PRICE PER SQUARE FOOT

Price per square foot gives us a view to changes in how luxury homes are valued as well as how they're being constructed. Currently median price per square foot in the luxury homes is $404.



SUPPLY AND DEMAND

Residential prices are a function of supply and demand, and market conditions can be characterized by analyzing those factors. Watch this index for sustained trends and an early view on coming price changes.

The ILHM National market is currently in the Buyer's Market zone (below 30), though not strongly so. The Market Action Index stands this week at 28 so luxury buyers should expect to find reasonable levels of selection.


INVENTORY

This chart illustrates the total number of homes in the ILHM sample each week. These are homes on the market for at least $500,000 in the top 10 zip codes for 31 major metro markets around the county.


DAYS ON MARKET (DOM)

The properties have been on the market for an average of 152 days.


LUXURY BY REGION

A look at the local luxury markets around the country.



ILHM Luxury Housing Weekly Report


Monday October 3, 2016


THIS WEEK
The ILHM National Report this week looked at 25075 luxury homes on the market. The ILHM Luxury Composite Price this week is $1,509,639. These homes have been on the market for an average of 158 days.

The Market Action Index measures available supply relative to the current level of demand. Index value above 30 indicates conditions favor the seller. See the section below for full details.


PRICE
Luxury home prices across the ILHM National sample have stayed relatively stable in recent weeks. This week median price is $1,509,639.
PRICE PER SQUARE FOOT

Price per square foot gives us a view to changes in how luxury homes are valued as well as how they're being constructed. Currently median price per square foot in the luxury homes is $402.





SUPPLY AND DEMAND
Residential prices are a function of supply and demand, and market conditions can be characterized by analyzing those factors. Watch this index for sustained trends and an early view on coming price changes.

The ILHM National market is currently in the Buyer's Market zone (below 30), though not strongly so. The Market Action Index stands this week at 28 so luxury buyers should expect to find reasonable levels of selection.

INVENTORY
This chart illustrates the total number of homes in the ILHM sample each week. These are homes on the market for at least $500,000 in the top 10 zip codes for 31 major metro markets around the county.

DAYS ON MARKET (DOM)
The properties have been on the market for an average of 151 days.




LUXURY BY REGION
A look at the local luxury markets Metro Market Luxury Price Sqft Inven. List. bed DoM Trend around the country.