Monthly Archives: December 2015

NAR’s Latest Existing Home Sales Report

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Why Did Home Sales Drop So Dramatically Last Month?

Nov-Sales-KCM

Yesterday, the National Association of Realtors (NAR) released their latest Existing Home Sales Report which covered sales in November. The report revealed that sales:

“…fell 10.5 percent to a seasonally adjusted annual rate of 4.76 million in November (lowest since April 2014 at 4.75 million)…”

That revelation gave birth to a series of industry articles, some of which quoted pundits questioning whether the housing market was slowing. In actuality, there is one rather simple explanation to much of the falloff in sales last month. It is likely the implementation of the “Know Before You Owe” mortgage rule, commonly known as the TILA-RESPA Integrated Disclosure (TRID) rule, which went into effect on October 3. These regulations caused house closings to be delayed by an extra three days in November as shown in the graph below.

Average Days To Close | Keeping Current Matters

Three days might sound like a minimal difference. However, since there are only approximately 20 days in a month that a closing would normally take place (Mondays through Fridays), losing three days constitutes well over 10% of all closings. These sales are not lost. They are just moved into the next month’s numbers. In a DS Newsarticle on the subject yesterday, Auction.com EVP Rick Sharga explained:

“The most likely cause for the weak sales numbers is a delay in processing loans due to the new TRID mortgage requirements imposed by the CFPB. This is the biggest change in mortgage document processing in many years, and there have been numerous reports within the industry of problems implementing the process and the new documentation that comes with it.”

So how is the housing market actually doing?

A better way to look at how well the housing market is doing is to look at the Foot Traffic Report from NAR which quantifies the number of prospective buyers that are actively looking for a home at the current time:

Foot Traffic Growing | Keeping Current Matters

We can see immediately that demand to buy single family homes is increasing over the last few months – not decreasing.

Bottom Line

No matter what last month’s sales numbers show, the housing market is still doing well as demand remains strong.

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Stunning 5 bedroom home in Sought after Dominion of Panther Creek, Hardwood flooring, Crown Moulding, decorator colors, Open Floor Plan. Upstairs features Gameroom and Large Media Room. $364,900 10250 BANCROFT LANE FRISCO, TX

Stunning 5 bedroom home in Sought after Dominion of Panther Creek, Hardwood flooring, Crown Moulding, decorator colors, Open Floor Plan. Upstairs features Gameroom and Large Media Room. $364,900 10250 BANCROFT LANE FRISCO, TX

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Building Family Wealth Over The Next 5 Years

Family-Wealth-KCM

As the economy continues to improve, more and more Americans are seeing their personal financial situations also improving. Instead of just getting by, many are now beginning to save and find other ways to build their net worth. One way to dramatically increase their family wealth is through the acquisition of real estate.

For example, let’s assume a young couple purchases and closes on a $250,000 home in January. What will that home be worth five years down the road?

Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts and investment & market strategists every quarter. They ask them to project how residential prices will appreciate over the next five years. According to their latest survey, here is how much value that $250,000 house will gain in the coming years.

HPES-Equity-Earned-KCM

Over a five year period, that homeowner can build their home equity to over $40,000. And, in many cases, home equity is large portion of a family’s overall net worth.

Bottom Line

If you are looking to better your family’s long-term financial situation, buying your dream home might be a great option.

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Breathtakingly gorgeous and barely lived in,this fantastic home will check all the boxes on your list. Head out doors and enjoy 2 covered patios with spacious front, side and backyard!

 

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Breathtakingly gorgeous and barely lived in,this fantastic home will check all the boxes on your list. Head out doors and enjoy 2 covered patios with spacious front, side and backyard!

$370,000 721 PETERHOUSE DRIVE MCKINNEY, TX

 

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Incredible updated home on rare Eldorado golf course lot! Beautiful hardwood floors throughout downstairs, plantation shutters, fabulous chandeliers! Open concept. Liv-dining combo! 4BR $326,900 2813 SUNSET RIDGE MCKINNEY, TX

Source: Incredible updated home on rare Eldorado golf course lot! Beautiful hardwood floors throughout downstairs, plantation shutters, fabulous chandeliers! Open concept. Liv-dining combo! 4BR $326,900 2813 SUNSET RIDGE MCKINNEY, TX

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Incredible updated home on rare Eldorado golf course lot! Beautiful hardwood floors throughout downstairs, plantation shutters, fabulous chandeliers! Open concept. Liv-dining combo! 4BR $326,900 2813 SUNSET RIDGE MCKINNEY, TX

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Incredible updated home on rare Eldorado golf course lot! Beautiful hardwood floors throughout downstairs, plantation shutters, fabulous chandeliers! Open concept. Liv-dining combo! 4BR $326,900 2813 SUNSET RIDGE MCKINNEY, TX

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