The total value of all the homes in the United States is expected to end 2014 at $27.5 trillion, a 6.7 percent increase from last year and the third consecutive overall increase, according to Zillow. Homes lost $6.1 trillion in value between December 2006 and December 2011.
The cumulative increase in home values is slightly smaller than 2013's 8 percent increase, and that kind of gradual slowing is a sign of the times as the market heads for slower expected gains in 2015. Over the second half of 2014, inventory increased in many U.S. markets and, with more homes on the market, home value appreciation slowed.
"Looking at the total value of the U.S. housing stock proves just how huge and important the housing sector is to the overall economy," says Zillow Chief Economist Dr. Stan Humphries. "Virtually nowhere else will you see gains of more than a trillion dollars in one year represent only single-digit percentages of the total market. As we conclude 2014 and look ahead at 2015 and beyond, housing will play a bigger role in the broader economic recovery. As the job market improves and more households form, more people will search for homes to buy and rent, which will translate into more people buying appliances and home goods and lead to more jobs for home builders and contractors. Housing is well positioned to continue the great strides already made this year."
Zillow's November Real Estate Market Reports showed home values up 6 percent from November 2013 to a Zillow® Home Value Index (ZHVI)i of $177,600. Looking ahead, as more homes come on the market, growth in home values is expected to slow, to a 2.4 percent pace through November 2015, according to the Zillow Home Value Forecast. There were 11.8 percent more homes for sale in November 2014 than a year prior, but inventory fell slightly in many major markets from October to November.
Among major markets, home values were up the most year-over-year in Miami (13.6 percent), Atlanta (12.8 percent), Houston (11.9 percent), Orlando (11.9 percent), and Las Vegas (11.5 percent). Values were higher than last November in almost every major U.S. metro.
National rents were up in November from a year ago, up 3.4 percent to a Zillow Rent Index (ZRI) of $1,342.
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Americans are becoming more optimistic about the economy, but consumer confidence toward the housing market is lagging, according to results from Fannie Mae’s December 2014 National Housing Survey™. Likely bolstered by a strengthening employment sector, the share of consumers who believe the economy is headed in the right direction improved by 5 percentage points to 41 percent. Those citing that the economy is heading in the wrong direction declined to 51 percent, the fifth consecutive monthly decrease. However, although the share of respondents who think it would be easy to get a mortgage today increased to 52 percent, tying the all-time survey high, the share who say their household income is significantly higher than it was 12 months ago has remained flat at 25 percent.
“Despite consistent and robust job growth in recent months, consumer attitudes toward housing remained cautious in the final month of 2014,” says Doug Duncan, senior vice president and chief economist at Fannie Mae. “Our survey results show that consumer housing sentiment has, on average, been moving sideways amid some improvement in the general view of the economy. It is not surprising that the housing sector continues to lag behind the rest of the economy given the long-term financial commitment that getting a mortgage represents. Many prospective homebuyers want to be certain that their personal finances can withstand potential downside risks to the economy.”
“One notable result in the December survey is that the share of consumers believing that it would be easy to get a mortgage exceeds those saying it would be more difficult to get a mortgage by the widest amount in the survey’s history,” says Duncan. “While this is a welcome signal, softness in consumer attitudes that drive housing demand will make for a subdued recovery and should persist absent more meaningful and sustained gains in household income.”
Homeownership and Renting
- The average 12-month home price change expectation fell to 2.3 percent.
- The share of respondents who say home prices will go up in the next 12 months rose to 46 percent. The share who say home prices will go down increased to 8 percent.
- The share of respondents who say mortgage rates will go up in the next 12 months rose by 3 percentage points to 48 percent.
- Those who say it is a good time to buy a house fell to 64 percent. Those who say it is a good time to sell increased by 1 percentage point to 40 percent.
- The average 12-month rental price change expectation increased to 4.1 percent.
- The percentage of respondents who expect home rental prices to go up in the next 12 months remained at 53 percent.
- The share of respondents who think it would be easy to get a home mortgage today increased to 52 percent—equaling an all-time survey high—while the share saying it would be difficult to get a mortgage dropped to 44 percent—a survey low.
- The share who say they would buy if they were going to move fell to 61 percent—an all-time survey low—while the share who would rent increased 3 percentage points to 34 percent.
The Economy and Household Finances
- The share of respondents who say the economy is on the right track increased by 5 percentage points to 41 percent.
- The percentage of respondents who expect their personal financial situation to get better over the next 12 months decreased to 45 percent.
- The share of respondents who say their household income is significantly higher than it was 12 months ago remained at 25 percent.
- The share of respondents who say their household expenses are significantly higher than they were 12 months decreased to 34 percent.
For more information, visit http://www.fanniemae.com/progress.
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Virginia's 2015 winter storm has been fun for us all! Its timing couldn't have been better as it piggy-backed upon the 3-day President's Day weekend. Schools are out, evening activities and commitments are canceled and many businesses are allowing employees to work from home. Needless to say, everyone is enjoying some much-needed family time, outdoor frolicking, a break from commuting and general relaxed schedules.
Before you know it, there's melting snow puddles and heaps of wet towels, boots, jackets and gloves all over the floor. Kids, parents and pets are getting restless. Time to dig out the cars, throw down the salt and kitty litter, and head to the store for ANYTHING BUT milk, bread, eggs and toilet paper.
There's something about inclement weather and being cooped-up for extended amounts of time that really gets folks thinking about their living situation. The location of where you live, the lay-out of your floor plan or lacking features that weren't that big of a deal seem to become more important by the day. Your “it'll do for now” mentality of the past few years just isn't “doing it” any longer. Maybe rent is going up or your landlord is putting the house on the market soon. The kids have all grown and moved out or you've just made your last tuition payment. There's another baby on the way or you received orders /a job transfer. The commute is just getting to be too far or you finally received a promotion. You've ready to retire or you've just landed your first job. Perhaps you've gotten married and know it's time to sell one of the properties. Think it's just a case of cabin fever?
Guess again! These are all symptoms of PUHD, commonly referred to as “ pent-up housing demand”. And believe us, it's an epidemic throughout our local real estate market.
Lately, our team has been inundated by calls from past clients, other homeowners and potential buyers! Sellers are encouraged by rising values and are more than ready to address their own pent-up housing demands! Similarly, buyers are tired of rising rental rates and keep hearing from others that mortgage rates are still at an all-time low. Better yet, many of the strict lending qualification guidelines have soften and FHA mortgage insurance rates have dropped. Now that the required 2-3 years has elapsed, mortgages are available once again to those who's credit was previously effected by a foreclosure or short sale. Without a doubt, we're listing some great properties and working with several buyers in search of a home!
Are you or someone you know showing symptoms of PUHD? Contact The Melton Team immediately; the remedy is just a phone call or email away!
Note: Erin Melton and Cindy Matchinis are licensed to sell real estate in Virginia. Please consult a loan officer or mortgage company regarding specifics lending guidelines, qualifications and current mortgage rates.
By Keith Loria
Buying or selling a home is a decision that shouldn’t be taken lightly. Whether you’re simply looking for a change of scenery or considering a cross country move so that you can be closer to a significant other, you’ll want to ask yourself the following questions before making the decision to move—whether it’s down the road or across state lines.
1. Why do I want to move? Maybe you’re bored with your lifestyle and want to try living in a new place or you just need a change of scenery. But before you do something drastic, make a list of the pros and cons associated with leaving the area where you currently reside. Deciding to sell on a whim could be a decision you end up paying for long into the future, so make sure you really think about what moving means and how it will affect your life going forward.
2. Do I have to move? Is your job relocating you? Have you met the man or woman of your dreams? Can you no longer afford to make your mortgage payments? While some of these reasons may be more practical than others, make sure you explore every possibility before putting your house on the market. If you’re considering moving for a new job, how certain are you that the position is going to be permanent? Is your reason for moving financially based? If so, have you looked into refinancing or borrowing from another source? Whatever the reason may be, make sure you explore all your options before making a decision.
3. Is now a good time to move? Before you make the decision to move, it’s important that you understand what the housing market is like in your area. Check to see what houses have been selling for and compare comps to find out what direction the market is moving. If time isn’t an issue and you’re simply looking for a change of scenery, you can always wait out the market.
4. Should I rent? Perhaps you aren’t 100 percent sure that leaving is what you really want to do. If this is the case, consider renting out your home for a year so you can continue to pay the mortgage and see where your life takes you over the next 12 months. You might decide that you miss the neighborhood and the closeness to the city or suburbs, and this scenario allows you to easily go back.
5. How should I sell my home? While some people try to sell a home on their own, studies show that selling with the help of a qualified real estate agent will get you a better price and a quicker deal. Interview a few local agents and ask around to see if your friends, family and neighbors have any recommendations.
For more information about listing your home, contact our office today.
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Welcome! We are delighted that you found us. Once you start searching, we're confident you won't want to leave! Tidehomes.com has been a one-stop shop for Richmond, Williamsburg and Hampton Roads Virginia real estate since 2001!
From day 1, our team's mission to provide an ultra user-friendly home search, warm customer service, prompt responses and excellent results has remained unchanged!
If you'd like to see how we've evolved over the years, visit our trip down Memory Lane page.
Your home should be a place of refuge.
- Dreaming of your very own home? Quit paying rent and get out the moving boxes!
- Is your family growing? Time to call The Melton Team so we can help you find the larger home you need for your new addition!
- Empty-nesters? We'll help you with all your downsizing real estate needs, both buying and selling!
- Wanting to build your own home? The Melton Team is here to help you find the perfect lot or community for your custom home!
- Needing to relocate? Call The Melton Team for all your relocation needs! We can get your Hampton Roads home SOLD & find you an agent in your next town!
- Needing a home for your young adults? Stop paying expensive room and board! Allow us to help you find the right home for them and future investment property for you!
Call or email us today!
757-784-1358 | email@example.com
We'd be honored to help you find your perfect home!
Yorktown includes includes more established, very nice neighborhoods, and a good selection of waterfront property. Search for Yorktown Homes and other Virginia real estate in the Newport News, Virginia area using only the newest listings. We also have a neighborhood search page for Homes in York County, VA, or you can just give us a call and we'll do the legwork for you.
Home to Colonial Williamsburg, William and Mary and many neighborhoods that resonate with historical charm. Search for Williamsburg Homes and other Virginia real estate in the Hampton Roads, Virginia area using only the newest listings. We also have a neighborhood search page for Homes in Williamsburg, VA, or you can just give us a call and we'll do the legwork for you.
A hotspot for bayview homes and popular beaches such as Grandview and Buckroe. Search for Hampton Homes and other Virginia real estate in the Peninsula area of Virginia area using only the newest listings. We also have a neighborhood search page for Homes in Hampton VA, or you can just give us a call and we'll do the legwork for you.
Newport News sits between the James River and York County. Known as the Peninsula's anchor. Search for Newport News Homes and other Virginia real estate in the Hampton Roads, Virginia area using only the newest listings. We also have a neighborhood search page for Homes in Newport News, VA, or you can just give us a call and we'll do the legwork for you.
Also called Bull Island City, Poquoson is a perfect mix of small town hospitality and Luxury Waterfront living. Search for Poquoson Homes and other Virginia real estate in the Newport News, Virginia area using only the newest listings. We also have a neighborhood search page for Homes in Poquoson, VA, or you can just give us a call and we'll do the legwork for you.
Gloucester is a rural area with great access to the Chesapeake Bay and York River. Search for Gloucester Homes and other Virginia real estate in the Peninsula area of VA using only the newest listings. We also have a neighborhood search page for Homes in Gloucester, VA, or you can just give us a call and we'll do the legwork for you.
On the fence about purchasing a home? We've been in your shoes!
Like so many of you, our family PCS'ed to Hampton Roads & didn't know the area well. At the time, we were living on a SrA's salary w/ two kids (one school-aged), two pets and no real estate experience. We had resided in base housing at our two previous bases and had every intention of taking the first quarters offered to us. But after seeing what was available without a long wait, it was obvious that just wasn't an option. Frantically, we looked for rentals on the economy. Between the limited properties in good condition that permitted a large dog, additional pet fees and expensive monthly rent amounts, what were we to do? So, we decided to buy our first home.
Without a doubt, purchasing a townhouse of our own was one of the best decisions we ever made! Not only were we able to select a home that suited our needs but the neighborhood w/ amenities and schools that we desired! We painted, decorated & landscaped without having to ask permission. Better yet, we knew we had invested in our future and weren't just paying someone else's mortgage. The stability of a consistant, fixed rate mortgage rather than yearly rental rate increases was comforting. Being able to deduct our mortgage interest at tax time was an added bonus!
Granted, a first home will probably not be your dream home. However, owning a home is a proud and memorable milestone! We'd be honored to help you make this big step!
Read on to see how we've helped other 1st time buyers like yourselves!
The Melton Team has been a life saver for our family! They helped us purchase our first home. When it came time to PCS, they helped us list & sell as well! They made sure we were abreast of every step taken throughout the entire process. That set the foundation of a trusting relationship. They are like family, they always stayed in touch and made sure we were happy. Their dedication, tenacity, and compassion has not gone un-noticed or unappreciated. Any one we know of that is moving in the Virginia area, we always give them "The Melton Team's" card because we know they will be taken care of. We only wish everyone could have a "Melton Team.
Tsgt. Vyron and Calandra Folds
You never get a second chance to make a first impression. Your home is no different. It is a reflection of you and your family. If your home looks ugly, sloppy and dirty; I've got bad news for you! It's time to clean it up and make it look inviting. So where do you start and what do you do?
The first thing you should do is clean! Nothing is better than soap, water and a little elbow grease. Some homes will literrally be transformed with a little soap and a power washing. You can rent a power washer for a day and just go to town! Wash the house, the porch, driveway and the deck or patio. You'll be amazed at the difference! REALTORS® say washing a house can add $10,000 to $15,000 to the sale prices of some houses. Say you cleaned everything in sight and your home still doesn't look good? Time to either paint or change the siding. This can be an expensive endevour so be careful. Good paint can really go a long way. Resist the urge to transform the color and get creative. When you start changing colors, you'll undoubtedly be picking colors that you like. The problem is, a buyer is not you! Appraisers will actually devalue a home if it looks odd or stands out from the other homes.
Pay close attention to all of the general maintenance that has been neglected over the years. Straighten crooked shutters, spruce up your mailbox, fix cracks in the driveway, loose fencing, etc. You don't want potential buyers walking up to your home and noticing neglect. That is a terrible impression to start off with.
Once your home is clean and presentable, it's time to add a little color. This is where you can get a little bit creative. Some quick and easy things to do are:
- Plant a few flowers in the front. Don't go crazy with colors, just get two colors and stick with them.
- Hanging baskets of any kind can really brighten up a front porch. Just hang them up and give them a little water when they need it.
- Garden stakes that hold hanging baskets are another easy way to give your home that extra touch.
- A seasonal flag would look nice on some homes. If you don't want to get a full sized flag just get one of the little flag holders that stick into the ground and hold the mini vertical flags.
Remember, you only get one shot. Make the best of it. Get out there and put a weekend's worth of work into the exterior of your home and you'll be amazed at your accomplishments.
When you're ready to buy or sell a home, give Erin a call: 757-784-1358 or email: firstname.lastname@example.org
The best thing you can do for your home is increase the curb appeal. I can't tell you how many times I'm showing houses in the Hampton Roads Virginia area and drive up to a messy front yard. Many times the prospective buyers just say "next" and we move on. How you take care of the outside, tells a lot about how you take care of the inside. The ideas for a little spruce-up are absolutely endless and the budget can be as well. Only do what you are comfortable with, but do something! If you need ideas or inspiration try something like Pinterest or Houzz. Both sites will give you more ideas than you could ever need. The most important aspect of any curb appeal project is the front yard.
Here is my list of the easiest and cheapest way to give your front yard a little spruce up.
- Mulch: Mulching your yard is one of the best values you can add. It's relatively inexpensive and can easily be completed in one day. Bags are much easier if you just have a small area to do but they tend to be double to triple the cost of delivered yards of mulch. Besure to either pick or spray weeds prior to laying down your mulch.
- Lawn: Many homeowners just cut the grass and call it a day. For the most part, this is okay but not when you are trying to get the most out of the look of your home. Grass grows over driveways, paths, beds, curbs, etc. Time to get out the trimmer and go to work! Clean it up, edge it and spray down the areas that have had grass and dirt on them. While you're at it put down some ready to spray weed and feed. If you have nothing but crabgrass and weeds then just get some nitrogen feed without the weed killer. Green weeds are better than nothing. If it is past the heat of summer you can rent an aerator to aerate and overseed your lawn. Read the label and apply seed after you've aerated the lawn. The crabgrass and weeds will start to go dormant and allow the grass to grow. The following spring be sure to put down a crabgrass preventative so it doesn't come back!
- Bushes and Shrubs: Trim all of your bushes but don't go crazy if it's summer time. A little evening up can go a long way; you don't need to give everything a buzz cut!
- Flowers: If you are anything like us, flowers don't live long in your care! :) We're terrible with flowers but there are some easy ones. Petunias in the summer and pansies in the fall and spring are the two easiest flowers to care for. Buy a couple hanging baskets and hang them on the porch or on a stake in the mulched area. A little color will go a long way!