Sold Out: These 10 U.S. Cities Have the Biggest Housing Shortages

top-10-markets-feeling-the-crunch

It’s a parched, scorching desert out there for many U.S. home buyers. For the past 28 months, the housing market has been defined not just by demand—which remains sky-high in many parts of the nation—but also by the shrinking number of available homes for sale. So what are the signposts of a tighter-than-tight marketplace? Buyers are jumping on realtor.com® listings within seconds of their initial postings. Wanna-be homeowners are burrowing themselves into ever-scarcer, ever-busier open houses and going a little mad trying to get in the first bid. Real estate agents are knocking on hundreds of doors just to squeeze out one more listing.

And who are the biggest losers in such a skintight, depleted market? First-time buyers with limited budgets, of course.

Read the article on realtor.com® and see where Seattle ranks…

Predictions Roll in: 2017 Housing Forecasts

Thoughts

We can expect a hot year for home sales in 2017, according to recent forecasts from the National Association of REALTORS®, the Mortgage Bankers’ Association, Freddie Mac and Fannie Mae, and more.

NAR is predicting existing-home sales to reach 6 million in 2017, higher than its 5.8 million forecast for this year. But other entities are even more bullish. MBA is predicting home sales to eclipse 6.5 million next year, while Fannie Mae and Freddie Mac are both predicting 6.2 million.

A huge wave of Generation Yers, who have delayed home buying, are emerging into their key buying years. They are predicted to keep home sales and condo sales strong well into 2020, according to economists.

The top markets for price appreciation likely will be in Seattle, Wash.; Portland, Ore.; Denver, Colo.; and Boston, predicts Eric Fox, vice president of statistical and economic modeling at VeroForecast. These markets’ robust economies have growing populations but a tight supply of homes for sale on the market that will likely lead to some of the largest price increases across the country.

Meanwhile, new-home construction starts likely will tick up to about 1.5 million per year to 2024, predicts Forisk Research.

Home builders likely will continue to be more subdued, despite calls for more inventory.

“Home builders behavior likely is a continuing echo of their experience during the crash,” Pantheon Macro Chief Economist Ian Shepherdson told MarketWatch. “No one wants to be caught with excess inventory during a sudden downshift in demand. In this cycle, the pursuit of market share and volumes is less important than profitability and balance sheet resistance.”

Source: REALTORmag

10 Top Cities for Dog Lovers

Dog

A whopping 54.4 million households – or 44 percent – own at least one dog, according to the 2015-2016 American Pet Products Association survey. That trumps the 35 percent of cat-owning households.

Americans sure do love their pets. In fact, spending on pets has doubled from 2001 to 2015, up from $28.5 billion to $60.28 billion, according to the APPA.

In some cities, the number of dog owners, in particular, is growing. Realtor.com®’s research team sniffed out the 10 best cities for dogs, factoring in the percentage of households that own a dog as well as the number of dog parks and trails, dog-friendly restaurants, pet stores, and dog walkers.

Check out which cities go to the pooches and how Seattle ranks…

The 10 Best Markets for Millennials

Home

The road to home ownership has been a struggle for many young adults, mostly due to financial obstacles. However, some millennials may find more luck in less expensive metro areas that also have steady job growth and lower qualifying incomes necessary to purchase a home.

NAR recently analyzed employment gains, population trends, income levels, and housing conditions among the 100 largest metro areas to pinpoint the best purchase markets for millennial home buyers.

Read the article and see where Seattle lands on the list…

Cities to Watch: 2016’s Fastest-Growing Places

United States

The South and West score big in a new Forbes list of the fastest-growing cities. Factors in the Forbes analysis include population, economic and job growth, and median pay for college-educated workers. Find out where Seattle lands and who rocks the top 10!

The 25 strongest and weakest housing markets for 2016

United States

With the new year, it’s still not too late to identify where the strongest and weakest U.S. housing markets will be in 2016.

A new report from Veros Real Estate Solutions, a provider of enterprise risk management, collateral valuation services and predictive analytics, shows the vitality and expected market changes of the U.S. residential market for 2016.

The recently released VeroFORECAST quarterly national real estate market forecast for the 12-month period ending Dec. 1, 2016 shows where housing will be hot in 2016 and where it will be not so hot.

In all the top forecast markets, Veros’ report shows an appreciation in the 10% range, especially in the Pacific Northwest, such as California, Washington and Oregon. Popular housing markets in Texas like Dallas and Austin also made the list.

Read the full story…

Seattle home price increase ties for No. 1 in U.S.

For Sale and Sold

Seattle is tied for having the nation’s fastest-rising home prices, according to the latest data from S&P/Case-Shiller.

The Seattle area tied with San Francisco and Tampa, Florida for posting biggest increase between September and October, at 1.3 percent, according to the data released Tuesday.

The index measures the nation’s top 20 metros. Year-over-year, Seattle home prices were 8.8 percent higher in October than in October 2014. That put Seattle fifth, behind only San Francisco, Portland and Denver (all 10.9 percent) and Dallas (9.3 percent).

Read the article…