ARAMCO Report - The Mother of ALL Mortgage Blogs!

Housing market shifting in favor of buyers

Posted by Mehran Aram on Sat, Jun 8, 2019 @ 08:06 AM

After years of record low inventory levels, an influx of homes on the market is helping solidify speculation made by experts that 2019 may be the year the housing market finally shifts in favor of buyers. As mortgage rates decline, homeowners are seeing an opportunity to move and listing their home for sale.

“The U.S. housing market has largely favored sellers over the last several years as a result of the record-breaking low inventory and red-hot demand that led to intense competition and fast-rising home prices,” said Realtor.com’s Chief Economist Danielle Hale. “Slowing sales and growing inventories have caused supply to increase in many markets across the country.”

With more homes expected to be listed for sale this summer, the prevalence of bidding wars that have been seen in previous years is likely to be lessened.

Today, conforming no-point 30-year fixed mortgage rates are averaging 3.875 percent and 15-year rates are near 3.375 percent..

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: home sales, Housing Market, National Association of Realtors, Mortgage rates, Realtor.com, U.S. Housing Market, National Housing Market

Apps for a stress-free moving day

Posted by Mehran Aram on Wed, May 15, 2019 @ 05:05 AM

As excited as you are to finally get the keys to your new home, the dark cloud of needing to move is hanging over your head. It’s the feeling many people get that comes from the headache and stress of packing all your belongings and moving them to a new place. This is when technology can come to the rescue.

Realtor.com compiled a list of helpful smartphone apps that can help those who are moving save money, time and take the stress out of relocating. Sortly is an app that allows movers to compartmentalize every inch of their home and create a simple moving checklist which can be sent directly to your moving company. Speaking of which, Unpakt can take the guess work out of finding the right moving company and Dolly can help you find a team to help you unpack.

With this kind of digital help, it can help minimize the feeling of panic when moving day arrives and replace it with excitement.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: National Association of Realtors, Mortgage rates, Realtor.com, Smartphone, Apps, Moving

Green living impacting housing market

Posted by Mehran Aram on Sun, May 5, 2019 @ 07:05 AM

It used to be a jetted tub or a kitchen island that caught the eye of home buyers but a new analysis shows that having a place to plug in your electric car is a main selling point for some. Realtor.com conducted a study of home values in relation to their proximity to electric-vehicle charging stations and found that homes closer to such stations commanded higher prices.

The study found that the nations most expensive zip codes are also the most accommodating to electric vehicles by volume of charging stations.

“Our data shows there’s definitely a link between the prevalence of electric-vehicle charging stations and higher home prices,” said Danielle Hale, chief economist at Realtor.com. She notes however the difference between correlation and causation saying “wealthier homeowners are more likely to purchase expensive electric vehicles”.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: Electric Car, home values, Mortgage rates, Realtor.com, Green Living, Eco Friendly, Charging Stations

Home prices reach record high

Posted by Mehran Aram on Sun, Apr 7, 2019 @ 10:04 AM

The average list price for a home in the U.S. has reached $300,000 for the first time according to Realtor.com’s Housing Trend Report.

“The typical U.S. home list price has set a new high right on the cusp of the spring homebuying season,” said Realtor.com Chief Economist Danielle Hale. “Home prices will likely continue to set new records later this year.”

Despite recent increases in the supply of homes for sale, housing shortages continue to drive up prices. With much speculation that conditions are shifting towards favoring buyers, many sellers are taking a wait-and-see approach when considering listing their home.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: home prices, Mortgage rates, Realtor.com, housing shortage, Homes for Sale, average list price, Housing Trends

ARAMCO Report - Tuesday June 2, 2015

Posted by The Aramco Group on Tue, Jun 2, 2015 @ 19:06 PM

Homeowners overvalue their homes 

Homeowners may be overly optimistic when estimating the value of their homes according to a new study.

The results of an examination published in the Journal of Housing Economics presented evidence from across the country that homeowners overestimate the value of their properties by around 8 percent on average.

The authors of the study found that nearly all homeowners overvalue their homes, and overestimations ranged from 3.4 percent to 12.7 percent. The researchers concluded that the cause was often due owners’ miscalculating the amount their homes appreciated over time.

This is something to keep in the back of one’s mind while attempting to buy or sell a home in the hot San Diego market. Realtor.com ranked the San Diego metro area as the 11th hottest housing market in the country in May. They looked the 300 largest metro areas, and they based their grades on two factors: demand, measured by how many people looked at each listing, and supply measured by how fresh or stale listings were in each area.

People looking to purchase a home or refinance their mortgage will find that conforming no point 30-year mortgage rates average 3.875 percent while 15-year rates average 3.125 percent.

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942. This is Mehran Aram with today's ARAMCO Report.

Topics: home prices, 30 year fixed rates, home price appreciation, Realtor.com, Journal of Housing Economics