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Are we heading toward another housing bubble?

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According to a recent article on Keeping Current Matters, many experts have weighed in and agree:  we’re not headed for another crisis. The housing crisis of 2006-2008 was caused by poor lending practices which have since been cleaned up, and the financial turmoil present 10 years ago does not factor into today’s real estate market.

While median home prices have been steadily increasing this year, and a good many of the nation’s metropolitan areas experiencing record appreciation, it’s only natural to be concerned about another possible recession a decade after the biggest housing collapse in America’s history. We will most likely experience a shift from the rapid growth and appreciation that we are currently experiencing as the market corrects itself, but it won’t be a “burst”. Locally, we have never experienced a burst and although some buyers were unfortunately encouraged to overpay, our personal belief is that most local homeowners should not be affected by a bigger national shift.

Is it the right time for you to buy? It’s a personal issue we can’t answer for you. Start by thinking about these questions:  Am I comfortable with a mortgage payment? Would I still be okay with the payment if the market did correct in the future? Contact us with any other questions that come up!

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Changes in the Town of Amherst

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The Town of Amherst has recently announced that effective October 30, 2017, homes constructed before 1975 will require an inspection of the sanitary sewer connections, prior to the transfer of title. The inspections will be of sump pump systems, interior floor drains, footing drains, yard drains, roof drains and downspouts, catch basins and parking lot drains. Amherst joins the towns of Cheektowaga and Tonawanda, who have recently initiated similar code amendments. 

If you live in Amherst and are thinking about selling your home, you will be required to have an inspection completed by the Town of Amherst Engineering Department. Possible outcomes might mean the installation or repair of a sump pump, installation of interior floor, yard or roof drains; and other remediation for storm drainage. The hope is to reduce some of the flooding and sewer backups in the system. 

There is also some responsibility if you are planning on purchasing a home in Amherst; you will need to set aside money in escrow, which will be returned to you if corrections are completed within the timeframe set aside in the contract. 

If you have any questions, don't hesitate to contact us. 

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Housing demand continues to surpass inventory

A recent article published on RISmedia.com tells us that inventory is now at its lowest in 20 years! There are many reasons why, but according to a new survey by realtor.com, 63% of the homeowners polled are happy where they are - whether they have recently purchased their home, have plans to upgrade their current home, or they don't want to give up their current low interest rate. 

Many are also hesitant to sell knowing how few homes are available, even if they stand to make a decent profit on their home. However, 35% of millennial homeowners polled are planning on listing their homes within the next year, which could give the market a healthy boost. 

If you've been thinking about selling your home, now is the time to get it on the market! Contact us for a full market analysis!

 

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Intimidated by buying a home as a single person? [RE/MAX First Flight/Launchpad]

The shift from being a renter to a homeowner as a single person can be challenging since you must rely on yourself to understand everything from finding the right house to actually paying for it. But it is something doable even in today’s tougher lending world.

Are you single and ready to mingle (with some potential dream homes)? This is the guide for you.

Are you looking for information on homebuying? Check out the RE/MAX social magazine, First Flight | Launchpad here. 

 

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What NOT to do when starting your home search [RE/MAX First Flight/Launchpad]

If you're thinking about purchasing your first home, it's tempting to dive right in and start looking at houses. But before you dedicate your Saturday to visiting every open house in the city, you need to know what you're looking for. Otherwise, the process of shopping for a home is likely to be long and frustrating. Ill-prepared and uninformed buyers will find it more difficult to discover the home that's right for them, much less get to the stage where they're ready to make an offer on a property.

Mistakes are great teachers, but they don’t have to be *your* mistakes. Click here for the full article and get the scoop on what not to do when looking for a home.

Are you looking for information on homebuying? Check out the RE/MAX social magazine, First Flight | Launchpad here. 

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Am I ready to buy my first home? [RE/MAX First Flight/Launchpad]

Buying a home can be exciting and nerve-wracking at the same time, especially for a first-time homebuyer -- it's difficult to know exactly what to expect. The learning curve can be steep, but most of the issues can be resolved by doing a little financial homework. As one of the largest financial decisions in a person's life, buying a home requires discretion, sensibility and budgeting.

Click here for some tips that will keep you on the right path as you look to purchase your first place. 
 

Are you looking for information on homebuying? Check out the RE/MAX social magazine, First Flight | Launchpad here. 

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Are you overwhelmed by the home buying process? [RE/MAX First Flight/Launchpad]

Let's say one morning you wake up and realize that you're ready to buy a home. You're tired of paying rent with nothing to show for it, and you figure that it's time to get into a home of your own. But you have reservations.

After all, if it's your first time, you've got questions. You might be a little nervous that you'll mess up, and it's normal to feel that way -- you are probably about to spend hundreds of thousands of dollars and make the most important financial purchase of your life.

So it pays to come into the home-buying process armed with as much information as possible.

And while there is no shortage of lists and how-to articles, there was nothing that pulled together this information in a clear and concise way. So RE/MAX has put together a new online magazine - First Flight - which was created to help first time homebuyers navigate the ever daunting task of buying a home. Click here for an article that explains the process on buying a home, from hiring an agent to closing, and find the rest of the first issue of First Flight, Launchpad, here

 

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Existing home sales are on a decline

According to the National Association of REALTORS® latest reports, existing-home sales in April showed more than a 2 percent decrease from March, but an almost 2 percent increase from one year ago. Experts say that last month’s dip in closings was somewhat expected given that there was such a strong sales increase in March, and new and existing inventory is not keeping up with the fast pace homes are coming off the market. 

Existing homes averaged only 29 days on market in April; five fewer days than in March and 10 fewer days than one year prior. This has been particularly frustrating for prospective buyers, especially first-time homebuyers, because of the insufficient number of homes for sale. With new listings, interest is immediate and multiple offers are nudging the eventual sales prices higher.

These first-time homebuyers also claimed 34 percent of existing-home sales in April, matching the highest percentage since last September. 

While existing-home sales were high in the first quarter of 2017, there is concern about the impact of low inventory on sales and prices as we move further into the peak season. If low inventory conditions continue into the summer months, buyers may feel rushed, and these increases in prices could effect affordability.

If you've been thinking about selling your home, now is the time to get it on the market! Contact us for a full market analysis on your home!

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Are you planning on buying a home this year? 

It's tough buying a home anywhere right now, due to low inventory and increasing prices, but if you are toying with the idea of buying, or are anticipating changes forcing you to move, you may want to do so sooner rather than later. 

Here are 3 reasons why you should buy a home before the end of 2017: 

- Interest rates are rising, and all signs are pointing to this trend continuing. Right now, the interest rate is just above 4%, and could easily climb to 6% by 2020. This may not seem like much, but each increase of 1% could potentially add about $100 to your monthly mortgage payment. 

- Inventory is shrinking, and experts predict this will continue. Every day you wait to start looking for a new home, you face more competition for fewer homes. 

- Home prices are still rising, increasing 5% from 2015 to 2016, and experts are predicting another 2-3% jump in 2017. While this may be great for sellers, this is not ideal for buyers. 

The good news is that if you start your home search now, you just might find a home that is right for you, before the door on 2017 closes. 

Are you thinking of buying a home soon? Now is the time! Contact us now to get started.

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