Real Estate Blog

 

Today’s Buyers Are Serious about Purchasing a Home | MyKCM

Today’s homebuyers are not just talking about their plans, they’re actively engaged in the buying process – and they’re serious about it. A recent report by the National Association of Home Builders (NAHB) indicates:

“…. Of American adults considering a future home purchase in the second quarter of 2020, about half (49%) are not simply planning it, they are actively engaged in the process to find a home. That is a significantly higher share than the comparable figure a year ago (41%), which suggests that the COVID-19 crisis and its accompanying record-low mortgage rates have converted some prospective buyers into active buyers.”

It’s no surprise that buyers are out in full force today. Many Americans now need more space to work

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Where Is the Housing Market Headed in 2020? [INFOGRAPHIC] | MyKCM

Some Highlights:

  • The housing market is forecasted to finish the year with growing strength.
  • Historically low mortgage rates are creating great potential for homebuyers, and home sales are on the rise.
  • If you’re thinking of buying or selling a home this year, let’s connect to maximize your opportunity today.
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655 Park Ave, Brookings, SD

Get Directions Click Here
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$ Click for current price
5 BEDROOMS | 2 full, 1 ¾ baths BATHROOMS | 2889 SqFt

DO YOU LIKE MONOPOLY? Who wouldn't want to live on Park Ave? Just like the game, this Ranch home is prime. Let's start with with the location, it's ok to pass GO....right next to shopping and the grocery store. FREE parking in the 3 stall garage, then go Directly to the open Kitchen & Dining Room with hardwood floors, granite counter tops & glass tile backsplash. Main Floor Laundry and 3 Bedrooms on the main level, with 2 Bedrooms in the Lower Level. Formal Dining and Living Room with a

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Home Sales Hit a Record-Setting Rebound | MyKCM

With a worldwide health crisis that drove a pause in the economy this year, the housing market was greatly impacted. Many have been eagerly awaiting some bright signs of a recovery. Based on the latest Existing Home Sales Report from the National Association of Realtors (NAR), June hit a much-anticipated record-setting rebound to ignite that spark.

According to NAR, home sales jumped 20.7% from May to a seasonally-adjusted annual rate of 4.72 million in June: 

“Existing-home sales rebounded at a record pace in June, showing strong signs of a market turnaround after three straight months of sales declines caused by the ongoing pandemic…Each of the four major regions achieved month-over-month growth.”

This significant rebound

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Two Reasons We Won’t See a Rush of Foreclosures This Fall | MyKCM

The health crisis we face as a country has led businesses all over the nation to reduce or discontinue their services altogether. This pause in the economy has greatly impacted the workforce and as a result, many people have been laid off or furloughed. Naturally, that would lead many to believe we might see a rush of foreclosures like we saw in 2008. The market today, however, is very different from 2008.

The concern of more foreclosures based on those that are out of work is one that we need to understand fully. There are two reasons we won’t see a rush of foreclosures this fall: forbearance extension options and strong homeowner equity.

1. Forbearance Extension

Forbearance, according to the Consumer Financial Protection

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Mortgage Rates Hit Record Lows for Three Consecutive Weeks | MyKCM

Over the past several weeks, Freddie Mac has reported the average 30-year fixed mortgage rate dropping to record lows, all the way down to 3.03%. Last week’s reported rate reached the lowest point in the history of the survey, which dates back to 1971 (See graph below):

What does this mean for buyers?

This is huge for homebuyers. Those currently taking advantage of the increasing affordability that comes with historically low interest rates are winning big. According to Sam Khater, Chief Economist at Freddie Mac:

“The summer is heating up as record low mortgage rates continue to spur homebuyer demand.”

In addition, move.com notes:

“Summer home buying season is off to a roaring start. As buyers flooded into the market,

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309 Eastern Ave S, Brookings, SD

Get Directions Click Here OPEN HOUSE Thu, 5:00PM to 6:30PM
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$ Click for current price
3 BEDROOMS | 1 full, 1 ¾ baths BATHROOMS | 1802 SqFt

GO EAST YOUNGMAN....to Eastern Ave. You don't have to travel far to see this rare beauty. This well taken cared for home built in 1962 sits in a cul-de-sac close to parks & shopping. In the afternoon, enjoy the warm rays of the sun coming through the large picture window in the Living Room. And on those colder nights, crank up the fireplace and kick back for the evening with a tasty beverage. This home has steel siding and a few newer, ''big

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What Are Experts Saying about Home Prices? | MyKCM

Last week, a very well-respected real estate analytics firm surprised many with their home price projection for the next twelve months. CoreLogic, in their latest Home Price Index said:

“The economic downturn that started in March 2020 is predicted to cause a 6.6% drop in the HPI by May 2021, which would be the first decrease in annual home prices in over 9 years.”

The forecast was surprising as it was strikingly different than any other projection by major analysts. Six of the other eight forecasts call for appreciation, and the two who project depreciation indicate it will be one percent or less.

Here is a graph showing all of the projections:

There’s a simple formula to determine the future price of any item: calculate

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Buyers: Are You Ready for a Bidding War? | MyKCM

With businesses reopening throughout the country and some experts indicating early signs of a much-anticipated economic recovery, more homebuyers are actively entering the housing market this summer. Today, housing is truly driving the U.S. economy forward. With so many buyers looking for homes to purchase and so few houses for sale right now, there’s a disconnect between supply and demand. This imbalance is pushing home prices upward while driving more bidding wars and multiple-offer scenarios. Danielle Hale, Chief Economist at realtor.com explains:

“People are surprised that prices are rising, not falling, because in the last recession home prices fell, the difference this time is the severe shortage of homes for sale…We are seeing

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Not All Agents Are Created Equal | MyKCM

In today’s fast-paced world where answers are just a Google search away, there are some who may question the benefits of hiring a real estate professional when selling a house. The reality is, the addition of more information can lead to more confusion. A real estate agent can be your essential guide, but truth be told, not all agents are created equal. Finding the right agent for you and your family should be your top priority when you’re ready to sell your house.

The right agent is the person who can truly walk you through the whole process, look out for your best interest, and seamlessly lead you through all the steps along the way. In today’s complex market, the way we execute real estate transactions is changing constantly, especially

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