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  • About
    • Meet the Team
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buying and selling doesn't have to be hard.

Latest Jobs Report: What Does It Mean for You & the Housing Market?

4/30/2021

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Latest Jobs Report: What Does It Mean for You & the Housing Market?

Last Friday, the Bureau of Labor Statistics released a very encouraging jobs report. The economy gained 916,000 jobs in March – well above expert projections of 650,000 to 675,000. The unemployment rate fell again and is now at 6%.
What does this mean for you?Our lives are deeply impacted by our nation’s economy. The better the economy is doing overall, the better most individuals in the country will do as well. Here’s a look at what four experts told the Wall Street Journal after reviewing last week’s report.
Michael Feroli, JPMorgan Chase:"The powerful tailwind of the reopening of economic activity appears to be gathering force; while the level of employment last month was still 8.4 million positions below that which prevailed before the pandemic, it is reasonable to expect that a majority of those lost jobs will be recouped in coming months."

Mike Fratantoni, Mortgage Bankers Association:"We fully expect that this pace of job gains will continue for months, and anticipate that the unemployment rate, now at 6%, will be well below 5% by the end of the year."

Paul Ashworth, Capital Economics:"With the vaccination program likely to reach critical mass within the next couple of months and the next round of fiscal stimulus providing a big boost, there is finally real light at the end of the tunnel."

Jason Schenker, Prestige Economics:"People are getting back to work and the vaccine isn't just inoculating the population, it's clearly inoculating the economy."

What does this mean for residential real estate?Today, the biggest challenge for homebuyers is the lack of homes currently for sale. With listing inventory down 52% from a year ago, bidding wars are skyrocketing. As a result, home prices are climbing.
One answer to this challenge is to build more homes to satisfy the demand. The latest jobs report gives hope for new housing construction, and therefore brings hope to buyers as well. Here’s what three industry economists said about the increase in construction jobs revealed in the report:
Lawrence Yun, Chief Economist, National Association of Realtors:"Construction jobs boomed in March, one of the largest monthly gains ever. This raises the prospect for more home building and more inventory reaching the market in the upcoming months. The housing market has been hot with fast rising home prices but has been constrained by a lack of supply. By hiring more workers and building more homes, home prices will move to a manageable level to give more Americans a shot at ownership.”

Odeta Kushi, Deputy Chief Economist, First American:“Great jobs report for a housing market in an inventory crisis. Residential construction building jobs increased 3.9% from pre-2020 recession peak in Feb. 2020. The construction industry remains a labor-intensive industry. We need more hammers at work to build more homes.”

Robert Dietz, Chief Economist, National Association of Home Builders:“Good job numbers in March for residential construction. 37,000 gain from Feb to March. 3.03 million total employment for home builders and remodelers, and up 49,100 from Jan 2020.”
Bottom LineAn improving economy with a falling unemployment rate will benefit households across the country, as well as the overall housing market.
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Don't Get Fooled into Selling Your House on Your Own

4/26/2021

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A Kitchen Remodel Worksheet to Help You Cut Costs

4/23/2021

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  • White kitchen mid remodel with blue cabinets being installed

    A Kitchen Remodel Worksheet to Help You Cut Costs

    Find out how much it costs to remodel a kitchen, item by item, so you never spend more than you need to. Read

Visit houselogic.com for more articles like this.

© Copyright 2021 NATIONAL ASSOCIATION OF REALTORS®

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Your Tax Refund and Stimulus Savings May Help You Achieve Homeownership This Year

4/21/2021

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Your Tax Refund and Stimulus Savings May Help You Achieve Homeownership This Year

If you’re planning to buy a home this year, saving for a down payment is one of the most important steps in the process. One of the best ways to jumpstart your savings is by starting with the help of your tax refund.
Using data from the Internal Revenue Service (IRS), it’s estimated that Americans can expect an average refund of $2,925 when filing their taxes this year. The map below shows the average anticipated tax refund by state:Thanks to programs from the Federal Housing Authority, Freddie Mac, and Fannie Mae, many first-time buyers can purchase a home with as little as 3% down. In addition, Veterans Affairs Loans allow many veterans to put 0% down. You may have heard the common myth that you need to put 20% down when you buy a home, but thankfully for most homebuyers, a 20% down payment isn’t actually required. It’s important to work with your real estate professional and your lender to understand all of your options.
How can your tax refund help?If you’re a first-time buyer, your tax refund may cover more of a down payment than you realize.
If you take into account the median home sale price by state, the map below shows the percentage of a 3% down payment that’s covered by the average anticipated tax refund:The darker the blue, the closer your tax refund gets you to homeownership when you qualify for one of the low down payment programs. Maybe this is the year to plan ahead and put your tax refund toward the down payment on a home.
Not enough money from your tax return? A recent paper from the National Bureau of Economic Research found that, of the households that received a stimulus check last year, “One third report that they primarily saved the stimulus money.” If you had the opportunity to save your Economic Impact Payments, you may consider putting that money toward your down payment or closing costs as well. Your trusted real estate professional can also advise you on the down payment assistance programs available in your area.
Bottom LineSaving for a down payment can seem like a daunting task, but it doesn’t have to be. This year, your tax refund and your stimulus savings could add up big when it comes to reaching your homeownership goals.
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8 Easy Mistakes Homeowners Make on Their Taxes

4/19/2021

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  • 8 Easy Mistakes Homeowners Make on Their Taxes

    Don’t rouse the IRS or pay more taxes than necessary — know the score to avoid common tax mistakes. Read

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© Copyright 2021 NATIONAL ASSOCIATION OF REALTORS®

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4 Bottom-Line Tips to Decide: What Is the Value of My Home?

4/16/2021

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  • 4 Bottom-Line Tips to Decide: What Is the Value of My Home?

    Here’s how to price your home to sell fast. Read

Visit houselogic.com for more articles like this.

© Copyright 2021 NATIONAL ASSOCIATION OF REALTORS®

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Expert Insights on the Budding Spring Housing Market

4/14/2021

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Hey, Buyers: These Home Appraisal Tips Are for You

4/12/2021

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  • Hey, Buyers: These Home Appraisal Tips Are for You

    What to expect, when to negotiate, and how to deal when things don’t go your way. Read

Visit houselogic.com for more articles like this.

© Copyright 2021 NATIONAL ASSOCIATION OF REALTORS®

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What to Do About Dinner When Your Kitchen Is Being Remodeled

4/9/2021

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  • What to Do About Dinner When Your Kitchen Is Being Remodeled

    Create a temporary kitchen. Here are 7 tips for setting one up. Read

Visit houselogic.com for more articles like this.

© Copyright 2021 NATIONAL ASSOCIATION OF REALTORS®

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8 Simple Rules for Negotiating Your Offer and Getting That House

4/7/2021

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  • 8 Simple Rules for Negotiating Your Offer and Getting That House

    You and your agent are going to use everything you’ve learned to seal the deal. Read

Visit houselogic.com for more articles like this.

© Copyright 2021 NATIONAL ASSOCIATION OF REALTORS®

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