The real estate market is soaring today. Residential home values are rising, and that’s a big win for homeowners. In 2020, there was a double-digit increase in home values – a trend that’s expected to head toward similar levels this year.

However, skyrocketing prices are causing some to start questioning affordability in the current housing market. Many are quick to emphasize the fact that homes today are less affordable than they were last year. Black Knight, a leading provider of data and analytics across the homeownership life cycle, just reported on the issue.

The findings show the historical averages of the national payment to income ratio, which they define as “the share of the median income needed to make the monthly payments on the median-priced home.” Their study reveals:


The average over the last 25 years was 23.6%



The average over the last 5 years was 20.1%



The average today stands at 20.5% ...

A worldwide pandemic and an economic recession have had a tremendous effect on the nation. The uncertainty brought about by both has made predicting consumer behavior nearly impossible. For that reason, forecasting home prices has become extremely difficult.

Normally, there’s a simple formula to determine the future price of any item: calculate the supply of that item in ratio to the demand for that item. In housing right now, demand far exceeds supply. Mortgage applications to buy a home just rose to the highest level in 11 years while inventory of homes for sale is at (or near) an all-time low. That would usually indicate strong appreciation for home values as we move throughout the year.

Some experts, however, are not convinced the current rush of purchasers is sustainable. Ralph McLaughlin, Chief Economist at Haus, explained in their June 2020 Hausing Market Forecast why there is concern:


“The upswing that we’ll see th ...

It's no secret that spending a few hours beautifying your house can go a long way toward a quick sale at top dollar. Taking the time now to look at several key areas will result in a dramatic increase in serious buyers.
These few steps are a must for any home seller to follow:
1. Take a walk through your house with a "buyer's" perspective. Is the house warm and inviting, or does it look run-down, old, and cluttered? Is the front entrance clean, painted and does it make the best first impression?
2. Touch-up paint in all rooms. If the existing paint is especially unsightly, paint the entire room with a neutral color. This allows buyers to create their own "landscape" of how they would fill the room.
3. Kitchen and Bathrooms. The most examined rooms in the house are the kitchen and the bathrooms. Make sure these rooms shine by removing all clutter, caulking around sinks and tubs, and cleaning all fixtures. Dripping faucets are easy to fix yourself.
4. Prepare for a showing the s; ...