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Greetings, hopefully 2022 is treating you well so far. Some organizations are continuing to move toward remote work through the rest of this year and possibly beyond. Are you planning to increase your investment in contract management as a result?

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Who Buys Vacation Homes And Where They Buy

Everyone, at one time or another, has dreamed of buying a vacation home. Whether it was just a temporary fantasy brought on by a particularly perfect trip or it was something more real, it's hard not to think about the joys of owning a place in your favorite town or getaway spot. But who's actually buying vacation homes and where are the most popular locations to have a house?

Well, the National Association of Realtors collects that info each year as part of their Investment and Vacation Home Buyers Survey. This year's results show that, among vacation home buyers, the South is the most popular area to buy. In fact, a full 47 percent of vacation homes bought last year were purchased in the South. The West came in second with 25 percent. Also, beach houses outpace all others, with sales more than doubling the number of homes purchased in the mountains, at a lake, or in the country.

And who's most likely to buy a vacation home? Not surprisingly, Lawrence Yun, NAR's chief economist, says older buyers. “Baby boomers at or near retirement continue to propel the demand for second homes, although headwinds softened the overall volume of vacation sales last year,” Yun said. In 2015, the median household income of a vacation home buyer was $103,700 and the property they purchased was a median distance of 200 miles away from their primary home.

More here.

Tim Stoll Real Estate 's insight:

Everyone, at one time or another, has dreamed of buying a vacation home. Whether it was just a temporary fantasy brought on by a particularly perfect trip or it was something more real.

Garage Data Shows Us Where We Park It

Having a car isn't really a choice for a lot of Americans – and even some of us that are lucky enough to choose whether or not to have a car decide to have one. Put simply, cars are a fact of life for most us. So it comes as no surprise that an analysis of Census Bureau construction data done by the National Association of Home Builders found that an increasing number of new homes have garages and the size of those garages is also on the rise. For example, the share of homes with a three or more car garage jumped from 11 percent in 1992 to 20 percent in 2005.

And, in the past decade, new homes built without a garage have become almost non-existent. Robert Dietz, NAHB's chief economist and senior vice president for economics and housing policy, breaks down the numbers in a recent article. “For new single-family completions in 2015, 61 percent of homes offered a two-car garage,” Dietz writes. “Another 24 percent of homes possessed a garage large enough to hold three or more cars. Just 6 percent of newly-built homes had a one-car garage, and only 1 percent possessed a carport. Another 9 percent of new homes had no garage or carport.” Additionally, of the 9 percent of homes without a garage, 23 percent were town homes.

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Tim Stoll Real Estate 's insight:

Analysis of Census Bureau construction data done by the National Association of Home Builders found that an increasing number of new homes have garages and the size of those garages is also on the rise.

First-Time Buyers Spur Home Sales Gain

September sales of previously owned homes rose 3.2 percent from the month before, according to new numbers released by the National Association of Realtors. The gains were a welcome change after a two-month slide.

Lawrence Yun, NAR's chief economist, said the improvement was due to a boost in the number of first-time home buyers active near the end of summer. “The home search over the past several months for a lot of prospective buyers, and especially for first-time buyers, took longer than usual because of competition for the minimal amount of homes for sale,” Yun said. “Most families and move-up buyers look to close before the new school year starts. Their diminishing presence from the market towards the end of summer created more opportunities for aspiring first-time homeowners to buy last month.” In fact, the share of first-time buyers rose to 34 percent in September. That's the highest it's been since July 2012. Historically, new home buyers represent closer to 40 percent of all home sales. Because there have been fewer first timers active in the market recently, an increasing number is seen as good news and vital to housing's health.

Also encouraging, the number of homes available for sale rose in September. At the end of the month, inventory was 1.5 percent higher than the month before.

Tim Stoll Real Estate 's insight:

Home Buyers Not Deterred By Rate Increase

According to the Mortgage Bankers Association's Weekly Applications Survey, demand for loans to buy homes rose 3 percent last week despite a bump in mortgage rates. Average rates rose for 30-year fixed-rate loans with both conforming and jumbo balances, as well as 15-year fixed-rate loans. Rates for loans backed by the Federal Housing Administration were unchanged from one week earlier. Higher rates didn't stop buyers, however. In fact, the MBA's purchase index is now 13 percent above where it was last year at this time. That's due, in part, to the fact that rates – though at their highest level since June – are still low by historical standards.

Refinance activity, on the other hand, is more sensitive to rate increases and saw a 1 percent decrease last week. Michael Fratantoni, MBA's chief economist, says average mortgage rates are as high now as they were the week of the Brexit vote in June. “Refinance applications dropped to the lowest level since the week of the Brexit vote, as mortgage rates reached their highest level since then,” Fratantoni said. The MBA's weekly applications survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications.

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Tim Stoll Real Estate 's insight:

Demand for loans to buy homes rose 3 percent last week despite a bump in mortgage rates. Average rates rose for 30-year fixed-rate loans with both conforming and jumbo balances, as well as 15-year fixed-rate loans.

Making Sense Out Of Selling Your House

Selling anything requires a good first impression. And most impressions are made on a sensory level. A familiar scent or some soothing music can set a mood and alter perceptions. That's why home sellers should pay extra attention to the details when trying to appeal to potential home buyers. But what are some of the things homeowners can do to make their home stand out? Well, a recent survey conducted by Trulia asked real estate agents for some tips.

The number one thing, according to nearly 75 percent of respondents, was cleanliness. A messy house makes it hard for buyers to see beyond the clutter and visualize living there. Keeping your home neat and tidy is a fairly obvious way to put your best foot forward, though. Some of the other, less evident, examples include using scents to make your house more inviting. The fresher smelling the better. Vanilla, for example, is a scent known to help lower stress and boost nostalgia. You might also pay attention to the color of your walls. Repainting is a pretty easy fix and buyers tend to have an easier time imagining their things in a space that seems clean and easily adaptable. For that reason, agents recommend repainting any bold color choices in an ivory or eggshell to help attract potential buyers.

Search Dallas homes for sale at www.thinkdallas.com

Tim Stoll Real Estate 's insight:

Selling anything requires a good first impression. And most impressions are made on a sensory level. A familiar scent or some soothing music can set a mood and alter perceptions.

Do Most Buyers Rent Before Buying A Home?

For a lot of people, renting an apartment or house before buying their first home serves as a type of practice run. In fact, before 2003, about 80 percent of first-time home buyers rented prior to becoming homeowners. Typically younger, first-time buyers can get a taste of autonomy and responsibility as a renter before taking on the added challenges of homeownership. These days, however, an increasing number of first timers are skipping that step and buying their first house after living with a parent, relative, or friend. That seems unusual, but is probably explained by the fact that it's easier to save for a down payment when living rent free. And – since a growing number of young Americans name saving for a down payment among the top obstacles preventing them from buying a house – this makes sense. But what about repeat buyers? Well, according to data from the National Association of Realtors' Profile of Home Buyers and Sellers nearly 30 percent of repeat buyers last year were renting prior to purchasing their home.

That's a dramatic change from years past when it's been as low as 10 percent. According to a report from Jessica Lautz, NAR's managing director of survey research and communication, recent economic history helps explain the upswing. “The increase in renting may have occurred as sellers waited during housing market uncertainty to purchase another home and tight inventory drew out that process until they were able to find the ideal home to purchase,” Lautz writes.

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Tim Stoll Real Estate 's insight:

read more here .......

Mortgage Rate Increase Slows Home Loan Demand

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates increased across all loan categories last week, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans.

The increase brought rates to their highest level in a month and caused a decline in demand for home loan applications. Michael Fratantoni, MBA's chief economist, told CNBC economic optimism led to the spike in mortgage rates. “As incoming economic data reassured investors regarding U.S. growth, and financial markets returned to viewing a December Fed hike as increasingly likely, mortgage rates rose to their highest level in a month last week,” Fratantoni said. “Total and refinance application volume dropped to their lowest levels since June as a result.” In fact, refinance demand – which is generally more sensitive to rate fluctuations – dropped 8 percent from the week before, while demand for loans to buy homes fell 3 percent. The MBA's weekly applications survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications.

www.thinkdallas.com | Dallas Texas Real Estate

Tim Stoll Real Estate 's insight:

The increase brought rates to their highest level in a month and caused a decline in demand for home loan applications.

Top Projects To Boost Your Home's Value

Home values aren't just important to prospective buyers looking for something that fits their needs and budget. Current homeowners also have to think about what their home is worth, should they decide to sell their house or refinance their loan. The good news is that projects that raise your home's worth are also going to be things that add to your quality of life while you're still living there. In other words, whether you've just bought your first home or are a baby boomer looking to sell, the following projects will be good investments for both your house and your bottom line.

According to a list from homes.com the number one area to focus on is the kitchen. Kitchen remodels recoup the largest percentage of their cost, whether you redo the entire room or just replace the countertops or cabinets. Bathrooms are also popular with buyers and, like kitchens, a tasteful remodel can recoup most of its costs. Think about re-grouting, updating fixtures and handles, or just applying a new coat of paint. Energy-efficient windows and appliances are something else to consider. Energy efficiency is popular with buyers and can save you money on utilities in the meantime. Finally, spend some time outside. Refreshing your home's exterior and landscaping can help with a good first impression and can be as simple as planting some flowers and repainting the front door.

Wondering what your home is worth ? Find out now takes just a couple minutes.

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Tim Stoll Real Estate 's insight:

Current homeowners also have to think about what their home is worth, should they decide to sell their house or refinance their loan. The good news is that projects that raise your home's worth are also going to be things that add to your quality of life while you're still living there.

Home Purchase Contract Signings Slowdown

In August, the number of signed contracts to buy existing homes dropped 2.4 percent from the month before. The numbers, released by the National Association of Realtors, indicate a few things important to prospective buyers and home sellers. First, because contract signings precede closings, a decreasing number of pending sales is a good indicator of where home sales are headed. That means, a drop in August may show up as an upcoming decline in the number of recorded sales of previously owned homes. But why are sales slowing? Some of it is due to the natural ebb-and-flow of the market. As the summer season comes to a close, sales typically slow down.

The other reason is inventory. Currently much of the country has a lower-than-usual number of homes for sale. That means, fewer choices for buyers and more upward pressure on prices. Lawrence Yun, NAR's chief economist, says this is causing the housing market's momentum to slow. “Contract activity slackened throughout the country in August except for in the Northeast, where higher inventory totals are giving home shoppers greater options and better success signing a contract,” Yun said. In fact, the Northeast saw a 1.3 percent increase in contract signings, while the Midwest, South, and West all saw declines.

More here.

Tim Stoll Real Estate 's insight:

The signed contract numbers, released by the National Association of Realtors, indicate a few things important to prospective buyers and home sellers.

Survey Finds Average Mortgage Rates Down

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates decreased last week across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate mortgages. Michael Fratantoni, MBA's chief economist, says the Fed's decision to leave rates unchanged led to the drop. “Treasury rates fell through the course of last week, as the Fed left their target rate unchanged, and concerns grew again about global growth, particularly in Europe and Japan,” Fratantoni said. “Refinance volume dipped for the week, but purchase application volume continues to show 2016 as a strong year.”

Last week, demand for loans to buy homes was up slightly from the week before and 10 percent higher than the same week one year earlier. The size of the average loan was also up, however – which indicates that much of the buying activity remains on the higher end of the market. Refinance activity, on the other hand, was down 2 percent from the previous week, despite declining rates. The MBA's weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications.

More here.

Tim Stoll Real Estate 's insight:

Average mortgage rates decreased last week across all loan categories.

New Home Sales Fall After Spiking In July

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Sales of newly built, single-family homes fell in August after rising to the fastest sales pace in 9 years the month before. The data, released by the U.S. Census Bureau and the Department of Housing and Urban Development, shows new home sales down 7.6 percent month-over-month, though they remain nearly 21 percent higher than last year. But though the monthly decline may seem like a setback, there are a number of encouraging signs in the report for prospective home buyers.

For starters, the number of new homes on the market rose nearly 2 percent last month. With inventory low, an increasing number of new homes available for sale is a promising sign, especially when combined with the fact that building permits also rose in August. That may indicate future gains to inventory levels across the country. And, with rising inventory, price increases should begin to moderate. For example, this month's report shows the median price for a new home fell 5.4 percent from one year ago. In fact, the median sales price of new homes sold in August was $284,000; the average sales price was $353,600. Also in the report, new home sales were down sharply in the Northeast and South. The West saw an 8 percent increase and the Midwest fell 2.4 percent.

Tim Stoll Real Estate 's insight:

The number of new homes on the market rose nearly 2 percent last month. With inventory low, an increasing number of new homes available for sale is a promising sign, especially when combined with the fact that building permits also rose in August.

Does The Home Buying Season Really Start In Fall?

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Traditionally, the housing market heats up in the spring and continues to sizzle through the summer months. There are many reason this is true – including more favorable weather and the school year. However, if you're able to choose when you buy your next home, spring and summer may not be the best times to buy. In fact, according to an analysis from NerdWallet, sale prices peak in June and July then begin falling in autumn.

However, that's actual sale price, not what the home was listed for. The data showed home listing prices dropped less than half a percent in fall but sale prices fell nearly 3 percent by November. That's $8,300 less on a median-priced home. And if you can wait even later, winter offers the best savings. Because fall and winter see fewer buyers active in the market, there is less competition and more room for negotiating a better price. Realtor.com chief economist, Jonathan Smoke, says buying is best the later you wait. “If your circumstances give you the freedom to be able to choose the best time to look to sign a contract on a new home, there's no question that the market dynamics favor you the most to do that in the dead of winter, ideally in January or February, right before the activity starts to heat up,” Smoke said.

Tim Stoll Real Estate 's insight:

if you're able to choose when you buy your next home, spring and summer may not be the best times to buy.

Typical Home In August Sold In 36 Days

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In August, the typical home for sale sold in just 36 days, according to new data from the National Association of Realtors. That's 11 days quicker than last year. Additionally, nearly half of all homes sold were off the market in less than a month. Homes are selling faster and part of the reason is that, in many markets, there are fewer homes available for sale. With fewer homes on the market and buyer demand high, the homes that are for sale are likely to be swept up quickly. Unfortunately, too few homes for sale may also be responsible for overall sales slowing as the summer season draws to a close.

August numbers show sales of previously owned homes down 0.9 percent from the month before. Lawrence Yun, NAR's chief economist, says short supply is behind many of the housing market's current issues. “There's no question that after peaking in June, sales in a majority of the country have inched backwards because inventory isn't picking up to tame price growth and replace what's being quickly sold,” Yun said. Still, regional results show sales up slightly from one year ago everywhere but the Northeast, where they are unchanged from last year but up 6.1 percent month-over-month.

Tim Stoll Real Estate 's insight:

In August, the typical home for sale sold in just 36 days, according to new data from the National Association of Realtors. That's 11 days quicker than last year.

5 Home Features That Attract First-Time Buyers

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There's a growing number of young Americans who say they want to buy a house sometime in the next few years. In fact, a recent survey found large majorities of people between the ages of 18 and 34 who are planning to buy. That means, there's going to be growing demand for mid sized homes. Specifically, mid sized homes with features that millennial buyers want. But what are those? Well, for one, a backyard deck.

According to Trulia, 59 percent of millennial home buyers say they want one. An almost equal number of survey respondents said they'd like a balcony with a view. In other words, like most buyers, younger Americans want outdoor spaces that extend their living space and can be used for entertaining family and friends. Similarly, they also prefer an open floor plan and a gourmet kitchen. Kitchens, of course, are always important with buyers of any demographic. However, there is one feature nearly half of all surveyed millennial buyers wanted that is easy to add to your existing home without breaking the bank: A vegetable garden. A renewed interest in simple, healthy lifestyles has made vegetable gardens – or, at the very least, a good spot to start one – a must for 40 percent of younger home buyers.

Dallas TX Homes For Sale | www.thinkdallas.com

Tim Stoll Real Estate 's insight:

There's going to be growing demand for mid sized homes. Specifically, mid sized homes with features that millennial buyers want. But what are those? Well, for one, a backyard deck.

Which Home Style Sells For The Highest Price?

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No matter where you live, there are likely a number of different architectural styles represented in your area. You may live in a neighborhood of bungalows down the street from a row of old Victorians. Or maybe your neighborhood was built more recently and is dominated by Colonials and Mediterranean-style homes. Everybody has their own personal preference but which style sells for the most? A recent study looked at a number of popular home styles and determined which sells for the highest price and which have increased and decreased in popularity over the past four years.

The results show that Mediterranean-style homes have the highest median list price at $749,900. Known for their stucco walls and wrought-iron accents, these homes still garner the highest asking price but have fallen out of favor a bit since their heyday 15-to-20 years ago. In fact, median list price for a Mediterranean-style house has only risen 0.1 percent over the past four years. On the other hand, Modern homes are surging in popularity, with a 37.4 percent jump in median price. The median Modern house now goes for $425,850. The most affordable home style was Victorian at $285,000, while Colonials demanded close to $400,000. The median list price for all styles was $249,900, up from $200,000 in 2012.

Are you or someone you know in the market to buy or sell a home? If so, visit www.thinkdallas.com

Tim Stoll Real Estate 's insight:

Few Tips For Home Buyers On Making A Successful Offer

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There are many steps in the home buying process. Arguably the most important step, however, is making a successful offer. The good news, according to Freddie Mac senior vice president, Chris Bowden, is that today's market is more traditional than it has been in recent years. In other words, there are fewer real-estate investors and cash sales, which means potential home buyers should see more opportunities.

Still, it's important to know what you're doing before making an offer on a house. Bowden offers a few tips in a recent article for Freddie Mac's Executive Perspectives series. Among them, he names fully understanding your finances as the most critical. A buyer needs to know how much house they can afford in order to know if their budget can cover, not only their prospective mortgage payment, but any unexpected maintenance costs that come up as well. Buyers also have to act fast. Though there are fewer investors competing for homes, there are also fewer homes for sale. And since inventory is low, there's going to be competition from other buyers. Being prepared for it can make the difference between a successful offer and a rejected one. Finally, Bowden says to rely on the expertise of a local real estate professional you've hired to help guide you through the process. They should be able to help you make your strongest offer by comparing it to other recent sales in the neighborhood.

Search Dallas Texas Homes For Sale | www.thinkdallas.com

Tim Stoll Real Estate 's insight:

Rely on the expertise of a local real estate professional you've hired to help guide you through the home buying process.

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