Home Prices: Boom Continues, but Leveling Out Needed

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The boom is continuing for home prices, with a gain in March of 6.5 percent, according to the S&P CoreLogic/Case-Shiller Indices.

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index’s 10-City Composite, which is an average of 10 metros (Boston, Chicago, Denver, Las Vegas, Los Angeles, Miami, New York, San Diego, San Francisco and Washington, D.C.), rose 6.5 percent year-over-year, an increase from 6.4 percent in February. The 20-City Composite—which is an average of the 10 metros in the 10-City Composite, plus Atlanta, Charlotte, Cleveland, Dallas, Detroit, Minneapolis, Phoenix, Portland, Seattle and Tampa—rose 6.8 percent year-over-year, which is comparable to February. Month-over-month, both the 10-City Composite and the 20-City composite rose, 0.9 percent and 1 percent, respectively.

“The home price increases continue, with the National Index rising at 6.5 percent per year,” says David M. Blitzer, chairman and managing director of the S&P Dow Jones Indices Index Committee.

“Looking across various national statistics on sales of new or existing homes, permits for new construction, and financing terms, two figures that stand out are rapidly rising home prices and low inventories of existing homes for sale,” Blitzer says. “Months-supply, which combines inventory levels and sales, is currently at 3.8 months, lower than the levels of the 1990s before the housing boom and bust.

“Until inventories increase faster than sales, or the economy slows significantly, home prices are likely to continue rising,” says Blitzer. “Compared to the price gains of the last boom in the early 2000s, things are calmer today.”

“The solid gain in home prices of 6.5 percent in March added roughly $150 billion to housing wealth during the month,” said Lawrence Yun, chief economist at the National Association of REALTORS® (NAR), in a statement. “The continuing run-up in home prices above the pace of income growth is simply not sustainable. From the cyclical low point in home prices six years ago, a typical home price has increased by 48 percent, while the average wage rate has grown by only 14 percent. Rising interest rates also do not help with affordability; therefore, more supply is needed to level out home prices. Homebuilding will be the key as to how the housing market performs in the upcoming years.”

This excerpt from RIS media: To Rea More Click Here

4 Ways to Prepare for a Competitive Spring Home-Buying Season

Suburban Spring

(TNS)—With housing inventory far lower than demand and mortgage rates poised to rise, it’s going to be a competitive market for homebuyers this spring.

If you’re looking to buy a home this season, here’s how to prepare yourself to enter the fray. 

Get your financial house in order.
Unless you plan on paying for the house in cash, you’ll need to apply for a mortgage. No matter how streamlined the process is, you’ll still need to gather a significant amount of documentation to give an accurate financial picture to the lender.

Thisexcerpt from RIS Media. Please CLICK HERE to read more.

Well maintained two story home on a private wooded lot

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Located in MillvilleNJ this home features an eat-in kitchen with stainless steel appliances and double sink open to Family room. Family room has gas fireplace and skylights for extra lighting. Tiled foyer, separate dining room and formal living room. Spacious bedrooms, bathrooms have tile flooring and surround, partial basement. New roof, two car attached garage with auto door opener, rear concrete patio, large fenced-in backyard. Holly Height Elementary School, easily accesible to Routes 49 and 55.

Call today and ask about property #72 Stacy Schnell~ Cell: 856-364-0772

This listing presented by The Scott Sheppard Team.

Move-in ready rancher on private lot in quiet neighborhood

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Move in ready ranch in Vineland, NJ. Eat-in kitchen, formal living room, large family room, master bedroom has a built in electric fireplace and a 12×14 walk-in closet/dressing room, master bathroom has been completely renovated including a Jacuzzi tub, stall shower, double vanities and tile flooring. New carpet throughout the home, replacement windows, public water, partially finished basement with separate entrance includes 4th bedroom and a full bathroom. Large fenced-in backyard with paver patio, spacious deck surrounding above ground pool and new 12 x 20 shed. Convenient access to Routes 55, 40 and 47. Reach out today and ask about property #68.   Stacy Schnell   856-364-0772 ~ Berkshire Hathaway Fox & Roach Realtors ~

W. Scott Sheppard Team

 

 

 

Beautiful 2 Story Home w- Fireplace – 3 Beds & 2.1 Baths

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New Jersey real estate for sale! Located in the city Millville  part of Cumberland County, this home is move-in ready two story home on private lot in Whitmarsh Estates. Renovated kitchen has breakfast bar, granite counter tops, tile flooring, tile backs plash, double sink and recessed lighting. Kitchen opens to family room with hardwood flooring and cathedral ceiling. Formal living room has cathedral ceiling with skylights, hardwood flooring, crown molding and a wood burning fireplace. Florida Room with hot tub off of family room leads to large rear deck with retractable awning. Paver walkway & patio w/ fire pit. Dining room, laundry room and half bath on first floor.
Spacious master bedroom with full bath. Master bath has tiled stall shower and tiled flooring. Full basement, one car attached garage with auto
door opener, roof 2 years old. Natural gas heat and hot water, public water and sewer, shed. Rieck Avenue Elementary School. Convenient access to Routes 49, 47 and 55.
Give a call or send a text today and ask about property #57.
Stacy Schnell     856-364-0772
BHHS Fox & Roach Realtors
Building Dreams One Home at A Time!

25 Tips for first time home buyers

wpid-wp-1436567828576.jpegBuying a home can be nerve wracking, especially if you’re a first-time home buyer. Not only is it probably the biggest purchase of your life, but the process is complicated and fraught with unfamiliar lingo and surprise expenses.

To make the first-time home buying journey a little less stressful, 25 tips to help you navigate the process more smoothly and save money.

This excerpt from USA today, please click below to read full article:

https://www.usatoday.com/story/money/personalfinance/2017/06/30/25-tips-first-time-home-buyers/434449001/

New Listing Vineland NJ

Nice 2 story home in Vineland NJ just needs a little TLC. First floor includes foyer, living room, dining room and eat in kitchen all 3 rooms are very large.
Upstairs are 3 nice sized bedrooms and a huge bath. The house sits on a beautiful corner lot and is close to shopping & schools.  Call today and ask about property #40!
Stacy L. Schnell
Realtor Associate
Direct: 856-364-0772
stacy.schnell@foxroach.com
Online Anytime at http://www.stacyschnell.com
Follow me on social media
“Stacy Sells South Jersey Real Estate”

Gorgeous 2 story home

This 2 story home boasts over 2900 sq feet & features 3 beds & 2 baths . It is situated on large lot in Vineland, NJ. Home has been completely remodeled from top to bottom. Lots of extra storage in the large, open kitchen featuring 42 inch cabinets & a center island. Beautiful hardwood & tile floors throughout, 9 ft ceilings & a fireplace in the living room. Home offers upgraded electrical service, newer pella windows & a newer roof PLUS Dual heating & AC units make this home more than efficient & affordable! Master bedroom features a nice walk in closet plus 2 additional closets. The back entrance allows direct access up to bedroom for additional privacy & also has a whirlpool tub in upper bath. Home has a very spacious & open attic with nice hardwood floors. This home has so many possibilities could even be 5 beds down and 3 up or a library, workout room or office. Large, open finished basement with extra an sink area & cabinets. Inside & outside entrance to heated basement. Nicely landscaped yard offers plenty of room for entertaining. SO many possibilities with this spacious and unique home… too many upgrades to say. A must see, photos do no justice to this finely kept home. Call today to schedule your private tour. Owner says make an offer!!!  Stacy Schnell 856-364-0772

Click here to visit my website online anytime to search for your dream home!

 

 

Just Reduced $110,000

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Adorable ranch home! 2 beds -3 beds possible and 1 .5 bath. Charming bow window in living room,  eat in kitchen, hardwood floors under wall to wall, security system, enclosed porch with screens & storms for all year enjoyment. Nicely landscaped fenced yard with 2 sheds. MANY updates including newer roof, C/A condenser, water heater, oil heater & oil tank. Large basement with half bath. Can be used for entertaining, storage or easily finished off into more living space. So many possibilities!  Call Stacy today to schedule your tour. 856-364-0772