Ask consumers and REALTORS® where they think home prices will be heading in the next 12 months and the majority of both agree on the same answer — up.
Two recent surveys — the Fannie Mae April 2013 National Housing Survey and the March REALTORS® Confidence Index (RCI) Survey — showed growing confidence in home prices.
For the first time in three years, the majority of consumers (51 percent) polled by Fannie Mae said they expect home prices to climb in the next 12 months. At the same time, 94 percent of REALTORS® surveyed by the National Association of REALTORS® said they expect constant or increased prices over the same period.
“For the first time in the survey’s three-year history, the majority of Americans surveyed now expect home prices to increase,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Crossing the 50 percent threshold marks a significant milestone as most Americans believe a housing recovery is truly occurring throughout the country.
There was some good news in the March Home Price Index released by CoreLogic today — U.S. home prices rose 10.5 percent in March compared to a year ago, the biggest year-over-year gain since March 2006. It also marked the 13th consecutive monthly increase. Read more from CoreLogic.
“For the first time since March 2006, both the overall index and the index that excludes distressed sales are above 10 percent year over year,” said Dr. Mark Fleming, chief economist for CoreLogic. “The pace of appreciation has been accelerating throughout 2012 and so far in 2013 leading into the home buying season.”
More news headlines:
Survey: US home prices up 10.5 pct. in past year – Fox News
A Helping Hand for Jumbo-Loan Borrowers – Wall Street Journal
Fannie, Freddie Study Privatization of Multifamily Business – Wall Street Journal
Chicago ranks No. 8 when it comes to some of the most mom-friendly cities in the U.S., according to a survey from the online real estate brokerage Redfin.
To create the mom-friendly ranking, Redfin compared 25 metro areas and looked at the percentage of listings with amenities mothers might want in a home or neighborhood and focused on four categories: proximity to nearby parks, libraries, shopping and, for inside the home, hot tubs. Read more about the survey.
If you want to get more out of your remodeling dollars, think curb appeal. Spending money on lower-cost projects that boost your home’s exterior appearance and, in turn curb appeal, can mean more money in your pocket at resale time, according to the Cost vs. Value Report, released by Remodeling Magazine, in cooperation with REALTOR® Magazine.
For example, the report finds that updating your home’s siding with fiber-cement panels, replacing the garage door and installing insulated, vinyl windows can yield the biggest returns. On the other hand, flashier upgrades such as gourmet kitchens and luxury master suites can recoup less.
Read more about the report, including an audio extra in the Wall Street Journal article, “After the Remodel, It’s Payback Time.”
Builders step up campaign against mandatory sprinklers – Quad-City Times
Staging, cleaning get home ready for quick sale – Quad-City Times
Struggling homeowners have option – Decatur Herald and Review
Illinois home sales increased 13.6 percent over previous-year levels in March and median prices increased 3.6 percent, according to the Illinois Association of REALTORS®. Statewide home sales (including single-family homes and condominiums) in March 2013 totaled 10,992 homes sold, up from 9,679 in March 2012. Statewide sales have posted monthly year-over-year gains since July 2011.
“We are entering what is traditionally the busiest period of the year in the real estate market,” said Michael D. Oldenettel, CRS, GRI, president of the Illinois Association of REALTORS® and Managing Broker/Owner with RE/MAX Results Plus in Jacksonville, Ill. “The decreasing time it takes to sell a home, coupled with shrinking inventories shows there is keen interest on the part of homebuyers who are rushing to lock in favorable interest rates and take advantage of low, but increasing prices.”