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Everybody Calm Down! This Is NOT 2008

Last week realtor.com released the results of a survey that produced three major revelations:
  • 53% of home purchasers (first-time and repeat buyers) currently in the market believe a recession will occur this year or next.
  • 57% believe the next recession will be as bad or worse than 2008.
  • 55% said they would cancel plans to move if a recession occurred.
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    A Recession Does Not Equal a Housing Crisis [INFOGRAPHIC]

    A Recession Does Not Equal a Housing Crisis [INFOGRAPHIC] | Simplifying The Market

    Some Highlights

    • There is plenty of talk in the media about a pending economic slowdown.
    • The good news is, home values actually increased in 3 of the last 5 U.S. recessions, and decreased by less than 2% in the 4th.
    • Many experts predict a potential recession is on the horizon. However, housing will not be the trigger, and home values will still continue to appreciate. It will not be a repeat of the crash in the 2008 housing market.
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    A Latte a Day Keeps Homeownership Away [INFOGRAPHIC]

    A Latte a Day Keeps Homeownership Away [INFOGRAPHIC] | Simplifying The Market

    Some Highlights

    • The pumpkin spice latte is launching soon, so you may be tempted to spend your extra cash on a daily caffeine fix, but that small expense can add up to a big number – fast!
    • Saving for a down payment takes a little discipline, so limiting your extra purchases (like a latte a day from your favorite coffee shop) will help you get there faster.
    • Depending on where you live, putting away just a small amount each day will get you to the average down payment you may need for homeownership faster than you think.
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    Seniors Are on the Move in the Real Estate Market

    Did you know August 21st is National Senior Citizens Day? According to the United States Census, we honor senior citizens today because,  "Throughout our history, older people have achieved much for our families, our communities, and our country. That remains true today and gives us ample reason…to reserve a special day in honor of the senior citizens who mean so much to our land.
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    Buying a Home: Do You Know the Lingo? [INFOGRAPHIC]

    Buying a Home? Do You Know the Lingo? [INFOGRAPHIC] | Simplifying The Market

    Some Highlights

    • Buying a home can be intimidating if you’re not familiar with the terms used throughout the process.
    • To point you in the right direction, here’s a list of some of the most common language you’ll hear when buying a home.
    • The best way to ensure your home-buying process is a positive one is to find a real estate professional who will guide you through every aspect of the transaction with ‘the heart of a teacher.’
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    Busting the Myth About a Housing Affordability Crisis

    It seems you can’t find a headline with the term “housing affordability” without the word “crisis” attached to it. That’s because some only consider the fact that residential real estate prices have continued to appreciate. However, we must realize it’s not just the price of a home that matters, but the price relative to a purchaser’s buying power.
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    American Confidence in Housing at an All-Time High

    Fannie Mae just released the July edition of their Home Purchase Sentiment Index (HPSI). The HPSI takes information regarding consumers’ confidence in the real estate market from Fannie Mae’s National Housing Survey and condenses it into a single number. Therefore, the HPSI reflects consumers’ current views and forward-looking expectations of housing market conditions.
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    Rent Vs. Own [INFOGRAPHIC]

    Rent Vs. Own [INFOGRAPHIC] | Simplifying The Market

    Some Highlights

    • Owning your own home vs. renting may lead to some great options, such as locking in your monthly payments and having the freedom to customize your living space.
    • Whether you rent or own, you have to cover someone’s mortgage costs. You may as well be doing so to build your own wealth, rather than that of your landlord.
    • Renting and owning both have up-front fees when you sign your lease or close, respectively. Think about putting that money to work for you!
     
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    Existing Home Sales Point Toward a Good Time to Sell [INFOGRAPHIC]

    Existing Home Sales Point Toward a Good Time to Sell [INFOGRAPHIC] | Simplifying The Market

    Some Highlights

    • Existing Home Sales dropped 1.7% from May to a seasonally adjusted annual rate of 5.27 million in June.
    • Low inventory levels are still a factor in the market. The current supply of homes for sale is at 4.4 months, which is less than the optimal 6-month supply.
    • Median home prices were up 4.3% from June 2018, hitting $285,700. This marked the 88th consecutive month with year-over-year price gains.