June 22, 2017
- Buyers are hungry for a home. Their hunger have caused sellers to control pricing and possess high demands on the buyers. In fact, the sale of existing homes increased in May. Despite seller control, buyers have not given up and have found ways to “cut a deal” given the low inventory of existing homes.
- This time last year the median price for an existing home was 5.8% lower than the price of a home now. On the surface, it seems like many more Americans are purchasing homes at a reasonable price. However, a closer look at the average shows that many homes were sold at a much higher price. When the lower priced homes sold and the higher price sold homes are averaged together, the median price of homes sold is $252,800. This seems great; however, it shows a lack of sell of reasonably price homes.
- Beginning July 1, 2017, the Big 3 Credit Reporting Agencies (CRAs) are changing their reporting practices. When the shift occurs, many consumers may experience an increase in their credit score. This increase will likely affect consumers with pending or current tax liens and/or civil judgments.