Market Trend Update by The Atlanta Home Inspector regarding Pending Home Sales

 

Do you watch local and national market trends on a daily basis? Although the Atlanta home inspector is very busy inspecting homes, he does have time to take note of recent market trends from time to time. One tool used to gather information and determine market trends is: The Pending Home Sales Index, which currently  indicates a strong housing market.

The Pending Home Sales Index is a monthly report which measures the number of homes under contract to sell, but not yet sold, nationwide.

Pending Home Sales Index

According to data from the National Association of REALTORS®, February’s Pending Home Sales Index slipped  from the month prior, to 96.5.

The index is benchmarked to a value of 100, which was the average of activity for the program’s inception in the year 2001.  It also happened to be a year of historically-high levels of home contract activity. Therefore, a Pending Home Sales Index reading of 100 suggests a strong housing market nationwide.

The index has read north of 90 since October 2011.

On a regional basis, February’s Pending Home Sales Index varied :

  • Northeast Region: -0.5 percent from January 2012
  • Midwest Region : +5.7 percent from January 2012
  • South Region : -3.3 percent from January 2012
  • West Region : -2.6 percent from January 2012

Mild weather may have helped the Midwest Region last month but even regional data can only tell us so much. Like everything in real estate, housing data must be local to be relevant.

Throughout the South Region, for example, the area in which contract activity fell most on a monthly basis, there are states which performed better than the regional average, and states which performed worse. Furthermore, even within those states, there are some cities which over-performed, and others which underperformed.

It’s why we can’t put too much stock in national housing news. Buyers don’t buy nationally — they buy locally.

Today’s home buyers and sellers in Atlanta , therefore, should look beyond the national Pending Home Sales Index and into local market drivers. The Pending Home Sales Index can paint a broad picture of the U.S. housing market but for data that matters to you specifically, it’s not as widely helpful. 

To get relevant, timely local real estate data, talk to a real estate professional.

If you plan to buy an Atlanta foreclosed home, therefore, have a real estate professional on your side. The internet can teach you much about how the GA housing market works, but when it comes to writing contracts, you’ll want an experienced agent on your side.

Do us a favor if you or someone you know is about to buy that foreclosure home, please recommend us to them, so that they really know what “As-Is” really is. When you find your foreclosure home, make sure that you get a thorough home inspection in Atlanta, GA from the home inspector Atlanta, GA, David Lelak of IHI Home Inspections, they serve Atlanta and all of North Georgia. Call us today at 404-788-2581 for a thorough home inspection in Atlanta. We won’t let you buy the money pit.  You can also schedule your Atlanta home inspection today online.  We create Peace of Mind One Atlanta home inspection at a time.  Be sure to check out all the other reasons other customers chose IHI Home Inspections at our original website. 

 

Atlanta Home Inspectors Stay Busy Due to Affordable Housing Market

Home Opportunity Index (2005-2012)

Even though Atlanta didn’t make the top of  the most affordable homes list, the Atlanta Home Inspector  has been busy. The overall  affordability of homes nationwide was  higher last quarter. The lowest mortgage rates in history, a sustained median income, and slow-to-recover home prices throughout GA and the country, means that the request for Atlanta Home Inspections has increased, due to the abundance of real estate activity in our area!

According to the National Association of Home Builders, the quarterly Home Opportunity Index read 75.9 in 2011′s fourth quarter. More than 3 in 4 homes sold between October-December 2011, in other words, were affordable to households earning the national median income of $64,200.

Never in recorded history have U.S. homes been as affordable on a national level. Even on a regional and local level, affordability soared.

Affordability was highest in the Midwest; 7 of the 10 most affordable markets nationwide were in the nation’s heartland. 

The Top 5 most affordable U.S. cities in Q4 2011 were:

  1. Kokomo, IN (99.2% home affordability)
  2. Fairbanks, AK (97.5% home affordability)
  3. Cumberland, WV (96.9% home affordability)
  4. Lima, OH (96.0% home affordability)
  5. Rockford, IL (95.5% home affordability)

These are each considered “small markets”. The most affordable “major market” was the Youngstown, Ohio area, where 95.1% of homes sold were affordable to households earning the area’s local median income.

Not surprisingly, America’s “least affordable cities” were regionally-concentrated, too, with 7 of the 10 least affordable markets located in either California or Texas.

San Francisco (#3), Santa Ana (#4), and Los Angeles (#5) led for the Golden State but, for the 15th consecutive quarter, the New York metropolitan area took “Least Affordable Market” honors.

Just 29 percent of homes in and around New York City were affordable to households earning the area’s median income last quarter. It’s a large jump from the quarter prior during which 23 percent of homes were affordable.

The rankings for all 225 metro areas are available for download on the NAHB website.

If you plan to buy an Atlanta foreclosed home,  have a real estate professional on your side. The internet can teach you much about how the GA housing market works, but when it comes to writing contracts, you’ll want an experienced agent on your side.

Do us a favor if you or someone you know is about to buy that foreclosure home, please recommend us to them, so that they  know what “As-Is” really means. When you find your foreclosure home, make sure that you get a thorough home inspection in Atlanta, GA from the home inspector Atlanta, GA, David Lelak of IHI Home Inspections,  serving Atlanta and all of North Georgia. Call us today at 404-788-2581 for a thorough home inspection in Atlanta. We won’t let you buy the money pit.  You can also schedule your Atlanta home inspection today online.  We create Peace of Mind One Atlanta home inspection at a time.  Be sure to check out all the other reasons other customers chose IHI Home Inspections at our original website. 

The 10 Longest Commutes In The United States

Wow, as a home inspector in Atlanta, GA, I sure can agree with the article below… Sometimes our windshield time from one Atlanta inspection to the next is over an hour.  We have had it reach almost two hours a few times, but hey, when you get the  call for that inspection, sometimes you just have to go.  Sometimes we go from Marietta, GA over to Lawrenceville, GA…

According to the Census Bureau, more than 3.2 million U.S. workers spend over 3 hours commuting to and from work each day.

Commutes exceeding 90 minutes in each direction are known as “extreme commutes” in Census Bureau parlance. As compared to typical commute times nationwide, they’re aptly named.

The national, average commute time is just 25.1 minutes

For home buyers in Woodstock or in any U.S. city, make sure to make commute times a consideration before placing an offer on a property. The length of your daily commute will make an impact on your life.

Studies shows that shorter commutes are linked to higher levels of life satisfaction. Long commutes are linked to low levels of life satisfaction.

As ranked by the Census Bureau, here are the 10 cities with the longest average commute times, where commuting is defined as the total time to arrive at work, inclusive of all modes of transportation (i.e. automobile, train, subway, foot, or other) :

  1. New York / North New Jersey / Long Island : 34.6 minutes
  2. Washington, DC / Arlington / Alexandria : 33.4 minutes
  3. Poughkeepsie / Newburgh / Middletown, NY: 32.2 minutes
    Stockton, CA : 29.8 minutes
    Baltimore / Towson, MD : 29.7 minutes

    Poughkeepsie / Newburgh / Middletown, NY: 32.2 minutes

  4. Bremerton / Silverdale, WA : 30.8 minutes
  5. Chicago / Naperville / Joliet, IL : 30.7 minutes
  6. Winchester, VA : 30.3 minutes
  7. Atlanta / Sandy Springs / Marietta, GA 30.1 minutes
  8. Riverside / San Bernardino / Ontario, CA : 30.0 minutes
  9. Stockton, CA : 29.8 minutes
  10. Baltimore / Towson, MD : 29.7 minutes

By contrast, the shortest commute belongs to residents of Great Falls, Montana. The average commute for the city’s 58,000 residents is 14.2 minutes.

A long commute to work should not deter you from moving to a particular home or neighborhood, but your time-en-route should be a consideration. Before making an offer on a home in Bradshaw Farms , therefore, practice the rush hour commute from your potential new neighborhood in the morning, and back to it again that evening.

Then, imagine making the commute every day.

Do us a favor if you or someone you know is about to buy that perfect home, please recommend us to them. When you find your dream home, make sure that you get a thorough home inspection in Atlanta, GA from the home inspector Atlanta, GA, David & Bonnie Lelak of IHI Home Inspections, they serve Atlanta and all of North Georgia. Call us today at 404-788-2581 for a thorough home inspection in Atlanta. We won’t let you buy the money pit.  You can also schedule your Atlanta home inspection today online.  We create Peace of Mind One Atlanta home inspection at a time.  Be sure to check out all the other reasons other customers chose IHI Home Inspections at our original website. 

America’s Best Places To Raise A Family, Listed By State

Great Places To Raise A Family

The Atlanta Home Inspector is happy to see that Atlanta made the list as one of the best places to raise a family! When you are searching for the perfect neighborhood, make sure you have a list of the important aspects you are searching for in a community.

BusinessWeek recently released its 2011 America’s Best Place to Raise a Family rankings. College-town Blacksburg, Virginia took top honors, breaking a 2-year win streak for the Chicago, Illinois region.

In 2009, suburban Mount Prospect, Illinois placed first. Last year, it was Tinley Park, Illinois.

The BusinessWeek report employs data from real estate information firm Onboard Informatics to make its rankings, compiling data across categories such as education, crime, and jobs plus access to parks and affordable homes. All selections are limited by population; all selections are home to 50,000 residents or fewer. Median incomes are within 20 percent — plus or minus — of the state’s median income levels.

BusinessWeek names one winner in each state. The winners in the 10 most populous states and their nearest “big city” are listed below

  1. California : East San Gabriel (Los Angeles)
  2. Texas : Wells Branch (Austin)
  3. New York : Hampton Manor (Albany)
  4. Florida : Niceville (Fort Walton Beach)
  5. Illinois : Morton Grove (Chicago)
  6. Pennsylvania : Cecil-Bishop (Pittsburgh)
  7. Ohio : St. Henry (Dayton)
  8. Michigan : Spring Arbor (Jackson)
  9. Georgia : Hoschton (Atlanta)
  10. North Carolina : Tryon (Spartanburg, SC)

The winners in all 50 states can be found on the BusinessWeek website.

Rankings like the BusinessWeek America’s Best Place to Raise a Family can be useful for home buyers in Canton , but like everything in real estate, statistics do not apply to every home equally. Even within the “best towns”, there are areas in which school systems are better, crime figures are lower, and amenities are more plentiful.

Therefore, before you make the decision to buy a home, talk with a real estate agent who has local market knowledge. It’s the most effective means to get data that matters to you.