{"id":4101,"date":"2017-05-02T00:00:00","date_gmt":"2017-05-02T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/the-housing-market-is-outperforming\/"},"modified":"2017-05-02T00:00:00","modified_gmt":"2017-05-02T00:00:00","slug":"the-housing-market-is-outperforming","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/the-housing-market-is-outperforming\/","title":{"rendered":"The Housing Market Is Outperforming"},"content":{"rendered":"

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The housing<\/a> market has been off to a roar this spring. In fact, the market is performing so strongly that the National Association of REALTORS\u00ae has upgraded its forecast for the year.<\/p>\n

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Read more<\/strong>: March\/April 2017 Market Pulse<\/span><\/p>\n<\/blockquote>\n

At the start of the year, home sales were expected to match last year\u2019s pace due to higher mortgage<\/a> rates and diminishing affordability. But the market is hardly slowing down, notes Lawrence Yun, NAR\u2019s chief economist. He now predicts existing-home sales to rise by 3.5 percent, and home prices likely will increase 5 percent this year.<\/p>\n

Home sales are strong: Real estate<\/a> professionals report an increase in foot traffic at listings<\/a> and mortgage applications to buy a home remain above year-ago levels. Also, signed contracts to purchase a home are essentially running at decade highs, Yun notes.<\/p>\n

\u201cNot only are the buyers out in the market, but they are committing quickly,\u201d Yun notes in a recent column for The Hill. \u201cThe typical days on the market for a newly listed<\/a> property is short at only a month. A month\u2019s supply of inventory is less than four months, which is well below the six to seven months that is considered more balanced.\u201d<\/p>\n

Escalation clauses in contracts are reportedly growing. This is where a potential buyer bids on a home at one price but is willing to raise the bid if the seller receives any higher bid.<\/p>\n

But the hot market shouldn\u2019t offer<\/a> up any fears of a housing bubble, Yun notes. Unlike years past, buyers are coming in with higher down payments and higher credit scores. Also, the lack of new-home construction is another reason not to fear a bubble, he says. Prices don\u2019t drop when there are inadequate supplies, and homebuilding is basically at half the level it was in the mid 2000s.<\/p>\n

The strengthening housing market is becoming one major contributor to economic growth too, Yun notes. Higher home prices and housing equity will help give a boost to consumer spending, he adds.<\/p>\n

\u201cWith no imminent threat of a recession, the housing market\u2019s strong first quarter sets the foundation for continued gains the rest of the year,\u201d Yun writes.<\/p>\n

Source: \u201cFirst Quarter GDP May Be Cool, But Housing Market Downright Balmy,\u201d The Hill (May 1, 2017)<\/em><\/p>\n<\/div>\n

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The housing market has been off to a roar this spring. In fact, the market is … The Housing Market Is Outperforming<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":4102,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[1403,15239,2890,625,12908,543,215,248,344,3833,408,1295,41,818,61],"class_list":["post-4101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-buy","tag-chase","tag-construction","tag-down-payment","tag-home","tag-home-buying-guide","tag-home-sale","tag-home-sales","tag-housing","tag-housing-market","tag-mortgage","tag-mortgage-rate","tag-property","tag-real","tag-seller"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/05\/K4dscccWtM0","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":2318,"url":"https:\/\/amazingproperty.com.ng\/blog\/could-rising-rates-be-good-for-housing\/","url_meta":{"origin":4101,"position":0},"title":"Could Rising Rates Be Good for Housing?","author":"Amazing Property","date":"March 21, 2017","format":false,"excerpt":"The Federal Reserve is finally taking more action to raise its short-term rates. Last week, it voted to raise the Fed funds rate by 25 basis points. That is expected to add pressure to mortgage rates, too. Many housing analysts fear that rising mortgage rates could further impact home affordability\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6306,"url":"https:\/\/amazingproperty.com.ng\/blog\/housing-shortages-constrain-existing-home-sales\/","url_meta":{"origin":4101,"position":1},"title":"Housing Shortages Constrain Existing-Home Sales","author":"Amazing Property","date":"September 20, 2017","format":false,"excerpt":"For the fourth time in five months, existing-home sales dropped as a shortage of homes for sale continues to plague the housing market. Strained supply levels of homes are making it that sales are unable \u201cto break out,\u201d according to the National Association of REALTORS\u00ae\u2019 latest housing report, released Wednesday.\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7974,"url":"https:\/\/amazingproperty.com.ng\/blog\/housing-market-starts-2018-on-positive-note\/","url_meta":{"origin":4101,"position":2},"title":"Housing Market Starts 2018 on Positive Note","author":"Amazing Property","date":"January 31, 2018","format":false,"excerpt":"Contract signings on home sales rose slightly in December, reaching their highest level since last March, the National Association of REALTORS\u00ae reported Wednesday. NAR\u2019s Pending Home Sales Index, a forward-looking indicator based on contract signings, moved 0.5 percent higher to a reading of 110.1 last month, 0.5 percent higher than\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Jan18 Dn Phsinfographic.jpeg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/01\/jan18_DN_PHSInfographic.jpeg?fit=640%2C683&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/01\/jan18_DN_PHSInfographic.jpeg?fit=640%2C683&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/01\/jan18_DN_PHSInfographic.jpeg?fit=640%2C683&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":8055,"url":"https:\/\/amazingproperty.com.ng\/blog\/loan-demand-stalls-in-volatile-week\/","url_meta":{"origin":4101,"position":3},"title":"Loan Demand Stalls in Volatile Week","author":"Amazing Property","date":"February 7, 2018","format":false,"excerpt":"The highest mortgage rates in four years caused a pause in mortgage applications from home buyers and refinancers during a time when the market generally starts picking up in preparation for the spring season. Any shakeout from dips in the stock market in recent days will become more evident in\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Mortgage Activity 020718.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/Mortgage_Activity_020718.png?fit=600%2C315&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/Mortgage_Activity_020718.png?fit=600%2C315&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/Mortgage_Activity_020718.png?fit=600%2C315&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":3960,"url":"https:\/\/amazingproperty.com.ng\/blog\/following-weeks-of-declines-rates-tick-up\/","url_meta":{"origin":4101,"position":4},"title":"Following Weeks of Declines, Rates Tick Up","author":"Amazing Property","date":"April 28, 2017","format":false,"excerpt":"For the first time in five weeks, average mortgage rates reversed course and edged up. \u201cThe 10-year Treasury yield rose about 10 basis points this week,\u201d notes Sean Becketti, Freddie Mac\u2019s chief economist. \u201cThe 30-year mortgage rate moved with Treasury yields, rising 6 basis points to 4.03 percent. 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Read more: Buyers Are Being Drawn to\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/4101","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=4101"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/4101\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/4102"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=4101"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=4101"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=4101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}