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Skip Richard  
The Skip Richard Team
c/o Weichert, Realtors
20400 Observation Drive, suite 200
Germantown, Maryland 20876
(direct) 240-552-1778
(office) 301-540-1330 x7793
SkipRichard@gmail.com
www.facebook.com/skip.richard.7

 
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to The Skip Richard Team

As the premier resource for the top Real Estate Information in the Bethesda, Boyds, Chevy Chase, Clarksburg, Damascus, Frederick, Gaithersburg, Germantown, Hagerstown, Laurel, Laytonsville, Poolesville, Potomac, Rockville, & Silver Spring......as well as the neighboring areas.

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HOME BUYERS:     Looking for a new home?  Whether you are a First Time Buyer,  a Mover-Upper, or an Experienced Investor.........please click on Search the MLS to browse an up-to-date database list of all available properties in the area on the MLS, or use my Dream Home Finder form and I'll conduct a personalized search for you, and email the listings to you that match your search criteria (Experienced with MPDU's, Short Sales, REO/Foreclosures and VA & HUD On-Line Bidding, too)

HOME SELLERS:     If you're planning to sell your home in the next few months, nothing is more important than knowing a fair asking price. I would love to help you with a FREE Market Analysis, .....just fill out the requested information & I will come out to your house for a 20 minute, No-Obligation visit.........take some measurements & photos, ask & answer a few questions, then we will meet a couple days later and go over my in-depth "Marketing & Saleability Plan" tailored for your home. (We are experienced with Short Sales too...........call us we bring results)

RENTERS:    Whether you are looking for a nice rental unit or you have one for lease, as a Certified Rental Specialist, I  have the skills and expertise to get the job done, call or email us!! (Experienced with HOC Section 8 Guidelines, too)

Real Estate News

Latest Realty News from NAR

November 2018 Housing Affordability Index

At the national level, housing affordability is down from last month and down from a year ago. Mortgage rates rose to 4.99 percent this November, up 19.1 percent compared to 4.19 percent a year ago.

  • Housing affordability declined from a year ago in November moving the index down 10.6 percent from 161.0 to 144.0. The median sales price for a single family home sold in November in the US was $260,500 up 5.0 percent from a year ago.
  • Nationally, mortgage rates were up 80 basis point from one year ago (one percentage point equals 100 basis points).
  • The payment as a percentage of income was up from last month at 17.4 percent this November and up from 15.5 percent from a year ago. Regionally, the West has the highest payment at 23.8 percent of income. The Northeast had the second highest payment at 17.1 percent followed by the South at 16.8 percent. The Midwest had the lowest payment as a percentage of income at 13.7 percent.

  • Regionally, the Northeast recorded the biggest increase in home prices at 8.2 percent. The South had an increase of 3.8 percent while the West had a gain of 2.4 percent. The Midwest had the smallest growth in price of 1.6 percent.
  • Regionally, all four regions saw a decline in affordability from a year ago. The Northeast had the biggest drop in affordability of 14.4 percent. The South had a decline of 9.3 percent followed by the Midwest that fell 9.2 percent. The West had the smallest drop of 7.2 percent.
  • On a monthly basis, affordability is down from last month in all of the four regions. The Northeast region had the decline of 5.5 percent. The South had a decline of 2.0 percent followed by the Midwest with a dip of 1.8 percent. The West had the smallest dip in affordability of 0.7 percent.
  • Despite month-to-month changes, the most affordable region was the Midwest, with an index value of 181.9. The least affordable region remained the West where the index was 105.0. For comparison, the index was 148.8 in the South, and 146.4 in the Northeast.

  • Mortgage applications are currently up while credit availability is down. Rates are higher this month but are still historically low. Home prices are up 5.0 percent while median family incomes that are growing 3.0 percent. The job market is steady. More inventory is welcome on the lower end of the market whereas there is more supply of inventory for high priced homes.
  • What does housing affordability look like in your market? View the full data release here.
  • The Housing Affordability Index calculation assumes a 20 percent down payment and a 25 percent qualifying ratio (principal and interest payment to income). See further details on the methodology and assumptions behind the calculation here.

Throwback Thursday: First-Time Homebuyers Then and Now

In 1981 when NAR first started tracking the data, the average age of a first-time homebuyer was 29.  They made up 44 percent of all homebuyers.  Sixty-eight percent of first-time buyers were married couples, 12 percent were single female and 13 percent were single male (seven percent were other).

In contrast, in 2018, the average age of a first-time homebuyer was 46 and they accounted for 33 percent of all homebuyers.  Fifty-four percent were married couples, 18 percent were single female, 10 percent were single male, and 16 percent were unmarried couples (two percent were other).

In 1989, first-time buyers largely rented an apartment before they bought their home at 80 percent, and 15 percent lived with parents, relatives, or friends.  In 2018, the share of first-time buyers that lived in an apartment before they bought their home slipped to 71 percent while the share of those that had been living with parents, relatives, or friends previous to buying rose to 23 percent.

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