Posted in Economic Updates, by Danielle Hale, Director of Housing Statistics for NAR on September 8, 2014
In the past 15 years, the net worth of the typical homeowner has ranged between 31 and 46 times that of the net worth of the typical renter.
Homeowner equity is a substantial component of homeowner wealth. The Federal Reserve’s Survey of Consumer Finances, conducted once every three years, provides a snapshot of family income and net worth along with basic demographic details and more detailed information on where families keep the wealth they have accumulated.
The most recent survey, conducted in 2013, offers a picture of the situation as home and equity prices normalized for most household balance sheets.
Data shows that median homeowners had nearly $200,000 in net worth or 36 times that of the median renter who had just over $5,000. The median value of owners’ homes was $170,000. Many households own a primary residence (65.2 percent).
It is the most commonly held non-financial assets after vehicles (86.3 percent).
NKY REALTORS® Report Sizable Gains in Average and Median Home Prices
Florence, KY – May 20, 2016- The Northern Kentucky Association of REALTORS® and the Northern Kentucky Multiple Listing Service report that April sales of existing residential homes showed double digit increases in average and median sales price over the same month in 2015.
The number of homes sold rose 9%, 552 (4/15) - 602 (4/16) which invariably could be higher if the inventory of homes for sale were at the same level. That’s not the case now, as the number of residential listings for sale is currently at 1,901 and this time last year there were 2,774 to choose from. Interestingly, average sale prices rose 13.94% from $150,104 (4/15) to $171,022 (4/16) and total volume of sales in was up by 24%.
Buyers are in a frenzy to see the newest listings on the MLS. In a hot market like we have right now, hesitation means, the home you want has gone under contract with another buyer or you may be in a bidding war with multiple offers coming in, which can be frustrating.
From the seller’s point of view, there’s never been a better time in recent years to consider a sale and move this summer. In the first 4 months of 2016, 46% of active listings sold within the first 30 days on market and for 98% of list price. Looking back to the period of January 1-April 30, 2015, 40% of active listings sold within the first 30 days on market and sold for 97.5% of list price. If the NKY real estate market continues on its current path, with inventories lower than normal, sale prices are likely to rise further still.
Wondering how to get your home sold? The first step is to contact a local REALTOR®, a professional who has the experience and knowledge of the local housing market. A REALTOR® knows what today’s buyer is looking for and can advise you on ways to stage your home for more efficient flow and even suggestions for enhancing curb appeal.
On behalf of current and future home and property owners throughout the country, REALTORS® traveled to Washington, D.C., last week to advocate important real estate issues during the 2016 REALTOR® Legislative Meetings & Trade Expo.
NKAR Leadership and members joined their fellow REALTORS® from across the nation to attend the meetings and visit with regulators and lawmakers on Capitol Hill to discuss protecting real estate related tax policies, which are vital to opening the door to homeownership for more Americans. Supporting homeowners and property owners through smart legislation is so important for families, communities and the nation’s economy.
When you are ready to make a move, call a REALTOR® to get started.
The 970 member Northern Kentucky Association of REALTORS® and the 1380 users of the Northern Kentucky MLS (NKMLS), Northern Kentucky’s leader in the real estate information and services business, operates with a professional staff from 7660 Turfway Road, Suite 100 in Florence, KY. Both NKAR and the NKMLS work to protect the public’s right to transfer real property and promote better public understanding of the profession and the real estate transaction process.
NKY Listings Going Fast- Why Wait to Sell?
Florence, KY – August 20, 2015- The Northern Kentucky Association of REALTORS® and The Northern Kentucky Multiple Listing Service are pleased to report that July 2015 home sales topped July 2014 by more than 12%-(671-598). For the second month in a row, the average price of homes sold in local neighborhoods tipped the $170,000 mark, which is quite extraordinary for NKY considering the length of time it has taken for housing to recover since the housing crash of 2008 and wave of foreclosures. We attribute rising home prices to the low inventory of available homes for sale. For sellers, it can mean multiple offers competing for their property, but for buyers, it means they have to act fast with their highest and best offer to be considered for that much coveted property. New listings are being grabbed up quickly as the Days on Market numbers suggest. In July, 705 homes went under contract, the highest number to go pending since April 2010.
The Summer Meetings for KAR kicked off to beautiful weather and attendance of close to 200 members networking around every corner. Highlights included a relaxing ride up (or down) the Ohio River on the Belle of Louisville thanks to GLAR, a night of competitive bowling, an interactive meetup with graduates of LeadershipKAR, a strategic planning session with the BOD and more.
Actions of the BOD and additional information from the meeting are below:
• Approved renovations and updates to the new KAR headquarters on Old Rosebud Road.
• Approved Jason Vaughn to instruct the 2017 Professional Standards trainings in Lexington, Louisville and Bowling Green.
• Approved having UK College of Business submit an RFP to update the study for tax on services including real estate transactions and contacting NAR regarding updated polling on tax reform including tax on services, mortgage interest deductions, etc. This would update the 2011 study that resulted in the Kentucky Homes Matter campaign.
• Approved sponsorship of the Southern Legislative Conference.
• RPAC held a bowling competition on Thursday night and raised over $4,300 with 51 attendees. Member teams batteld it out and the highest team average was compiled by Lamont Breland, KAR president, and Ron Hughes, KAR past president. The highest female average went to Donna Gordon Willoughby and the highest male average went to Al Blevins.
• The Good Neighbor Award deadline was extended until August 15. Nomination Form
• LeadershipKAR is encouraging interested members to complete the application before the December 31 deadline. If you or anyone you know would make a good candidate for the program, have them download the application
• The Appalachian Rebuild Project is still looking for members to take part as a volunteer to help make a difference in eastern Kentucky. If you would like to join the effort, download the application
The United States Senate is missing an opportunity to improve housing markets across the country, and we need your help to tell them to get to work and make homeownership a priority!
TAKE ACTION NOW to urge your Senators to pass H.R. 3700, the “Housing Opportunity Through Modernization Act of 2016,” a bill that makes needed reforms to the Federal Housing Administration (FHA) condominium loan program, federal-assisted housing programs and Rural Housing Service loan programs.
Bottom Line: This bill makes buying a condo A LOT easier by expanding opportunities for first-time homebuyers and streamlining rural housing programs for low-income rental residents. Condominiums are among the most affordable homeownership options for first-time homebuyers, as well as lower income borrowers, but barriers to safe, affordable mortgage credit for condos still exist. H.R. 3700 takes a number of steps to address those concerns.
The House of Representatives passed this bill unanimously with a bipartisan vote of 427-0 and now we need the Senate to act!
TAKE ACTION NOW!
Even if your business model is not based on Condominium or Rural Housing Service transactions, all REALTORS need to band together on this Call for Action. Although it may not affect you directly, the next one could very well be of critical importance to your business. Please support your REALTOR family by responding to this important Call for Action!