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NAR outlook: Existing sales stable, price growth continues

NAR outlook: Existing sales stable, price growth continues

BOSTON – Nov. 5, 2018 – Consumers should expect home sales to flatten and home prices to continue to increase, though at a slower pace, according to a residential housing and economic forecast session at the National Association of Realtors®‘ (NAR) 2018 Realtors® Conference & Expo.

NAR Chief Economist Lawrence Yun was joined by Lisa Sturtevant, president of Lisa Sturtevant & Associates, LLC, to discuss the importance of affordable housing in the U.S.

Much of Yun’s presentation focused on recent declines in home sales, but he discussed it in the context of long-term trends as a way to illustrate the housing market’s actual performance.

Existing Orlando Home sales stable, price growth continues

“Ninety percent of markets are experiencing price gains while very few are experiencing consistent price declines,” said Yun. “2017 was the best year for home sales in 10 years, and 2018 is only down 1.5 percent year to date. Statistically, it is a mild twinge in the data and a very mild adjustment compared to the long-term growth we’ve been experiencing over the past few years.”

Yun quickly shut down any speculation of a housing price bubble.

“The current market conditions are fundamentally different than what we were experiencing before the recession 10 years ago,” said Yun. “Most states are reporting stable or strong market conditions, housing starts are under-producing instead of over-producing, and we are seeing historically low foreclosure levels, indicating that people are living within their means and not purchasing homes they cannot afford. This is a stronger, more stable market compared to the loosely regulated market leading up to the bust.”

Housing affordability
While the U.S. is experiencing historically normal levels of affordability, potential buyers may be staying out of the market because of perceived problems with affordability.

“NAR research shows that a lower percentage of consumers think that now is a good time to buy, while more are indicating that it is a good time to sell,” said Yun. “Problems could arise if the market is flooded with too many sellers and not enough buyers. Fortunately, that does not appear to be the case, as indicated by months’ supply of inventory at below five months.”

Sturtevant discussed the importance of homeownership on a social level – how homeowners’ physical and mental health tends to be better than non-owners, and owners have greater opportunity for economic self-sufficiency. Additionally, communities with more homeowners tend to be more economically prosperous and better able to attract and retain workers.

“I am a researcher, not an advocate; but the results of my research have compelled me to see the importance of affordable, stable housing and the positive economic impact to local communities,” said Sturtevant.

2019 forecast
Looking to next year, Yun said, “The forecast for home sales will be very boring – meaning stable.”

With a few months of data remaining in 2018, Yun estimates that existing-home sales will finish this year at a pace of 5.345 million – a decrease from 2017 (5.51 million). In 2019, sales are forecasted to increase to 5.4 million, a 1 percent increase.

The national median existing-home price is expected to rise to around $266,800 in 2019 – up 3.1 percent from 2018 this year and $274,000 in 2020.

“Home price appreciation will slow down – the days of easy price gains are coming to an end – but prices will continue to rise,” Yun said.

All of Yun’s forecasts, however, are dependent on higher levels of home production.

“All indications are that we have a housing shortage,” said Yun. “If you look at population growth and job growth, it is clear that we are not producing enough houses. This is often a local issue, not a national one, so NAR has created a website where local associations and Realtors can go for information on how to advocate for increased supply in their communities.”

Yun noted that the overall health of the U.S. economy is “good.” He said that the U.S. has low unemployment, record high job openings, historically low jobless claims, job additions for eight straight years and wages are beginning to increase.

“This type of activity in the economy should support the housing market, even as interest rates rise,” said Yun.

Source: © 2018 Florida Realtors®

JUST SOLD!! Orlando Retirement Home in Polo Park West

JUST SOLD!! Orlando Retirement Home in Polo Park West

 

108 Belle Isle Ct

 

Orlando Retirement Home JUST SOLD – Looking for the ideal location within this desirable community? Then you are looking at the right place. Minutes from the grocery store and Hwy 192 with its abundance of restaurants and stores. This well maintained 3/2 manufactured home is what you are looking for. Located a short distance from both clubhouses and community amenities. This home will suit someone looking for a second home, investment or family home. This nicely maintained property has lots to offer its new owner. Beautiful laminated flooring in the main living area, large kitchen with an abundance of kitchen cabinets and counter space. Adjoining the kitchen is a small dinette and laundry closet. The Florida room is accessed via the kitchen/dinette area. The master bedroom is well proportioned, and the closet space extends along the back wall. Double doors provide access into the master bathroom with garden tub and walk-in shower. The guest bathrooms are on the opposite side of the great room along with the family bathroom. The A/C and roof have both been replaced in the last 10 years. This desirable golf community offers lots of activities and amenities for the home owner. Enjoy the Florida lifestyle.

108 Belle Isle Ct, Davenport FL 33897

 SOLD FOR: $120,000

1,566 Heated Sq. Ft. | 2017 Taxes $667.00

 

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Orlando Retirement Home For Sale | Polo Park East

Orlando Retirement Home For Sale in Polo Park East

 

151 Rita Bee Ave

Orlando Retirement Home For Sale – Looking for your new home? As you pull up onto the drive, you will get an insight into what is in store for you. From the well manicured lawns and shrubbery to the exterior of the home. As you enter the front door you will see how well maintained and tastefully decorated this property is. The owner has continued to maintain and update this home and will suit the most discerning buyers. A pretty built-in display cabinet offers ample storage and display space in the dining area whilst the kitchen area incorporates a built-in breakfast table and pantry. This split plan property has a good sized master bedroom with ensuite bathroom whilst the guest bedroom is on the opposite side of the home close to the family bathroom. Roof, AC, hot water and heater have all been replaced. Priced to sell this home includes a share in this non-profit making cooperative. There are many amenities and activities for you to enjoy in this beautiful golf community which offers easy access to the 192, restaurants and grocery stores as well as being minutes away from the theme parks. Live the Florida lifestyle.

151 Rita Bee Ave, Davenport FL 33897

 $107,950

1,176 Heated Sq. Ft. | 2017 Taxes $1,478.00

 

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Florida Retirement Home JUST SOLD in Outdoor Resorts

Florida Retirement Home JUST SOLD in Outdoor Resorts

Home Sold in Outdoor Resorts, an active adult community.

9000 US Highway 192 Lot #420

Clermont, FL 34714

Outdoor Resorts

 SOLD FOR: $69,500

1 Bedroom | 1 Bathroom

2017 Taxes: $846.00| 678 Sq. Ft.

ON THE CANAL with a HUGE DOCK! Nicely remodeled 1 bed/1 bath home. Outstanding kitchen with all appliances, including dishwasher, and a great breakfast bar! The dining area gets lots of light from the front windows. The Living room has a sleeper sofa and the bathroom has a great skylight. There is a front awning that helps to keep this home cool in the summer months. Sellers installed new heat pump 2015. If you’re looking for a nice home with plenty of room inside and out for entertaining, this is it!! Golf cart included. ORO is a gated 55+ community located on a 175+ acre lake, has a free 9-hole par 3 golf course, shuffleboard, tennis, horseshoes, bingo, and lots more. HOA fees are $490/Qtr ($164/mo) and cover your water/sewer/basic cable/trash/lawn mowing. No VA/FHA

Florida Retirement Villa For Sale in the Beautiful Community of Outdoor Resorts

 

Orlando Retirement Villa JUST SOLD in Outdoor Resorts


Orlando Retirement Villa JUST SOLD in Outdoor Resorts

9000 US Highway 192 Lot 408

CUTE and CLEAN! This is a one bedroom home….but….the laundry area is 10×10 and has a 2nd bed in it!! This home has real windows in the Florida Room, a sleeper sofa, step storage, a great kitchen/dining area with lots of storage, WOOD floors, a front outside storage closet, and backs up to the bath house. The a/c was replaced in 2017. This is a great home in a great 55+ community. The park is gated and the fees are $490/qtr which pays for your water, sewer, basic cable, trash, and lawn mowing. It is well maintained and just about the least expensive living in this area that you’ll find. Check it out before it’s gone!!

9000 US Highway 192 Lot #408

SOLD FOR: $40,000

617 Heated Sq. Ft. | 2017 Taxes $711

 

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Orlando Retirement Home For Sale | Polo Park West

Orlando Retirement Home For Sale in Polo Park West

 

108 Belle Isle Ct

 

Orlando Retirement Home For Sale – Looking for the ideal location within this desirable community? Then you are looking at the right place. Minutes from the grocery store and Hwy 192 with its abundance of restaurants and stores. This well maintained 3/2 manufactured home is what you are looking for. Located a short distance from both clubhouses and community amenities. This home will suit someone looking for a second home, investment or family home. This nicely maintained property has lots to offer its new owner. Beautiful laminated flooring in the main living area, large kitchen with an abundance of kitchen cabinets and counter space. Adjoining the kitchen is a small dinette and laundry closet. The Florida room is accessed via the kitchen/dinette area. The master bedroom is well proportioned, and the closet space extends along the back wall. Double doors provide access into the master bathroom with garden tub and walk-in shower. The guest bathrooms are on the opposite side of the great room along with the family bathroom. The A/C and roof have both been replaced in the last 10 years. This desirable golf community offers lots of activities and amenities for the home owner. Enjoy the Florida lifestyle.

108 Belle Isle Ct, Davenport FL 33897

 $124,500

1,566 Heated Sq. Ft. | 2017 Taxes $667.00

 

 

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