by Tim McLaughlin, Sr. Vice President, Weichert Financial Services
Veros Solutions is beginning to predict price appreciation across the United States.
The VeroForecast for the 12-month period ending Sept. 1 has the research firm predicting 1.1% home price appreciation nationwide. The forecast covers 918 counties, 305 metro areas and approximately 12,985 ZIP codes.
Specific to areas in our footprint, Veros ranked the “Washington-Arlington-Alexandria, D.C.-VA-MD-WV” area at number 3 in the nation out of the 305 metro areas with a projected appreciation of 2.9%.
According to a Fannie Mae study, the average rental price change expectation for October decreased slightly to 3.1%, the lowest level since March 2011 -> a further sign to support to improvement in the housing sector (lower rental prices due to less renters doe to more home purchases).
In a sign of positive news to the economy, the percentage of respondents who expect their personal financial situation to get better edged up to 44%, while those expecting their personal financial situation to get worse fell slightly to 12%, according to the same Fannie Mae survey above.
28% more current homeowners stated that they have looked into refinancing their current property given historically low interest rates, the desire to reduce the term of their original loan, and on news that the government has released new refinancing programs (HARP) that may make them eligible to qualify for a refinance whereas they did not qualify in the past.
37% of the respondents stated that they have “never” researched if a refinance makes sense for them: “too much work”, “too complicated”, and “I won’t qualify” being the top reasons why. If you are in the 37% bucket, talk to a Weichert Financial Gold Services Manager today to see why that may not be true. We can help! Ask us how!