Happy Valentine’s Day

Brought to you by John Castelli.     "The heart has its reasons of which reason knows nothing." -Blaise Pascal

John Castelli Keller Williams Realty Partners REALTOR® (773) 851-7636 www.SoldByCastelli.com

Buying Is Better Than Renting in Most Markets... but for How Long?

Buying a home is more affordable than renting one in 66 percent of housing markets in the U.S., with Cook County, Ill., Maricopa County, Ariz. and Miami-Dade County, Fla. among those with the highest buy affordability, according to ATTOM Data Solutions' 2017 Rental Affordability Report. Renting a home, to compare, is more affordable than buying one in 34 percent of markets, with Dallas County, Texas, Kings County, N.Y. and Santa Clara County, Calif. among those with the highest rent affordability.  Predominantly impacting affordability are stagnant wages, which have lagged at a growth rate of 2.2 percent since one year ago, compared to home prices, up 5.7 percent, and rents, up 4.2 percent.   Rising mortgage rates could deal another blow to affordability. Average rates, which retreated since charging forward following the election, are currently above 4 percent.   Home price growth outpaced wage growth in 79 percent of the counties analyzed in the report, while rent growth outpaced wage growth in 62 percent. Wage growth, however, outpaced home price growth in 21 percent of the counties analyzed, and outpaced rent growth in 38 percent.   A monthly house payment on a median-priced home will require 36.6 percent of average wages, according to the report; a monthly fair market rent will require 38.6 percent.

Monday Motivation by John Castelli

Happy Monday! I hope you had an amazing weekend! As always I like to start the week off right with some words of inspiration...

Monday Motivation by John Castelli

Happy Monday! I hope you had an amazing weekend and are ready for a great week ahead!

In the market for a new home? Here are your best bets.

SPECIAL REPORT

Monday Motivation by John Castelli

Happy Monday! I hope you had an amazing weekend and are set for a MASSIVE week!

Preparing Your Home to be SOLD!!

Preparing Your Home to be SOLD!!

Monday Motivation by John Castelli

Happy Monday! I hope you had an amazing weekend!
As always I like to start the week off right with some words of motivation....

"DISCIPLINE: The One Thing Necessary To Achieve Any Goal Worth Having"

Monday Motivation by John Castelli

This Month in Real Estate - January 2017

January 2017 Market Update Home sales surged ahead in November, marking the third consecutive month of growth. A healthy job market, along with pressure for buyers to close ahead of forthcoming mortgage rate hikes, pushed sales to the highest pace recorded since February of 2007, according to the National Association of REALTORS®.   Interest Rates According to Freddie Mac, 30-year fixed rates jumped from 3.94 percent to 4.30 percent, reflecting the expectations of continued economic growth along with the increased possibility of inflation in 2017.   Home Sales The National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of approximately 5.6 million homes during the month of November. This was an increase of 0.7 percent from October, and an increase of 15.4 percent from November of last year.   Home Prices The median home price increased to $234,900 in November, which was up 0.3 percent from October and up 6.8 percent from November of last year. The median home price has increased by approximately $14,900 in the past year alone.   Inventory There was a 4.0-month supply of housing inventory in November, which was a 7.0 percent decrease from October. The total number of homes for sale decreased by 21.6 percent compared to November of last year.     Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed on This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

John Castelli  Keller Williams Realty Partners REALTOR® (773) 851-7636 Click here to download my mobile app!  johncastelli@kw.com  www.SoldByCastellicom Copyright 2016 Keller Williams® Realty, Inc. If you have a brokerage relationship with another agency, this is not intended as a solicitation. All information deemed reliable but not guaranteed. Equal Opportunity Housing Provider. Each office is independently owned and operated.