Showing posts with label mission homes for sale. Show all posts
Showing posts with label mission homes for sale. Show all posts

Wednesday, April 28, 2021

Patience Is the Key to Buying a Home This Year



Patience Is the Key to Buying a Home This Year | MyKCM

The question many homebuyers are facing this year is, “Why is it so hard to find a house?” We’re in the ultimate sellers’ market, which means real estate is ultra-competitive for buyers right now. The National Association of Realtors (NAR) notes homes are getting an average of 4.8 offers per sale, and that number keeps rising. Why? It’s because there are so few houses for sale.

Low inventory in the housing market isn’t new, but it’s becoming more challenging to navigate. Danielle Hale, Chief Economist at realtor.com, explains:

The housing market is still relatively under supplied, and buyers can’t buy what’s not for sale. Relative to what we saw in 2017 to 2019, March 2021 was still roughly 117,000 new listings lower, adding to the pre-existing early-year gap of more than 200,000 fresh listings that would typically have come to market in January or February. Despite this week’s gain from a year ago, we’re 19 percent below the new seller activity that we saw in the same week in 2019.

While many homeowners paused their plans to sell during the height of the pandemic, this isn’t the main cause of today’s huge gap between supply and demand. Sam Khater, Vice President and Chief Economist at Freddie Mac, Economic Housing and Research Division, shares:

The main driver of the housing shortfall has been the long-term decline in the construction of single-family homes . . . That decline has resulted in the decrease in supply of entry-level single-family homes or, ’starter homes.’”

When you consider the number of homes built in the U.S. by decade, the serious lack of new construction is clear (See graph below):Patience Is the Key to Buying a Home This Year | MyKCMThe number of newly built homes is disproportionately lower than the rate of household formation, which, according to the U.S. Census Bureau, has continued to increase. Khater also explains:

Even before the COVID-19 pandemic and current recession, the housing market was facing a substantial supply shortage and that deficit has grown. In 2018, we estimated that there was a housing supply shortage of approximately 2.5 million units, meaning that the U.S. economy was about 2.5 million units below what was needed to match long-term demand. Using the same methodology, we estimate that the housing shortage increased to 3.8 million units by the end of 2020. A continued increase in a housing shortage is extremely unusual; typically in a recession, housing demand declines and supply rises, causing inventory to rise above the long-term trend.”

To catch up to current demand, Freddie Mac estimates we need to build almost four million homes. The good news is builders are working hard to get us there. The U.S. Census Bureau also states:

Privately-owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 1,766,000. This is 2.7 percent (±1.7 percent) above the revised February rate of 1,720,000 . . . Privately-owned housing starts in March were at a seasonally adjusted annual rate of 1,739,000. This is 19.4 percent (±13.7 percent) above the revised February estimate of 1,457,000. . . .”

What does this mean? Lawrence Yun, Chief Economist at NAR, clarifies:

The March figure of 1.74 million housing starts is the highest in 14 years. Both single-family units and multifamily units ramped up. After 13 straight years of underproduction – the chief cause for today’s inventory shortage – this construction boom needs to last for at least three years to make up for the part shortfall. As trade-up buyers purchase newly constructed homes, their prior homes will show up in MLSs, and hence, more choices for consumers. Housing starts to housing completion could be 4 to 8 months, so be patient with the improvement to inventory. In the meantime, construction workers deserve cheers.

Bottom Line

If you’re planning to buy this year, the key to success will be patience, given today’s low inventory environment. Let’s connect today to talk more about what’s happening in our area.

Monday, November 16, 2020

Home For Sale Mission Texas





























 🔥🚨🏡 For Sale 🏡🚨🔥 10239 W Mile 8 Road, Mission, Texas 78573 - $949,500

 
Country living meets elegant & classy. This spectacular home sits on 5 acres and will leave you speechless! As you enter through the front door, you are greeted by a Texas inlaid star and gorgeous porcelain floors. Lots of privacy in this very spacious 4 bedroom, 4 bath home with a HUGE theatre room that is just perfect for cheering on your favorite team. Gorgeous walls, a grand formal dining area and remarkable views from the living room will take your breath away. The awe factor of this home continues throughout, especially the kitchen, which offers plenty of cabinet space and an island that is certainly ample enough for prepping your next BBQ feast. Need a place for overnight guests? No problem. This home also offers a 3 bedroom, 2 bath barndominium that is as gorgeous as the home itself. This home also offers a water well, a sprinkler system, a game proof fence, security lights, a shed and an area for livestock. Lots of parking and open space in this South Texas beauty.

 
Don't miss out on this opportunity Call (956) 429-3232
or
More Information: https://bit.ly/3oWcv0b

 

We Have McAllen Texas Homes for Sale , RGV Rio Grande Valley Real Estate Properties, Land, See our Listings for Residential  & Commercial Real Estate listings in McAllen, Edinburg, Sharyland, Mission, San Juan, Alamo, Weslaco, Pharr, & Hidalgo County, Texas

 

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Wednesday, January 24, 2018

Homes For Sale 120 Rio Grande Avenue Mission, TX 78572














































Homes For Sale 120 Rio Grande Avenue Mission, TX 78572

6
4
1
2000
6155
2
McAllen
Cimarron Country Club
Hidalgo
Sharyland ISD
Bentsen
B.L. Gray Jr. High
Sharyland H.S.
 

Homes For Sale 120 Rio Grande Avenue Mission, TX 78572  - This incredible luxury home is quite deceiving from the outside. It's much larger than it looks. It's a two-story home, but with 4 levels. The main level has an expansive great room with a magnificent view through a nearly all glass South facing wall. High ceiling, gas fireplace and massive chandelier. The huge kitchen has everything you could want, gas cooktop, double oven, ice-maker, appliance garage, two pantries and a laundry shoot for those napkins, table clothes, and dish towels. The master suite has three walk-in closets, roll-in shower, and Jacuzzi walk-in hot tub. Views from the Master bedroom and the three lower rooms are equally spectacular. Over-sized garage has storage cabinets along two walls. It's the perfect entertaining house. Oh, did I mention the elevator?

List Price: $450,000 

For More Information: www.JinksRealty.com