Blog - Michael Inkman

Existing Home Sales Numbers Show Value Gains Across America

April 24, 2013 by Michael Inkman Leave a Comment

Existing Home Sales Show Price Gains March 2013 The National Association of REALTORS® released its Existing Home Sales report for March on Monday.

Sales dipped from February’s seasonally adjusted annual rate of 4.95 million to 4.92 million existing homes sold in March, a decrease of 0.6 percent month-to-month.

This reading was lower than Wall Street’s consensus of 5.03 million existing homes sold, but there is also good news.

Sales of existing homes are up by 10.3 percent as compared to March 2012.

Economists note that existing home sales have performed within a narrow range of 4.90 to 4.96 million since November 2012.

This illustrates the impact of lower numbers of existing homes available for purchase in Colorado and around the country.

The National Association of Homebuilders Housing Market Index reports builder concerns including rising materials costs, tight construction credit and lack of available developed lots for building.

Demand for Homes, Fewer Distressed Properties Driving Median Home Price Gains

The national median price for existing homes was $184,300; this is an 11.8 percent increase over March 2012.

This was the largest year-over-year price increase since November 2005.

Low inventories of available homes for sale and fewer distressed properties on the market are supporting rising home prices.

Distressed home represented 21 percent of existing home sales in March, which was their lowest market share since data collection started in 2008.

Distressed home sales decreased from a 29 percent market share in March 2012.

With fewer “bargain-basement” homes on the market, homeowners waiting to sell may be more willing to list their homes which could add to the numbers of existing homes available.

Regional Median Home Prices Rise

Existing home sales declined in two of four U.S. regional markets, were unchanged in one market and rose in one market.

Sales of existing homes are calculated on an annual basis.

Northeast: Sales volume for March was unchanged at 630,000 homes sold annually. The median price is $237,000. This represents a year-over-increase of 6.8 percent since March 2012.

Midwest: Sales increased by 1.8 percent to 1.16 million homes. The median price rose to $141,800, an increase of 7.8 percent year-over-year.

South: Sales volume dropped by1.5 percent to 1.95 million homes. The median home price is $161,700. This is a 10.4 percent increase as compared to March 2012.

West: Sales volume declined by 1.7 percent to 1.18 million homes. This represents an increase of 4.4 percent in existing home sales over March 2012. The median home price in the West has risen by 26.1 percent year-over-year to $258,100. This dramatic increase is attributed by high demand for homes caused by very low home inventories.

While regional median home prices rose across the board in March, regional sales volumes were varied; this suggests that if there were more homes available, there would be more buyers.

5 Important Questions To Ask Before You Invest In Solar Power For Your Home

April 23, 2013 by Michael Inkman Leave a Comment

Investing In Solar Energy For Your Home If you’ve been considering taking your home in a green direction, April is the perfect month to make an environmentally friendly update.

Installing a solar energy system may be a very smart way to help the environment.

Plus, solar panels turn sunlight into energy that can save you money!

The federal government and many states are now providing tax incentives and rebates for installing solar panels in 2013 which make this an excellent opportunity to go green this spring.

However, there are many installers that might not have the necessary experience, so be sure to ask the questions below when searching for your solar energy system.

How many solar panel systems have they installed?

You want to make sure to find a reputable company that has significant solar experience and has successfully completed at least 50 installations.

Ask for references before you sign anything.

What is the output in kWh per year?

Many times, solar panel brands will claim to be more efficient than others.

You’ll want to weigh the annual output against the price to determine what system is going to be the most cost effective for your Austin home.

It is important to note that you should do an energy audit to see how you are using the power in your home before sizing the solar power replacement system.

You may be able to install a significantly smaller, and less costly, system if you learn how you can cut your power consumption prior to installing your new solar panels.

How long is the warranty on the panels?

Most high quality solar panel systems have a warranty of at least 25 years.

Top-of-the-line panels usually guarantee an output of no less than 90 percent after ten years and no less than 80 percent after 25 years.

Be wary of any company whose panels don’t come with a warranty.

Do they include a warranty on labor?

Many states require a warranty on labor in order to receive your rebate.

Reputable installers should have no problem including at least a 10-year warranty.

What is the final price?

Don’t get separate pricing for the parts, labor and rebates. Get a comprehensive price, so you can directly compare the total cost and kWh per year among providers.

Also, pay attention to the difference between purchasing your solar power system versus the leasing options available.

Leasing has become popular due to the low — or possibly no– up-front cost, but most experts agree that purchasing the system leads to a quicker payoff and return on your investment.

Taking into consideration warranties and servicing fees, the outcome should be that you choose whoever can give you the most output at the best price.

What’s Ahead For Mortgage Rates This Week – April 22, 2013

April 22, 2013 by Michael Inkman Leave a Comment

What's Ahead For Mortgage Rates This Week April 21 2013 Mortgage rates fell for the third consecutive week.

According to Freddie Mac, the average rate for a 30-year fixed rate mortgage fell by two basis points to 3.41 percent as compared to last week’s 3.43 percent and 3.90 percent year-over-year.

The average rate for a 15-year fixed rate mortgage was 2.64 percent as compared to last week’s 2.65 percent and 3.13 percent year-over-year.

Falling mortgage rates were attributed to reduced consumer spending.

Last week’s economic news includes the NAHB Wells Fargo Housing Market Index (HMI), with a reading of 42 for March.

This is four points below investor expectations and two points below February’s results.

A reading of 50 or above indicates that more of the builders surveyed have a positive outlook.

March results were impacted by builder concerns over tight builder credit, a lack of available lots and increasing construction costs.

Housing Starts Increased In March

More good news for housing arrived Tuesday when the U.S. Department of Commerce issued its monthly Housing Starts report.

Housing starts for March came in higher than anticipated at a seasonally adjusted annual rate of 1.04 million, against a consensus of 933,000 and also beat February’s reported 968,000 housing starts.

Housing starts rose by 7 percent over February, and rose 47 percent over March 2012, the highest year-to-year increase since 1992.

The Federal Reserve issued its Beige Book Report which is compiled from reports by the 12 districts of the Federal Reserve.

5 districts reported moderate economic growth, 5 districts reported modest growth, and 2 reported slight economic growth.

Based on the data contained in the Beige Book Report, economists are not expecting the Fed to make changes to its current quantitative easing (QE) program of purchasing $85 billion monthly in bonds and MBS; this may help mortgage rates remain steady; when MBS prices fall, mortgage rates typically rise.

What‘s Coming Up Next

The National Association of REALTORS® releases its Existing Home Sales report for March today.

The consensus is for 5.03 million homes sold on a seasonally adjusted annual basis, and against February’s 4.98 million existing homes sold.

Tuesday brings more housing news with the FHFA Home Price Index for February; FHFA is the federal agency overseeing Fannie Mae and Freddie Mac.

The U.S. Department of Commerce releases its New Home Sales for March on Tuesday.

The consensus is 421,000 new homes sold against February’s reading of 411,000 new homes sold.

Thursday’s Weekly Jobless claims are expected to come in at 351,000 as compared to last week’s 352,000.

Employment is a key factor in terms of consumers buying homes and qualifying for mortgage loans

Lee Vanvolkenburg

15:43 23 Nov 23

Michael and his team were wonderful to deal with. They were excellent with communication and always available to answer questions. Thank you all!

williams lovos

22:54 16 Nov 23

We close on the house tomorrow! Thank you David and Michael for making my first home buying a smooth process. I had several out of the ordinary situations that would had easily not been possible to get the loan in the time that they were able to approve it. My wife and I are forever grateful for the work the team did. Thank you again!

Mario Silvestri III

16:45 16 Nov 23

Rex Perkins

16:56 15 Nov 23

Everything had been going well over the past two years since refinancing an existing mortgage. The application process, approval, servicing website, everything had been very smooth, nothing but the best service. I then had a minor issue arise. We had a wind loss claim on our home and, unfortunately, I had put off getting the check cosigned until the last minute. An issue arose as part of a minor miscommunication in terms of where the check was to be forwarded for endorsement.

To make a long story short, I feared that this miscommunication and misdirected check coupled with my procrastination were going to result in the check expiring and a huge hassle on my part to go through the process again. Mr. Inkman nor his branch were in any way involved with my account or account management, yet, the check inadvertently ended up in their draft loss department and I feared this would further delay things. I was a bit frantic.

One of those that I emailed was Mr. Inkman. In an era when customer service is not as valued as in the past, I was very skeptical I would meet the deadline. But, to my surprise, Mr. Inkman took it on his own to personally get things done and get the issue resolved. It appears that he tracked down the overnighted check personally, directed it for signature, packaged and overnighted the check back to me. All the while remaining professional and pleasant and providing consistent email updates on the status. It doesn't even look like he delegated, rather taking the initiative and seeing it through on his own.

To me, that's not just doing a job, that's going above and beyond in terms of leadership, professionalism, and customer service. We could not be more happy. And, as a further sign of good will, the Fairway CEO actually emailed me personally to follow-up and assure resolution. Been very happy with Fairway since my refinance, Mr. Inkman's efforts only further reinforce that opinion.

Samer Fallouh

15:01 15 Nov 23

Debbie Salas

21:47 03 Oct 23

This transaction probably would not have happened without Michael. Whenever we hit a stumbling block, he found a way around it! He kept us informed and was a positive light all the way through to the end and beyond.
Thanks

Eric Kieffer

22:46 16 Aug 23

Did business with Michael about 20 years ago and he was happy to help us again. He and his team did a great job. See you in another 20.

Existing Home Sales Numbers Show Value Gains Across America

5 Important Questions To Ask Before You Invest In Solar Power For Your Home

What’s Ahead For Mortgage Rates This Week – April 22, 2013

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