What's Happening with Corpus Christi Real Estate?

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 Today I'll give you an update on what's been happening in real estate on both the national and local level. First, we'll check in on the national level. 

According to the Federal Reserve Survey of Economic Well Being, 44% of buyers believe that owning a home allows you to build long term wealth. 41% believe buying is cheaper than renting, and 20% believe that owning a home provides certainty of monthly payments. A study from the Joint Center of Housing reveals that a homeowner has $80,000 of median equity; renters have a median equity of $800. Bottom line, buying a home provides more long-term wealth.

We do know that mortgage rates are starting to pick up. Fannie Mae, Freddie Mac, MBA, and the NAR are all seeing interest rates go up as we approach the fourth quarter. They project that the rates will go up three-quarters of a point. However, no one knows exactly how much the rates will go up or when that will happen, so the time to buy is right now!

Nationwide, sales are up in every region, every area, and every price point. 52.2% of buyers in April were all first-time home buyers. Overall, the real estate market is doing well across the nation. 

Now on to more great news on the local side. The single-family home margins are as follows: 

• Sales pending for June 2015 are down one-tenth of a percent from January 2015.
• Median sales have gone up 7.9%, from $164,000 to $177,000.
• The average days on market are down from 125 days to 115 days. 

As you can see, the market is doing very well, and homes are going to sell very quickly. Now, onto the numbers for new construction: 

• New listings are up 54.6% on single-family new construction homes. 
• Pending sales for June 2015 are up 20% from January of 2015. That's a 28.5% increase, which is pretty good!
• The absorption rate in Corpus Christi is 2.7 months of inventory, which puts us in a strong seller's market.

If you would like to receive a free market watch report, which includes all the information we disclosed today, please contact us. The real estate market is doing well on both the national level and the local level. If you have any other questions, please give us a call or send us an email. We're happy to help!

How Can You Take Advantage of Corpus Christi Real Estate?

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There are a lot of good things happening nationally and locally in our real estate markets. A study done by the University of Michigan is claiming that consumer optimism has hit an 11-year high, and this may be spurred on by low interest rates and low oil prices. 

Another good thing happening nationally is that FHA mortgage insurance premiums are falling. Based on a mortgage of $200,000, you can save $83 per month, or an astounding $18,000 over the lifetime of a 30-year loan! Another study shows that renters are now seriously considering buying homes, and this pent-up demand could make for a very busy market this spring. 

Other studies show that 86% of homeowners think that buying a home is a protection against increasing rent prices, and another 80% of homeowners believe that buying a home builds future wealth.

Now, for more good news on our local side:

• Our average days on market is sitting right at 84 days
• Pending sales are up by 2.1%
• Price per sq. ft. is up by 8.5%
• The median sales price is up by 8.4% to $186K
• Annual appreciation in Corpus Christi has risen by 9.75%
• The current absorption rate is 3.8%, which means that our demand is high and supply is very low

Currently, it's a very good time to be selling a home in the Corpus Christi area because affordability is high, and so is consumer confidence. This will translate into a profitable home sale for you, and you can then take that extra money and move up into a better home.

Please contact me if you're thinking of entering the real estate market. The time to prepare is now, because the market will be red-hot in a few weeks and you don't want to get left behind.