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Benchmark and The Patriot Tour by Team Never Quit!

Benchmark Mortgage is proud to announce our partnership with Team Never Quit. This year, we will be hitting the road with the 2018 Patriot Tour! Our Team is proud to have changed the way VA lending is done, and we take a “never quit” attitude with our veterans and their dreams. NO MORE will the …

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Supply & Demand Will Determine Future Home Values

 

Supply & Demand Will Determine Future Home Values | Bridge Builders

Will home values continue to appreciate throughout 2018? The answer is simple: YES! – as long as there are more purchasers in the market than there are available homes for them to buy. This is known as the theory of “supply and demand,” which is defined as:

“The amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price.”

When demand exceeds supply, prices go up. Every month this year, demand (buyer traffic) has increased as compared to last year and for the first five months of 2018, supply (the number of available listings) had decreased as compared to last year. However, a recent report by the National Association of Realtors (NAR) revealed the first year-over-year increase in supply in three years.

Here are the numbers for supply and demand as compared to last year since the beginning of 2018:

Supply & Demand Will Determine Future Home Values | Bridge Builders

The increase in the June numbers doesn’t mean that prices won’t continue to appreciate. In that same report, Lawrence Yun, NAR’s Chief Economist, explained:

“It’s important to note that despite the modest year-over-year rise in inventory, the current level is far from what’s needed to satisfy demand levels.

Furthermore, it remains to be seen if this modest increase will stick, given the fact that the robust economy is bringing more interested buyers into the market, and new home construction is failing to keep up.”

Bottom Line

The reason home prices are still rising is that there are many purchasers looking to buy but very few homeowners ready to sell. This imbalance is the reason prices will remain on the uptick.

 

2018 Homeownership Profiles: Millennial Buyers

In 2017, Australian millionaire Tim Gurner famously attempted to blame millennial homebuyer obstacles on their inability to avoid frivolous spending on $19 avocado toast, in comments that were widely mocked throughout the internet. Many commentators are still quick to point the finger at extravagant spending to explain why homeownership among younger adults has declined compared …

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How To Avoid Roadblocks Before Closing On Your New Home

You have submitted a mortgage application, found your dream home, and put in an offer. Now what? Applying for a home loan is an ongoing process, from application to closing, that does not have to be stressful. There are several things you can do to make the process more efficient, and things not to do …

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Construction Loans: What to Expect

Building a new home offers many advantages over purchasing an existing home on the market. You are able to customize the home to your specific needs and preferences and avoid costly repairs of outdated features. New homes are often also more energy efficient and technologically equipped. Different from Traditional mortgages. Securing financing for a construction …

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