Interesting Joint Study by NAR & Google
A joint study by NAR and Google was released last week that discussed the role that digital media plays in the consumer’s home search process. If you haven’t seen it yet, be sure to check it out: http://www.realtor.org/reports/digital-house-hunt)
Here are some of the report highlights:
– 90 percent of home buyers searched online during their home buying process
– Real estate related searches on Google.com grew 253 percent over the past four years
– Buyers use specific online tools during different phases of the home search process
– How important “local” search terms and websites are for buyers
– How mobile technology cements online to offline home buying – including the reading of online reviews
– How video and YouTube satisfy buyers’ research needs
Be sure to take a few minutes today and check it out, definitely worth the read.
This Week’s Mortgage Rates Forecast
Risks Favor: LOCKING
This week has Economic data on the calendar which focuses on the housing market, but the data won’t have nearly the same effect that we will see from continued government discussion about both the debt ceiling and spending cuts. Both stocks and bonds will see movement depending on how this plays out. Right now, the House Republicans are offering a bill to increase the debt ceiling for three months to allow more time to deal with spending cuts. The question is whether the President will go along with it. Be ready to see volatility in the markets based on rumors and posturing, as traders look to be in the right position to benefit from market sentiment about the news. Rates shouldn’t venture too far, but be sure and ask your preferred Loan officers, The Covenant Team of Service First Mortgage, for the best times to lock mortgage rates this week. Even though we say that rates are stabile, meaning that we won’t see large increases from where we are at now to the end of the week, there will be lots of volatility.
This market isn’t doing much and as data for the fourth quarter of 2012 rolls in, we are seeing evidence of an economy that can be described as tentative but not stalled. That has been the case for quite some time, but now a key question is how do shoppers feel right now, after taxes have been increased and more fiscal drag is likely to come from federal spending cuts? Perhaps consumers will feel some support from the positive wealth effect of increasing home prices and increasing equity prices? They will feel comfortable utilizing credit, and they may pull down their saving rate to grow spending slightly despite a dip in real disposable income. Never underestimate the ability of the American consumer to continue to shop.
Rates continue to go up a little and down a little. Economic news this week focuses on housing. Today we’ll have Existing Home Sales, tomorrow is the MBA application numbers and the FHFA Housing Price Index, Thursday is Jobless Claims and Leading Economic Indicators, and Friday is New Home Sales. Overall, it is a great time to sell a home or to buy a home.
News brought to you by The Covenant Team of Service First Mortgage
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McKinney, TX 75070
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