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Schmidt Mortgage Company Blog

Home Construction Up 9.7% in January

More homes were built in the first month of January, starting 2018 on an optimistic note for economic growth and real estate prices. The number of new housing units being constructed rose 9.7% in January from the previous month to an annual rate of 1.326 million, the U.S. Census Bureau/ U.S. Department of Commerce announced February 16. This marked the third increase in four months. The report indicated that builders are also planning to increase construction activity later this year. Permits to build increased 7.4% in January to an annual pace of 1.396 million. Even with this optimistic trend, economists say the

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3 Things You Might Not Know About Short Sales

Thinking of buying a home? Want to find a bargain? Short sales may be worth considering, but only if you can handle this real estate transaction’s unique challenges. Before you fall in love with a short sale and start working on an offer, take some time to familiarize yourself with the following lesser-known aspects of buying a short sale. 1.) Short sales aren’t always priced at a deep discount. (And sale price is subject to the seller’s lender’s approval) Short sale properties are homes listed at a discount, typically as a last resort method of avoiding a foreclosure situation. For

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Existing-Home Sales Hit 11-Year High

The number of existing-home sales increased as a whole for 2017, reaching an 11-year high despite December’s sales subsiding from the previous month. According to the National Association of Realtors (NAR), total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 1.1 percent in 2017 to a 5.51 million sales pace and surpassed 2016 (5.45 million) as the highest since 2006 (6.48 million). “Existing sales concluded the year on a softer note, but they were guided higher these last 12 months by a multi-year streak of exceptional job growth, which ignited buyer demand,” said Lawrence Yun,

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Akron

1953 Englewood Ave.
Akron, OH 44312
Phone: (330) 798-4677
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Rocky River

20545 Center Ridge Road
Suite 250
Rocky River, OH 44116
Phone: (440) 356-3242
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Willoughby

35104 Euclid Ave.
Suite 202
Willoughby, OH 44094
Phone: (440) 953-0447
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