Zillow just released their 2016 mid-year report and 3 of the figures shocked me, so I thought I would share them with you.

The question I’m getting from clients is, are we in another housing bubble?

Based on these numbers below, you decide:

Less homes for sale = supply is down!

The number of homes for sale nationally are DOWN over 35% since 2011. Supply nationally is super low.

Homes selling faster = demand is up!

This graph is really amazing. The national average to sell a home from listing to closing is down 53%, and what is even more striking is that during that time the average time to close a mortgage has increased drastically due to the new TRID settlement requirements. Home loans nationally are averaging 53 days to close, which means homes are being put under contract on average within 25 days. That is very strong demand in action.

title

Why Physician Home Loans Fail

Rents are up = strong housing market!

Lastly, rents are rising at near historical pace. When someone enters the housing market, they have to decide to rent or buy. With interest rates moving down thus far in 2016 and rents moving sharply higher, I believe that bodes well for future home demand throughout 2016 and 2017.

I hope you enjoyed this information as much as I did!

Please contact me, Josh Mettle if you have any questions or if I can be of service to you, your colleagues, friends, or family by reaching out to me at at (855) 260-9932 or you can write to me here: Contact Us.

Copyright©2017 Fairway Independent Mortgage Corporation. NMLS#2289. 4801 S. Biltmore Lane, Madison, WI 53718, 1-877-699-0353. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all dollar amounts. Other restrictions and limitations may apply. Fairway is not affiliated with any government agencies. Fairway is required to disclose the following license information. Alaska Mortgage Lender License No. AK2289; Arizona Mortgage Banker License No. 0904162; CA: Licensed by the Department of Business Oversight under the Consumer Finance Lenders Law; Loans made or arranged pursuant to a California Finance Lenders Law License #262571; Illinois Residential Mortgage Licensee No. MB. 0005475; Kansas Licensed Mortgage Company. KS License #MC.0001375; MA Mortgage Broker and Lender License #MC2289"; Minnesota: MN-MO- MN-MO-20183136. This is not an offer to enter into an agreement. Any such offer may only be made in accordance with the requirements of Minn. Stat. Section 47.206 (3) and (4); Mississippi Licensed Mortgage Company; Licensed by the New Hampshire Banking Department Licensed by the NJ Department of Banking and Insurance; Licensed Mortgage Banker-NYS Department of Financial Services; OH MBA License #2289; Oregon Mortgage Lender License ML-3791; Rhode Island Licensed Broker & Lender; VA: NMLS ID # 2289; Washington Consumer Loan Company License No. CL-2289.