ARMLS RENT Check™ – Dec, 2016

For the month of Dec 2016, all RENT Check indicators showed low momentum during the closing month of 2016. This is not surprising yet we expect to see gains in all area starting 2017.

  • Median Lease: $1,275 – Slightly decreased from $1,295 previous month.
  • Average Lease: $1,444 – Slightly decreased from $1,464 previous month.
  • Avg. Days on Market: 37 – Increased from previous 34 days.
  • Rent Check Quotient™: 3 : 10 – Remained flat as 3 : 10 last month.
  • Closed Rental: 2,109 – Increased from previous 1,986 homes.

Rent Check Quotient™ (RCQ™) is the ratio of closed rentals and closed sales.

Cap rates and Cash on Cash are still around 3% – 4% yet be careful about the potential mortgage interest rate hike.

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Housing News – Feb 10, 2017

The positive economic sentiment by Americans is trickling over to housing market attitudes. Over 29% of those surveyed said it was a good time to buy.

Also, over 69% of those surveyed by Fannie Mae said they were not concerned with losing their jobs. 42% expect home prices to continue rising.

It pays to shop in the snow. According to an analysis of roughly 50 million home sales between 2000 and 2016, February was the most affordable month to buy.

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Mortgage News – Feb 10, 2017

Gallup reports its Economic Confidence Index hit a new high in January, reaching its highest monthly average in 9 years.

The labor market continues to show strength, with jobless claims hitting a 43-year low this week and a strong showing for non-farm payrolls last week.

Despite the strong economy, inflation is still lagging. As long as inflation remains low, there’s less pressure for rates to rise.

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Mortgage Interest Rates Update – Feb 10, 2017

30 Yr   4.125 to 4.125 APR 4.25
15 Yr   3.250 to 3.500 APR 3.61

5 Yr    3.250 to 3.625 APR 3.87
7 Yr    3.625 to 4.375 APR 4.41

30 Yr   3.625 APR 3.73
15 Yr   3.250 APR 3.32

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