Market Update

QUOTE OF THE WEEK... "The future ain't what it used to be."--Lawrence Peter "Yogi" Berra, retired American Major League Baseball player, manager, and coach

INFO THAT HITS US WHERE WE LIVE... The beloved catcher and aphorist could well be commenting on the housing market. Its future may not be booming like it once was, but it does look better. Fannie Mae's May 2015 National Housing Survey reports the share of people who say now is a good time to sell hit a survey high of 49%, six points higher than the same time last year. Also, the share of consumers whose household income is significantly higher than a year ago grew 6% in two months, to 28%. With these two indicators, Fannie's chief economist said, "Things are looking up for housing....Fannie's forecast of moderate improvement in the housing market in 2015 is on course."

The Mortgage Bankers Association (MBA) would agree. Their unadjusted Purchase Applications Index for the week ending June 5 was up 20% from the week before and 15% higher than the same week a year ago. An Opportunity Cost Report from realtor.com concluded that buyers risk losing thousands of dollars by not taking advantage of  today's home prices and mortgage rates, while rents continue to escalate. The numbers vary by market, but national data reveals that homeowners can realize a significant financial benefit versus lifetime renters. The estimated wealth an average buyer would accumulate over 30 years totals more than $217,000 in today's dollars.

BUSINESS TIP OF THE WEEK... Don't settle for being average. Make the jump to being exceptional, by always exceeding a client's expectations. Keep trying to one-up yourself and you'll not only succeed, you'll avoid getting stale.