Nela Richardson - Redfin

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Last quote by Nela Richardson

For this reason, we think the 2017 market will be a late bloomer, with new listings coming on later in the year and sales peaking in the early fall, instead of summer.feedback
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Apr 26 2017
We can learn a lot about a person if we know what types of things he or she talks about or comments on the most frequently. There are numerous topics with which Nela Richardson is associated, including Grand Rapids and Omaha. Most recently, Nela Richardson has been quoted saying: “The market is missing its moment because of too-low inventory. Low unemployment rates and high consumer confidence should create continued momentum in homebuyer demand. But, instead, we're seeing demand cooling when it should be peaking.” in the article Homebuyer demand suddenly falling off as inventory keeps shrinking.
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Nela Richardson quotes

Buyers are getting a consistent message that interest rate increases will be slow and deliberate, so there's no panic, but people who were on the fence are definitely a little more motivated, and that's on top of the natural demand that's already out there. We're seeing a little wiggle room for buyers because with the stronger economy and mortgage rates ticking up a little, lenders are offering more low-down-payment loans and providing slightly more access to credit. When rates were super low, a lot of buyers couldn't take advantage of the low rates because of tight credit.feedback

Soaring stock markets, still-low mortgage rates, and a steady economy bolstered homebuyers at the start of 2017. Homebuyers were not just window shopping. They were serious about making offers and getting to the closing table. However, this uptick in homebuyer enthusiasm won't guarantee strong sales in the coming months. With pending home sales down across the country in January despite strong demand, the lack of supply is a formidable foe for buyers this year.feedback

We haven't seen any increases in affordable inventory in at least nine months. Starter homes are just in short supply and that's bad for first-time home buyers and millennials. It's hard for people with middle class incomes to buy a home, so in most American cities the middle class is losing ground in terms of home ownership.feedback

The Trump rally in the stock market did little to move prices in luxury real estate. Cities with booming luxury markets attracted traditional high-income buyers seeking a place to live, work and grow their families. Prices in cities with more transient luxury buyers, looking for investments or a place to park their wealth, had more tepid growth to close out 2016.feedback

They can rent that property, they can Airbnb that property, they can renovate that property. Even if they choose to move on, they can still keep that property as a really strong investment. That's what happened two years ago when rates went up after being very low.feedback

For sellers, it's a whole different ball of wax, especially if they bought at the bottom of the market in 2012, were able to refi into a really low, maybe even a 15 year mortgage rate that's under 3 percent, then their trade-offs are a lot different.feedback

For a homeowner who has the gift of a 3.5 percent (or lower) 30-year fixed rate, it may pay to keep their home as an investment property even if they do decide to trade up.feedback

We've seen housing tenure increase the past few years, and turnover is low relative to historical averages. The typical homeowner stays in their home twice as long as they did 15 years ago. An increase in rates will serve to strengthen this trend towards longer tenure and lock homeowners into their low-rate mortgages.feedback

In 2016, large financial institutions such as Bank of America, JPMorgan, Wells Fargo and Quicken all introduced mortgages requiring as little as 1 percent to 3 percent down. We expect increases in the availability of low down payment mortgages to draw more millennial buyers into the housing market.feedback

A blah September jobs report gives no impetus for anything on the economy's to do list: There's no sign of an overheating economy that would justify a rate hike; no groundswell of construction hiring that would finally hint at a return to a normal pace of housing starts; no big wage gains that would give hope for renewed productivity gains. Just a stubbornly average report at a time when the economy is looking for a jolt of the spectacular.feedback

The 2016 home-buying season has been less ferocious than it was the past three years. Bidding wars are a tad less frequent, price growth is moderating and even in hot markets, homes are sitting on the market a bit longer. All told, this is not a market in decline, it's a market finally finding its normal.feedback

Buyers continue to be persistent when it comes to giving homes a shot, checking out what's coming on the market despite new inventory being few and far between. But strong tour growth isn't translating into offer growth, so we'll likely see a second lackluster month for sales in August.feedback

New construction is short of historical norms. We need more inventory, not less.feedback

For the most part, the housing market can stomach large swings in the stock market. But there are markets, like Silicon Valley, that become queasy when the equity market is this volatile. In these areas, homebuyers' wealth and down payments are more closely tied to stocks. In addition, foreign buyers who normally flock to these cities are also highly sensitive to global volatility.feedback

After almost a decade of under-supplied housing stock, competition is fierce. What's new in 2016 is that we're seeing the intensity of fast sales and bidding wars even in affordable markets like Grand Rapids and Omaha, where the typical home sold within two weeks last month.feedback

Trade-up buyers seem to be losing their mojo heading into the heart of the spring selling season. Repeat buyers tend to list early because they are most often also looking for another home to buy in the near future. A slowdown in new listings reflects a lack of confidence on the part of the homeowner that they can find a desirable home to purchase.feedback

Even though it's a sellers' market nationally, homeowners often have to make a leap of faith to list their properties because there may not be a more desirable home to move to. We are now starting to see sellers' anxiety play out in the data. After steady growth in new listings over the last three months, early readings suggest that fewer homes are being listed in May than we saw listed in May last year in many markets.feedback

Chronically low inventory, surging rental rates and high home prices have shifted the demographic makeup of the urban core in many American cities. Cities used to be enclaves of cultural and economic diversity, but suburbs are increasingly filling this role.feedback

These balanced neighborhoods are an endangered species right now.feedback

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