Home sales prices in the nation’s largest metros typically peak during the summer but drop in the fall and are lowest in the winter, according to a new study from NerdWallet, in which researchers analyzed sales and listings over the past two years in the 50 largest metros using realtor.com® data.

Home sale prices tend to peak in June and July, according to the analysis. Buyers will find the most inventory or home choices during those months but there is also more competition from other buyers that they will have to contend with.

The market tends to slow in the fall and sales prices start to dip. Sales prices drop nearly 3 percent, on average – a fall of $8,300 on the median home – from summer (June through August) to fall (September through November).

Home sale prices tend to be cheapest in the winter. In January or February, for example, homes could potentially cost 8.45 percent less on average than in June through August.

January had the lowest sales prices in 29 of the 50 metro areas analyzed; February had the cheapest in 19 areas.

“If your circumstances give you the freedom to be able to choose the best time to look to sign a contract on a new home, there’s no question that the market dynamics favor you the most to do that in the dead of winter, ideally in January or February, right before the activity starts to heat up,” says Jonathan Smoke, realtor.com®’s chief economist.

Source: “House Shopping After Summer Ends? Buying Later in the Year Could Save You Thousands,” NerdWallet (Sept. 20, 2016)

A recent realtor.com® article highlights some ways to boost the curb appeal of your listing, including:

Landscape: It can pay off. Well-landscaped homes get anywhere from a 5.5 percent to 12.7 percent sales boost, according to Alex X. Niemiera, a horticulturist at Virginia Tech. Adding some plants and sprucing up the landscape may be worth it for potentially an extra $16,500 to $38,100 in value on a $300,000 home, according to his research. Make sure the grass is trimmed, clear away any dead limbs or unwanted foliage hanging around the house, and remove any tree branches or bushes that are overcrowding the yard.

Pay attention to the mailbox: “Paint it, polish it, or replace it,” according to the realtor.com® article.

Check the lights: A front porch light can add some appeal. “Attractive light fixtures can really add to the appeal of a home, even if the lights aren’t on,” realtor.com® notes.

Clean: Wash the windows. Consider power washing the house to remove any dirt and grime.

Do some touch-ups: The entire house may not require repainting but just certain areas, like the trim and front door. “While you’re at it, consider brightening the façade with a touch of contrasting color,” the article notes. “You’ll be surprised by how a little pop of color can really freshen up the space.”

Source: “What Is Curb Appeal? How to Supercharge the Impression Buyers Have of Your Home,” realtor.com® (Sept. 21, 2016)

Housing affordability may finally be showing signs of improvement, according to a new analysis of American Community Survey data.

About 33.6 percent of households were cost-burdened in 2015, which means they spent more than 30 percent of their incomes on housing costs. That’s down from 34.6 percent a year earlier, according to Jed Kolko, chief economist at job site Indeed, and senior fellow at the Terner Center for Housing Innovation at the University of California, Berkeley.

Low mortgage rates are one factor helping to improve affordability. Renters are also seeing improvement, which may be aided by recent income gains that are outpacing rent growth, Kolko notes.

About 49 percent of renters were cost-burdened in 2015, which means they spent more than 30 percent of their incomes in rent, compared to about 50 percent a year earlier. That is the lowest percentage since 2008, according to Kolko’s analysis.

Also notable, single-family home ownership has seen its biggest rise since 2007. Single-family ownership rose to 65.7 million owner-occupied single-family homes in 2015 compared to 65.2 million a year earlier.

Source: “U.S. Households Make Long-Awaited Gains in Housing Recovery,” The Wall Street Journal (Sept. 15, 2016)

1. The only upfront cost is the down payment.

Buyers need to be prepared for several expenses – everything from fees, taxes, costs for inspections, credit reports, insurance, and others. Closing costs can be anywhere from 3 percent to 6 percent of the purchase price. Those costs can fluctuate greatly depending on the state you live in too.

2. Just looking for a house casually is not a big deal.

Some people may want to just start looking at homes to get a feel for the area, before they even sit down with a REALTOR®. But they could be setting themselves up for major heartbreak. “A buyer might be viewing homes that are in a higher or lower price range than what they are qualified for,” Connie Antoniou, a broker associate in Barrington, Ill., told realtor.com®. Home shoppers – even at the earliest stages – should get pre-approved for a mortgage so they know their budget from the get-go and don’t waste time looking at homes that are out of their price range.

3. You must have a 20 percent down payment.

A 20 percent down payment will help a buyer avoid paying private mortgage insurance. But 20 percent down isn’t required. Many lenders will still qualify a buyer for home loans with 10 percent or 5 percent down. Some buyers can even qualify for only 3.5 percent down with a Federal Housing Administration loan. There are many options for down payment assistance that lenders can explore with a buyer who has a limited amount to put down.

4. Schools shouldn’t matter if you don’t have kids.

“The neighborhood you choose matters – both now and later when you might consider selling,” notes the realtor.com® article. “Even if you don’t have children, good schools are a sign of a good neighborhood.” Buyers should explore all factors with their REALTOR® on items that could influence their homes appreciation and desirability so they don’t run into trouble later on one day when they try to sell.

5. You don’t need a home inspection.

When the housing market is extremely competitive, some home shoppers may be willing to waive the home inspection in order to get the home they want. “But beware: sellers are banking on your skipping this crucial step,” the realtor.com® article notes. “It means you’ll get the home as is, including any and all problems that come with it. And sometimes those problems aren’t exactly visible.”

Source: “9 Home-Buying Myths You Need to Stop Believing Immediately,” realtor.com® (Sept. 6, 2016)

The disconnect in the market is likely partially due to the limited number of homes for sale in many markets, allowing sellers to face less competition and ask for higher home prices. On the other hand, home buyers are having fewer choices and stuck paying higher prices, sometimes in multiple-bid situations.

Indeed, “we can partially attribute the sizable gain in April in home selling optimism both to a correction for last month’s unexpected dip and to typical seasonal strength in housing activity in the spring and summer,” says Doug Duncan, senior vice president and chief economist at Fannie Mae. “Even after accounting for these factors, continued tight housing supply has led to renewed strength in home price appreciation, making selling a home a more attractive prospect this year in particular. This improved sentiment could provide an extra boost of much-needed supply for the spring selling season.”

Some highlights from Fannie Mae’s latest Home Purchase Sentiment Index:

• 30% of Americans say now is a good time to purchase a home, a drop of 3 percentage points from the previous month and now at an all-time survey low.
• 15% of Americans say now is a good time to sell a home, now at an all-time survey high.
• More consumers think home prices will rise over the next 12 months compared to March, and slightly fewer consumers also expect mortgage rates to go up over the next year.
• The percentage of respondents who say they are not concerned with losing their job increased 6 percentage points to 74%, nearly a 7 percentage point decrease in March.
• The percentage of respondents who say their household income is significantly higher than it was 12 months ago held at 11%.

Source: Fannie Mae

In an episode of ABC’s “Modern Family” viewers were schooled on the difference between a REALTOR® and a real estate agent.

In the episode, which aired Wednesday, Phil Dunphy, the show’s resident real estate practitioner played by actor Ty Burrell, clarifies his status as a REALTOR® and offers Gloria a lesson about what sets REALTORS® apart from other real estate agents. At the end of the show, Dunphy is seen straightening an “R” pin on his jacket.

The National Association of REALTORS® partnered with “Modern Family” to craft the episode’s messaging. Dunphy is “now one of America’s best-loved REALTORS®,” says Elizabeth Mendenhall, NAR’s 2016 First Vice President.

The plot narrative of the show coincides with the launch of NAR’s latest TV and online ads featuring the Dunphy character, who provides his “Phil’s-osophies” on the ways REALTORS® provide value to home buyers and sellers.

Source: “‘Modern Family’ Product placement Takes Ad to New Level,” The Associated Press