News-Market Update

QUOTE OF THE WEEK...”The only limits are, as always, those of vision.” –James Broughton, American poet, author and filmmaker

INFO THAT HITS US WHERE WE LIVE… Americans are now expanding their vision of how big a home they want to live in. The Census Bureau reports the average size of a newly built home in 2011 was 2480 square feet. That was 3.7% bigger than the average size in 2010 — and the first annual increase since 2007! Record-low interest rates are also allowing buyers to move up in size for virtually the same mortgage payments. The trend helped boost the average new home price in April to $282,600, up more than 5% over a year ago.

More foreign buyers are seeing attractive opportunities in the U.S. housing market. A National Association of Realtors (NAR) survey revealed that home sales to international buyers were up 24% for the 12 months ending in March. Finally, a Mortgage Bankers Association (MBA) survey showed demand for purchase loans was up 13% for the week and up 4% from a year ago. This put it at the highest level in more than six months!

BUSINESS TIP OF THE WEEK… Want to be more innovative? Focus on your customers. This will help you find ways to serve needs they might not even realize they have.