Displaying blog entries 1-10 of 22
In the latest Existing Home Sale Report from the NAR (National Association of REALTORs), the NAR is reporting that less than 6% of the national market represents distressed sales. This is a sharp decrease from 2014 reporting at 9%. At their most recent peak, distressed property sales represented a full 35% of all national real estate sales. 6% represents the lowest figure since 2008, when the NAR began tracking this metric.
Existing Home Sales continue steady, with year-over-year sales up 3.9%. Likewise, inventory remains low at approximately 4.8-months supply, versus a balanced market at 6-months. The national median home price has seen an increase of 5.9% to $219,000. It is important to consider, that the sharp increase in median price, at least for many markets, represents a regaining of previously lost sale prices.
Niche.com just published their 2015 List of Best Suburbs in TX to Purchase a Home!
Once again Denton & Collin Counties dominate the top 10 list with 8 spots!
How many times have you as a buyer, seller, home owner, or real estate pro witnessed a house that seemed to linger a little longer than the neighbors, then undergo a modest price drop and -boom- full price offer, or better yet (at least for the seller) multiple offers? There is no better anecdote for the power of proper pricing than this classic scenario.
Proper pricing placement is critical to positioning a home in the market. Even a home slightly overpriced will often go "unnoticed" by buyers in the market, despite a seller's likely willingness to negotiate a less than full list-price contract. According to the National Association of REALTORs, pricing a home 10% over market value eliminates up to 70% of the "buyer pool" willing to look at the home. As such, proper pricing or a well timed price reduction, can assist in positioning a home where the market is most likely to react.
With the Holiday Season rapidly upon us, one question we often get asked is - To List or Not to List?
This is often a difficult question to answer. Year after year, many owners elect not to sell over the Holiday Season or the winter. Even more sellers, who are already listed, choose to take their home off the market during the holidays. While the inconveneince of having a "show ready home" can be high, there are several great reasons to sell during both the Holiday Season & the winter.
1. RELOCATION BUYERS! Often companies will compensate employees for trips to their destination city. Too often, that single trip is not enough for a buyer to feel comfortable. The Holidays provide many buyers the time off that they need to travel & tour homes. LIkewise, companies are not concerned with the traditional seasonality of real estate or the school year, which often determines the prime buying season.
2. Buyers looking during the Holidays tend to be serious buyers. While it is true the number of showings traditionally decreases during the Holiday Season, the "quality" of the showing is often higher. Buyers searching during the Holiday Season are typically serious buyers.
3. Being out of "prime" buying season, as a seller you have more control of the showing schedule & times.
4. Homes show well when decoratorated for the season.
5. Competition tends to be much lower during the Holidays. Price is a reflection of demnd & inventory.
6. Traditionally the market will see significant increases in inventory after the Holiday Season. Even builder inventory is carefully planned in the 3rd & 4th Quarter to ensure sufficient "spec" home inventory is ready as spring arrives.
Have additional questions, please feel free to give me a call - Christie Cannon, Keller Williams Frisco - 469-951-9588
For the 6th month in a row, the gap between how homeowner & appraiser view value has widened according to Quicken Loan's Home Price Perception Index.
According to Quicken's Chief Economist Bob Walters: "Many homeowners around the country are seeing the national headlines about home value increases and they are optimistic about their equity increasing. While some areas are seeing the same level of home appreciation, or even more, there are also some areas that have slower home value increases. This can lead to homeowners and appraisers not quite seeing eye-to-eye.”
Even a few months ago we were seeing appraisal issues affect pending home sales. As Walters explains, this is in part due greater balance returning to home value appreciation. "Many homeowners around the country are seeing the national headlines about home value increases and they are optimistic about their equity increasing," said Quicken Loans Chief Economist Bob Walters. "While some areas are seeing the same level of home appreciation, or even more, there are also some areas that have slower home value increases. This can lead to homeowners and appraisers not quite seeing eye-to-eye."
BOTTOM LINE
In North TX, while home owners continue to enjoy record appreciation, real estate pros & home owners must remain cognizant of the subtle shifts in appreciation rates that are often masked in the market's excitement. Likewise, agents & owners truely need to be prepared to sell every home twice!
Have questions about your home's value or market conditions, please give a call
- Christie Cannon - 469-951-9588- Keller Williams Frisco
Once again data reflects continued strength in our North Texas real estate market – just this past week Wallet Hub released their 2015 Healthiest Housing Report.
WalletHub compared 14 metrics in 300 cities to rank the overall “health” of each market. To see their unique metrics, please click here.
|
Overall Rank |
City |
‘Real-Estate Market’ Rank |
‘Affordability & Economic Environment’ Rank |
|---|---|---|---|
| 1 | Frisco, TX | 3 | 2 |
| 2 | Allen, TX | 8 | 1 |
| 3 | Arvada, CO | 2 | 52 |
| 4 | Plano, TX | 6 | 29 |
| 5 | Sunnyvale, CA | 1 | 140 |
| 6 | Carrollton, TX | 11 | 16 |
| 7 | McKinney, TX | 21 | 4 |
| 8 | Cary, NC | 22 | 3 |
| 9 | Richardson, TX | 9 | 40 |
| 10 | Santa Clara, CA | 4 | 120 |
| 11 | Fort Collins, CO | 7 | 87 |
| 12 | Austin, TX | 28 | 5 |
| 13 | Boulder, CO | 5 | 139 |
| 14 | Centennial, CO | 15 | 61 |
| 15 | Bellevue, WA | 14 | 72 |
Displaying blog entries 1-10 of 22
