National Association of REALTORs December Existing Home Sales Report
Monday, January 11, 2016
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Continued Drop in Distressed Home Sale Prices
Sunday, November 29, 2015
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's Best Suburbs to Purchase a House in TX
Monday, November 23, 2015
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!
- Little Elm
- Murphy
- Frisco
- Allen
- Lavon
- Leander
- Wylie
- The Colony
- McKinney
- Cedar Park
The Best Suburbs List is also broken down by Metro Area - Dallas. For the entire list &/or how the rankings were calculated, click here!
Why Correct Pricing is Key
Tuesday, November 10, 2015
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.
The Holidays - To List or Not to List?
Friday, November 6, 2015
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
New Home Sales Surge
Friday, October 16, 2015
According to the latest report from the US Census Bureau and the Department of Housing and Urban Development, newly constructed home sales jumped 5.7% month-over-month and 21.6% year-over-year to an annual pace of 552,000.
Many buyers are looking to the new homes market to make up for the lack of existing home sales inventory. National Association of Home Builders Chief Economist David Crowe explains:
"Today's report indicates the release of pent-up housing demand as the overall economy strengthens, consumer confidence grows and mortgage interest rates remain low. The housing market should continue to move forward at a modest but more persistent pace throughout the rest of 2015."
Regionally, the Northeast led the way with a 24.1% increase in new home sales, followed by the South (7.4%) and West (5.4%). Sales in the Midwest declined by 9.1%.
The inventory of new homes for sale currently sits at a 4.7-month supply down slightly from July (4.9) and significantly from August 2014 (5.4).
Buyers who purchased a new home were willing to spend more to get the amenities that they wanted. The median home price for new homes was $64,000 higher thanexisting homes in August at $292,700!
Approved applications for building permits increased 3.5% over July and 12.5% over this time last year. Permit applications are seen as a strong indicator of builder confidence in the market.
Bottom Line
Buyer demand continues to outpace inventory of homes for sale. If you are thinking of selling your house this year, now may be the time to list before builders have a chance to replenish the supply of new homes.
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