Wednesday, April 30, 2014

With Rates & Prices on the Rise - Do You Know the True Cost of Waiting?

Hi Friends,
There's always lots of talk about waiting for the "perfect" time to buy.  Perfect rates matched with perfect pricing.  But often, this "perfect" scenario comes so quickly, and quietly, that most miss out.

In this week's article, I found some great insight on what the actual impact could be for those who are waiting for that "perfect" moment to make their move.

With Rates & Prices on the Rise, Do You Know the Cost of Waiting?
As always, let me know if you have any questions -- I'm happy to help give more detailed insight on how these two factors could be impacting your position to make that next home purchase.


Wednesday, April 16, 2014

3 Reasons to Sell Your Home This spring!

Hi Friends,

Often times, Sellers find themselves wondering when is the right time to sell their home.

And I can say that in my 23 years as a Realtor - the Spring season is the #1 time of year to be selling your home!

In my reading recently, I came across the article below that offers even more support for my observation!  

"3 Reasons to Sell Your Home This Spring"

"Many sellers are still hesitant about putting their house up for sale. Where are prices headed? Where are interest rates headed? These are all valid questions. However, there are several reasons to sell your home sooner rather than later. Here are three of those reasons.

1. Demand is about to skyrocket

Most people realize that the housing market is hottest from April through June. The most serious buyers are well aware of this and, for that reason, come out in early spring in order to beat the heavy competition. We also have a pent-up demand as many buyers pushed off their home search this winter because of extreme weather. Sellers in markets where seasonal weather is never an issue must realize that buyers relocating to their region will increase dramatically this spring as these purchasers finally decide to escape the freezing temperatures of the winters in the north.
These buyers are ready, willing and able to buy…and are in the market right now!

2. There Is Less Competition - For Now

Housing supply always grows from the spring through the early summer. Also, there has been a growing desire for many homeowners to move as they were unable to sell over the last few years because of a negative equity situation. Homeowners have seen a return to positive equity as prices increased over the last eighteen months. Many of these homes will be coming to the market in the near future.
The choices buyers have will continue to increase over the next few months. Don’t wait until all the other potential sellers in your market put their homes up for sale.

3. There Will Never Be a Better Time to Move-Up

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by approximately 4% this year and 8% by the end of 2015. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30 year housing expense with an interest rate at about 4.5% right now. Freddie Mac projects rates to be 5.1% by this time next year and 5.7% by the fourth quarter of 2015.
Moving up to a new home will be less expensive this spring than later this year or next year."

As always, I'm here if you have any questions!


Wednesday, April 2, 2014

The Truth About NAR's Home Sales Numbers

Hi Friends,
There's a lot of information coming out in the media about the state of the real estate market - both locally & nationally.

Often there are factors that impact the figures that are reported.

Today's article, The Truth About NAR's Home Sale Numbers, expands on some of the information that the National Association of Realtors released last week.

Take a look -- and let me know if you have any questions on where our market is headed. 

"The National Association of Realtors (NAR) released their latest Existing Homes Sales Report last Friday. The year-over-year comparison of overall sales did not paint a pretty picture. NAR itself called the sales numbers “subdued”. Other media sources used stronger terminology.
There is no doubt that home sales were lower this February (4.60 million) than last February (4.95 million). However, a closer look at the report gives us some evidence as to why that is. Last year, of the 4.95M homes sold, 25% were distressed properties (foreclosures and short sales). This February, only 16% of sales were made up of distressed properties.


Well, if we do the math, we can see that the annualized number of non-distressed properties sold which was revealed in the latest report (3,864,000) was actually greater than the annualized number of non-distressed properties sold that was reported last year (3,712,500). As we sell-off the ‘shadow inventory’ of distressed properties, there will be less homes from which a potential buyer can choose. That will impact sales.
As proof of this point, we can look at the months’ supply of housing inventory available for purchase. In a normal market, a six month supply would be optimum. However, we haven’t reached a six month supply once in over 18 months. This shortage of inventory is the main reason sales are down.


As prices continue to rise, more and more homeowners will be freed from the shackles of negative or limited equity. This combined with an improving economy will allow homeowners to again feel confident that they can sell their homes and move on with their future plans. We are already starting to see increases in listings coming onto the market (unsold inventory is 5.3 percent above a year ago). Once housing inventory reaches normal levels (a 6 months’ supply) we will again see home sales begin to increase."

As always, let me know if you have any questions!