Buying this Spring? Be Prepared for Bidding Wars
Traditionally, spring is the busiest season for real estate. Buyers come out in force and homeowners list their houses for sale hoping to capitalize on buyer activity. This year will be no different!
15,014 Homes Sold Yesterday… Did Yours?
There are some homeowners that have been waiting for months to get a price they hoped for when they originally listed their house for sale. The only thing they might want to consider is... If it hasn't sold yet, maybe it's not priced properly.
Home Prices Up 6.15% Across the Country! [INFOGRAPHIC]
![Home Prices Up 6.15% Across the Country! [INFOGRAPHIC] | Simplifying The Market](https://files.keepingcurrentmatters.com/wp-content/uploads/2017/03/FHFA-Home-Prices-STM.jpg)
Some Highlights:
- The Federal Housing Finance Agency (FHFA) recently released their latest Quarterly Home Price Index report.
- In the report, home prices are compared both regionally and by state.
- Based on the latest numbers, if you plan on relocating to another state, waiting to move may end up costing you more!
- Alaska, Delaware, West Virginia & Wyoming were the only states where home prices are lower than they were last year.
Consumer Confidence in Economy & Housing is Soaring
The success of the housing market is strongly tied to the consumer’s confidence in the overall economy. For that reason, we believe 2017 will be a great year for real estate. Here is just a touch of the news coverage on the subject.
How Low Supply & High Demand Impacts the Real Estate Market [INFOGRAPHIC]
![How Low Supply & High Demand Impacts the Real Estate Market [INFOGRAPHIC] | Simplifying The Market](https://files.keepingcurrentmatters.com/wp-content/uploads/2017/03/EHS-Report-STM.jpg)
Some Highlights:The concept of Supply & Demand is a simple one. The best time to sell something is when the supply of that item is low & the demand for that item is high!- Anything under a 6-month supply is a Seller’s Market!
- There has not been a 6-months inventory supply since August 2012!
- Buyer Demand continues to outpace Seller Supply!
The Foreclosure Crisis: 10 Years Later
CoreLogic recently released a report entitled, United States Residential Foreclosure Crisis: 10 Years Later, in which they examined the years leading up to the crisis all the way through to present day.
It's a Seller's Market! Should I Downsize Now?
A study by Edelman Berland reveals that 33% of homeowners who are contemplating selling their houses in the near future are planning to scale down. Let’s look at a few reasons why this might make sense for many homeowners, as the majority of the country is currently experiencing a seller’s market.
Which Homes Have Appreciated the Most?
Home values have risen dramatically over the last twelve months. The latest Existing Home Sales Report from the National Association of Realtors puts the annual increase in the median existing-home price at 7.1%. CoreLogic, in their most recent Home Price Insights Report, reveals that national home prices have increased by 6.9% year-over-year.
A Tale of Two Markets: Inventory Mismatch Paints a More Detailed Picture
The inventory of existing homes for sale in today’s market was recently reported to be at a 3.6-month supply according to the National Association of Realtors latest Existing Home Sales Report. Inventory is now 7.1% lower than this time last year, marking the 20th consecutive month of year-over-year drops.
How to Get the Most Money When Selling Your Home
Every homeowner wants to make sure they get the best price when selling their home. But how do you guarantee that you receive maximum value for your house? Here are two keys to ensuring you get the highest price possible.
Housing Market Expected to “Spring Forward”
Just like our clocks this weekend in the majority of the country, the housing market will soon “spring forward!” Similar to tension in a spring, the lack of inventory available for sale in the market right now is what is holding back the market.
Thinking of Selling? Do it TODAY!!
That headline might be a little aggressive. However, as the data on the 2017 housing market begins to roll in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME!
Where Did Americans Move in 2016?
Some Highlights:
- For the 5th year in a row, the Northeast saw a concentration of “High Outbound” activity.
- For the first time ever, South Dakota held the top spot for “High Inbound” states.
- Much of America’s outbound activity can be attributed to Boomers relocating to warmer climates after retiring.
Where Are the Home Prices Heading in the Next 5 Years?
Today, many real estate conversations center on housing prices and where they may be headed. That is why we like the Home Price Expectation Survey.
Existing Home Sales Reach Highest Mark Since 2007 [INFOGRAPHIC]
![Existing Home Sales Reach Highest Mark Since 2007 [INFOGRAPHIC] | Simplifying The Market](https://files.keepingcurrentmatters.com/wp-content/uploads/2017/02/2.24-EHS-Report-STM.jpg)
Highlights:
- Sales of existing homes reached the highest pace in a decade at a seasonally adjusted annual rate of 5.69 million.
- January marked the 59th consecutive month of year-over-year price gains as the median home price rose 7.1% to $228,900.
- NAR’s Chief Economist, Lawrence Yun had this to say, “Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home."
Access: A Key Component in Getting Your House SOLD!
So, you’ve decided to sell your house. You’ve hired a real estate professional to help you with the entire process, and they have asked you what level of access you want to provide to potential buyers.
Listing in the Winter Attracts More Serious Buyers
A recent study of more than 7 million home sales over the past four years revealed that the season in which a home is listed may be able to shed some light on the likelihood that the home will sell for more than asking price, as well as how quickly the sale will close.
5 Reasons to Love Using A RE Pro [INFOGRAPHIC]
![5 Reasons to Love Using A RE Pro [INFOGRAPHIC] | Simplifying The Market](https://files.keepingcurrentmatters.com/wp-content/uploads/2017/01/5-Reasons-to-Love-STM.jpg)
Highlights:
- Hiring a real estate professional to guide you through the process of buying a home or selling your house can be one of the best decisions you make!
- They are there for you to help with paperwork, explaining the process, negotiations, and helping you with pricing (both when making an offer or setting the right price for your home).
- One of the top reasons to hire a real estate professional is their understanding of your local market and how the conditions in your neighborhood will impact your experience.
Buyers Are Searching For Your House
The most recent Pending Homes Sales Index from the National Association of Realtors revealed a slight bump in contracts with an increase of 1.6% in December. This news comes as existing home sales are also forecasted to be on pace for 5.54 million in 2017, a 1.7% increase over 2016, which was the best year for sales in a decade.
Lack of Homes for Sale Slowing Down the Housing Market
The housing crisis is finally in the rear-view mirror as the real estate market moves down the road to a complete recovery. Home values are up. Home sales are up. Distressed sales (foreclosures and short sales) have fallen dramatically. It seems that 2017 will be the year that the housing market races forward again.
No Matter What the Groundhog Says, Here are 5 Reasons to Sell Before Spring!
Is spring closer than we think? Depending on which groundhog you listen to today, you may have less time than you think to get your home on the market before the busy spring season.
Buyer Demand Is Outpacing the Supply of Homes for Sale
The price of any item is determined by the supply of that item, as well as the market demand. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index.
Sales at Highest Pace in 10 Years! [INFOGRAPHIC]
![Sales at Highest Pace in 10 Years! [INFOGRAPHIC] | Simplifying The Market](https://files.keepingcurrentmatters.com/wp-content/uploads/2017/01/20170127-Highest-Sales-STM.jpg)
Highlights:
- 5.45 million existing homes were sold in 2016! This is the highest mark set since 2006.
- Inventory of existing homes for sale dropped to a 3.6-month supply, the lowest level since NAR began tracking in 1999.
- The median price of homes sold in December was $232,200. This is the 58th consecutive month of year-over-year price gains.
Thinking of Selling? Why Now is the Time
It is common knowledge that a large number of homes sell during the spring-buying season. For that reason, many homeowners hold off on putting their homes on the market until then. The question is whether or not that will be a good strategy this year.
Tips for Preparing Your House For Sale [INFOGRAPHIC]
![Tips for Preparing Your House For Sale [INFOGRAPHIC] | Simplifying The Market](https://files.keepingcurrentmatters.com/wp-content/uploads/2017/01/20170120-Tips-For-Selling-STM.jpg)
Highlights:
- When listing your house for sale your top goal will be to get the home sold for the best price possible!
- There are many small projects that you can do to ensure this happens!
- Your real estate agent will have a list of specific suggestions for getting your house ready for market and is a great resource for finding local contractors who can help!
