Canadian ‘Snowbirds’ May Be Able to Stay in U.S. Longer

Canadian ‘Snowbirds’ May Be Able to Stay in U.S. Longer

Daily Real Estate News | Tuesday, June 18, 2013

Canadians who come to the U.S. to escape the cold weather may soon be able to stay longer.  A Senate bill has been proposed to allow retired Canadians 55 or older who own a second home, have a rental agreement, or a hotel reservation to receive a visa to stay in the U.S. for up to 8 months — which is two months longer than the current law.
As of now, Canadians are allowed to stay about 182 days — or six months minus one day — within a 12-month period.
Many Canadians own second homes in the U.S., particularly in California, Florida, Arizona, and Texas.
"A lot of people want to stay longer,'' Bob Slack, president of the Canadian Snowbird Association, told USA Today. "They'd like seven months if they can.'' The association estimates that Canadian snowbirds made 1.08 million trips to the U.S. in 2011.
Canadians are the largest group of foreign buyers in the U.S., and some housing experts say the proposed legislation would be an added incentive for Canadians to purchase second homes in the U.S.
Democratic Sen. Chuck Schumer proposed the legislation.
Source: “Proposal would extend Canadian snowbirds' time in U.S.” USA Today (June 14, 2013)
 

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Vacation Homes Increasingly Enticing for Buyers

Vacation Homes Increasingly Enticing for Buyers

Daily Real Estate News | Thursday, May 02, 2013

The vacation housing market is looking bright these days in part because of favorable economic conditions, but second-home sellers attribute the increase to strategic marketing as well.

“We tell people this is an important investment and not just another toy,” says Peter Colvin, co-developer of Kingfisher Cove, a luxury lakefront cottage community near Saugatuck, Mich.

For Colvin, also a longtime investment advisor, you must first create reasonably priced vacation homes, and then convince potential buyers about the financial viability of the purchase.
“You've got to assure buyers that if they want to rent it out when they’re not using it, the home could truly pay for itself,” he says.

Vacation home sales were up 10.1 percent in 2012, according to the National Association of REALTORS®’ 2013 Investment and Vacation Home Buyers Survey.

Colvin isn’t discounting broader housing-market gains over the past few years as a major factor in boosting second-home sales. With increasing employment figures, net worth stabilizing, and Americans having a little extra money in their pockets, investing in a second home is becoming an increasingly popular trend.
“It’s a whole different world right now,” he says. “As the pent-up demand shows itself and interest rates hold low, I think it’ll create even better conditions to buy a second home. We’re back to where things should be.”

— Melissa Kandel, REALTOR® Magazine

Neal Buckner, Broker/Owner, REALTOR, CDPE

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Lenders Embrace Home Equity Loans Again

Lenders Embrace Home Equity Loans Again

 Daily Real Estate News | Thursday, April 25, 2013

As housing values rise, home-equity loans and lines of credit are staging a comeback, MSN Money reports.
In late 2008 as the housing market slowed dramatically, home-equity borrowing came to nearly a standstill as lenders became cautious because values were falling so quickly. By late 2011, nearly a third of U.S. homes with mortgages owed more on their loan than their house was worth.

In markets where home prices are rising, though, lenders are starting to issue equity loans once again. New players have jumped in too. For example, Discover Financial Services announced in March that it will offer fixed-rate home-equity loans of $25,000 to $100,000. The offer is for current customers, but eventually will be extended to others.

While lenders may be more willing to extend a home-equity loan, they are being more cautious than they were in the past. Lending on 100 percent of owners' equity is now rare, and borrowers won’t likely get more than 85 percent of that amount.

Source: “Home-equity loans make quiet comeback,” MSN Money (April 23, 2013)

 

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Home Prices Pick Up at Fastest Pace in 7 Years

Home Prices Pick Up at Fastest Pace in 7 Years

 DAILY REAL ESTATE NEWS | THURSDAY, APRIL 04, 2013

 Home prices nationwide, which includes distressed sales, soared 10.2 percent year-over-year, according to CoreLogic’s February report. It’s the largest year-over-year increase in home prices since March 2006. It also marks the twelfth consecutive monthly increase in national home prices, according to CoreLogic’s report. 

When excluding distressed sales, home prices rose 10.1 percent year-over-year in February, according to CoreLogic. 

“Nationally, home prices improved at the best rate since mid-2006, marking a full year of annual increases and underscoring the ongoing strengthening of market fundamentals,” says Anand Nallathambi, president and CEO of CoreLogic.

CoreLogic predicts that home prices -- excluding distressed sales -- will likely rise 11.4 percent year-over-year from March 2012.

“The rebound in prices is heavily driven by western states,” says Mark Fleming, CoreLogic’s chief economist. “Eight of the top ten highest appreciating large markets are in California, with Phoenix and Las Vegas rounding out the list.”

The five states with the highest price appreciation as of February 2013, according to CoreLogic, were: 

• Nevada (+19.3%)
• Arizona (+18.6%)
• California (+15.3%)
• Hawaii (+14.6%)
• Idaho (+13.5%)

Source: CoreLogic

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Americans Showing More Desire to Buy

Americans Showing More Desire to Buy

DAILY REAL ESTATE NEWS | TUESDAY, APRIL 02, 2013

The percentage of U.S. residents who say owning a home is an essential part of the American dream has hit a three-year high, reaching 79 percent, according to the CNBC-All-America Economic Survey. What’s more, the number of Americans who say it is better to own than rent grew by four points to 69 percent, according to the survey. 

More Americans also believe owning a home is a better long-term investment than stocks. 

“The housing numbers are all heading in the right direction,” reports Diana Olick for CNBC. “Home prices up, foreclosures down and, perhaps the most important, consumer confidence in housing is swelling.” 

Still, first-time home buyers will be the “wild card” in the spring-summer home buying season, says Thomas Popik, research director for Campbell Surveys. “We see strong first-time homebuyer traffic, but it’s still not clear that the traffic will translate into increased purchases because first-time home buyers are dependent on low downpayment financing, such as FHA mortgages.” 

Source: “People Are Becoming More and More Confident in Housing Market,” CNBC (April 1, 2013)

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10 Most Searched Housing Markets

10 Most Searched Housing Markets

DAILY REAL ESTATE NEWS | THURSDAY, FEBRUARY 21, 2013

Which markets are attracting the most traffic from prospective home shoppers online? Realtor.com released its top-searched metros for January, which shows that Chicago continues its streak as the front-runner in most searched metro at the site. 

The rankings for January are:

1. Chicago
2. Los Angeles-Long Beach, Calif.
3. Dallas
4. Detroit
5. Atlanta
6. Boston-Westchester-Lawrence-Brockton, Mass.-N.H.
7. Philadelphia, Pa.-N.J.
8. Tampa-St. Petersburg-Clearwater, Fla.
9. Phoenix-Mesa, Ariz.
10. Orlando

Source: Realtor.com

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Study Reveals the Home Scents That Help You Sell

Study Reveals the Home Scents That Help You Sell

DAILY REAL ESTATE NEWS | TUESDAY, FEBRUARY 19, 2013

Real estate professionals have long paid attention to the smell of a home, making sure the scent is pleasing to buyers to hopefully bring about a quicker sale. But new research suggests that some of the common scents real estate professionals may reach for in prepping a home for sale can actually turn off home buyers. 

Some of the worst scents for real estate open houses: Potpourri, chocolate-chip cookies, gourmet foods, and other baked goods, according to the study. 

On the other hand, some of the best smells: Lemon, green tea, cedar, pine, basil, and vanilla. 

Researchers studied 402 people in a home decor store in Switzerland to find which scents were the most pleasing to customers. Shoppers spent nearly 32 percent more when the store had a simple orange scent over a more complex scent of orange, basil, and green tea—all combined. 

Researchers have applied the findings to help provide insight into the smell of homes during open houses.

Researcher Eric Spangenberg, dean of the college of business at Washington State University, says that complex scents, like baked goods, can be a distraction to potential home buyers because they’ll subconsciously dedicate time to try to figure out what the scent is. But at a real estate open house, you want a potential buyer not to be distracted by processing a smell. “They are there to process whether this is a place they want to live,” says Spangenberg. 

Instead simple scents — like pine, lemon, and cedar — are easier to process and less distracting, Sprangenberg says. 

Source: “Using Smell to Make a Sale,” The Wall Street Journal (Feb. 14, 2013)

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Mortgage Rates Hold Steady This Week

DAILY REAL ESTATE NEWS | FRIDAY, FEBRUARY 15, 2013

Fixed-rate mortgages stayed mostly flat this week, remaining near their record lows and continuing to support housing demand and “translating into a pick-up in home prices in most markets,” says Frank Nothaft, Freddie Mac’s chief economist. 

Freddie Mac reports the following national averages with mortgage rates for the week ending Feb. 14: 

• 30-year fixed-rate mortgages: averaged 3.53 percent, with an average 0.8 point, holding the same average as last week. A year ago, 30-year rates averaged 3.87 percent. 
• 15-year fixed-rate mortgages: averaged 2.77 percent, with an average 0.8 point, also holding the same as last week. Last year at this time, the 15-year fixed-rate mortgage averaged 3.16 percent.
• 5-year adjustable-rate mortgage: averaged 2.64 percent, with an average 0.6 point, rising slightly from last week’s 2.63 percent average. Last year at this time, 5-year ARMs averaged 2.82 percent. 
• 1-year ARMs: averaged 2.61 percent, with an average 0.3 point, rising from last week’s 2.53 percent average. A year ago at this time, 1-year ARMs averaged 2.84 percent. 

Source: Freddie Mac

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Mortgage Rates Move Back Down This Week

Daily Real Estate News | Friday, February 08, 2013 

Average mortgage rates stayed steady or inched lower this week, which “should continue to aid in the ongoing housing recovery,” Freddie Mac says in its weekly mortgage market survey. 

The following are the national averages in mortgage rates for the week ending Feb. 7, according to Freddie Mac:

• 30-year fixed-rate mortgages: averaged 3.53 percent, with an average 0.8 point, holding the same as last week. A year ago at this time, 30-year rates averaged 3.87 percent. 
• 15-year fixed-rate mortgages: averaged 2.77 percent, with an average 0.7 point, dropping from last week’s 2.81 percent average. Last year at this time, 15-year rates averaged 3.16 percent. 
• 5-year adjustable-rate mortgages: averaged 2.63 percent, with an average 0.6 point, dropping from last week’s 2.70 percent average. Last year at this time, 5-year ARMs averaged 2.83 percent. 
• 1-year ARMs: averaged 2.53 percent, with an average 0.4 point, dropping from last week’s 2.59 percent average. A year ago at this time, 1-year ARMs averaged 2.78 percent. 

Source: Freddie Mac

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How Real Estate May Save an Ailing Job Market

DAILY REAL ESTATE NEWS | MONDAY, FEBRUARY 04, 2013

The overall economic recovery is betting big on real estate’s continued progress. After all, a stronger real estate market can lead to a stronger job market. 

Strength in the real estate sector tends to lead to increased hiring in various housing-related industries, from carpenters and landscapers to real estate agents, loan processors, appliance manufacturers, furniture makers, and more. 

When it comes to job creation, "the most promising news is related to the housing market," says John Challenger, CEO of employment consulting firm Challenger, Gray & Christmas. 

The construction sector for housing added 28,000 jobs in January alone. 

"Since reaching a low in January 2011, construction employment has grown by 296,000, with one-third of the gain occurring in the last four months," according to the Bureau of Labor Statistics.

The National Association of Home Builders says that for every home start, three new jobs are added in industries such as lumber, concrete, lighting fixtures, and lending. 

If the housing market rebounds to its historical average, the economy could generate 2.9 million direct jobs from it, according to the Bipartisan Policy Center, a Washington think tank. 

Source: “Jobs Still Lag, But Homebuilding May Soon Help,” NPR (Feb. 1, 2013)

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6 Must-Haves for Women in Home Shopping

6 Must-Haves for Women in Home Shopping

Daily Real Estate News | Thursday, January 31, 2013 

Women are a big part of the housing market and often times the decision-makers when it comes to the design of the home. Consequently, more real estate professionals, designers, and marketers are taking notice of women’s home preferences.
What do women want in a home? Consumer research experts from Coldwell Banker Real Estate, John Burns Real Estate, and others weigh in to women’s home preferences in a recent article at MSN:

• Big closets
• A great kitchen: That entails “big open kitchens that include space for dining, entertaining, doing homework, using computers, watching TV, and hanging out together,”  the article says.
• Great location: Women usually care more about location and less about the size, says Mollie Carmichael, consumer research expert at John Burns Real Estate Consulting.  
• A comfortable place for socializing: It could be a kitchen island or counter, a comfortable den, or a corner with some chairs and sofa in front of a fireplace.
• Low maintenance, such as “no-paint exterior siding, no-fuss landscaping, and homes that are new or recently renovated,” according to MSN
• A two-car garage

Source: “11 Things Woman Want in a Home,” MSN (January 2013)

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Builders Tweak Floorplans for Growing Segment of Buyers

Builders Tweak Floorplans for Growing Segment of Buyers

Daily Real Estate News | Thursday, January 10, 2013 

Homebuilders are changing their floorplans to accommodate more people living under one roof. As adult children and aging parents move in, home owners are finding the need for more defined, separate housing corridors within their homes.

For example, homebuilder Lennar is expanding the offerings of what it calls the “Next Gen” house. Introduced in western states like California, Arizona, and Texas, Lennar is now taking its “Next Gen” floorplan to North Carolina. The single-family home features a second door, separate from the main entrance, that leads to  a 500-square-foot suite for a private residence. There’s also a door inside the main house to access the suite.
“We market it as two homes, one payment,” says Trish Hanchette, Lennar’s Raleigh division president.
Homebuilders also are finding flexible first-floor space is in high demand. The spaces can be used as a mother-in-law suite or changed into a nursery, extra bedroom, or home office.

Some in the housing industry are also calling some flex rooms “bounce back” rooms — so named for adult children who have moved back in with their parents because they're struggling to make it on their own.
“The number of 22- to 30-year-olds that are still living at home is at a record high right now,” says Hampton Pitts, an executive vice president with Ashton Woods Home. “So you have that college graduate that’s back at home looking for a job and maybe got their first job but not ready to be in an ownership or rent situation.”

Source: “Builders Target Families with Multiple Generations Under One Roof,” RISMedia (Jan. 8, 2013)

 

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Mortgage Rates Stay Near Record Lows

Mortgage Rates Stay Near Record Lows

DAILY REAL ESTATE NEWS | FRIDAY, NOVEMBER 30, 2012

Fixed-rate mortgages stayed near their record lows this week, serving as attractive incentives for potential home buyers and refinancers.

"Mortgage rates were virtually unchanged this week amid growing concerns around the fiscal cliff,” says Frank Nothaft, Freddie Mac’s chief economist.

Freddie Mac reports the following national averages with mortgage rates for the week ending Nov. 29: 

· 30-year fixed-rate mortgages: averaged 3.32 percent, with an average 0.8 point, up slightly from last week’s record-breaking 3.31 percent average. A year ago, 30-year rates averaged 4 percent. The 30-year fixed-rate mortgage — the most popular choice among home buyers — has averaged below 4 percent for virtually every week in 2012, except for one.

· 15-year fixed-rate mortgages: averaged 2.64 percent, with an average 0.6 point, rising from last week’s record-breaking 2.63 percent average. Last year at this time, 15-year rates averaged 3.30 percent.

· 5-year adjustable-rate mortgages: averaged 2.72 percent, with an average 0.6 point, dropping from last week’s 2.74 percent average. Last year at this time, 5-year ARMs averaged 2.90 percent.

· 1-year ARMs: averaged 2.56 percent, with an average 0.5 point, the same average as last week. A year ago, 1-year ARMs averaged 2.78 percent.

Source: Freddie Mac

  Neal Buckner, Broker/Owner, REALTOR®, CDPE

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Mortgage Rates Reached New Lows Again Last Week

Mortgage Rates Reached New Lows Again Last Week

Daily Real Estate News | Monday, November 26, 2012 

Mortgage rates continue to fall, with fixed-rate mortgage rates reaching new record lows last week for the second consecutive week, Freddie Mac reports in its weekly mortgage market survey.

"Fixed mortgage rates continued to ease somewhat this week to record lows and should help the ongoing housing recovery,” said Frank Nothaft, Freddie Mac’s chief economist.

Here’s a closer look at mortgage averages for the week ending early due to the holiday on Nov. 21:

• 30-year fixed-rate mortgages averaged a new low of 3.31 percent, with an average 0.7 point, dropping from last week’s 3.34 percent average. A year ago, 30-year rates averaged 3.98 percent. 
• 15-year fixed-rate mortgages averaged a new record low of 2.63 percent, with an average 0.7 point, dropping from last week’s 2.65 percent average. Last year at this time, 15-year rates averaged 3.30 percent. 
• 5-year adjustable-rate mortgages averaged 2.74 percent, with an average 0.6 point, holding the same as last week’s average. Last year at this time, 5-year ARMs averaged 2.91 percent. 
• 1-year ARMs averaged 2.56 percent, with an average 0.5 point, rising slightly from last week’s 2.55 percent average. A year ago, 1-year ARMs averaged 2.79 percent.

Source: Freddie Mac

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Mortgage Rates Fall into Record-Breaking Territory

Mortgage Rates Fall into Record-Breaking Territory

DAILY REAL ESTATE NEWS | FRIDAY, NOVEMBER 16, 2012

Fixed-rate mortgages dropped to new all-time lows this week, pushing homebuyer affordability even higher for those who can qualify. 

“Fixed mortgage rates eased this week to record lows on indicators of higher consumer confidence and wholesale prices,” Frank Nothaft, Freddie Mac’s chief economist says. 

The following are the national averages with mortgage rates reported by Freddie Mac for the week ending Nov. 15:

• 30-year fixed-rate mortgages: averaged a new low of 3.34 percent, with an average 0.7 point. The previous record low was 3.36 percent, set the week of Oct. 4. A year ago, 30-year rates averaged 4 percent. 
• 15-year fixed-rate mortgages: averaged a new low of 2.65 percent, with an average 0.7 point. Its previous record low was 2.66 percent, set during the week ending Oct. 18. A year ago, 15-year rates averaged 3.31 percent.
• 5-year adjustable-rate mortgages: averaged 2.74 percent, with an average 0.6 point, rising slightly from last week’s 2.73 percent average. Last year at this time, 5-year ARMs averaged 2.97 percent. 
• 1-year ARMs: averaged 2.55 percent, with an average 0.3 point, dropping from last week’s 2.59 percent average. A year ago, 1-year ARMs averaged 2.98 percent. 

Source: Freddie Mac

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Cautious Optimistism in Global Real Estate

Cautious Optimistism in Global Real Estate

DAILY REAL ESTATE NEWS | MONDAY, NOVEMBER 12, 2012

“I’ll try not to be too gloomy, and I’ll try to find some silver lining,” said Adrian Cooper, CEO of Oxford Economics and one of the world’s leading financial minds. During the Global Forum Friday afternoon at the 2012 REALTORS® Conference & Expo, Cooper outlined his projections for the global economy and the implications for real estate.

While the global economy is still on what Cooper called “a roller coaster ride with no sign of let up,” the economic data for the U.S. shows a “bright future within reach.” Through 2014 and beyond, Cooper expects GDP growth to accelerate more than 3 percent annually, in part due to Federal Reserve measures like low interest rates that help increase supply and bring unemployment down. However, low rates and the deleveraging of bank debt have yet to significantly drive the U.S. economy forward. Cooper also pointed to America’s recent energy boom as being “a real game changer” in terms of U.S. competitiveness in the global marketplace.

The main takeaway from Cooper’s hour-long lecture was that as long as the Eurozone remains intact, positive economic growth in both the United States and emerging markets should underpin an improved outlook for real estate, and in particular, for housing prices. Should the European Union collapse, however, the prospects for housing prices would be significantly lower.

“You know there could be no greater early warning sign of impending break-up of the European union than the Nobel Peace Prize coming our way,” Cooper quipped.

Eurozone troubles aside, these positive prospects have led to improvements in consumer confidence and spending. As life springs back into the collective budgets of American households, housing prices in many areas are moving back up. Consequently, home sales, housing starts, and new-construction permits are projected to increase through 2013, Cooper said.

In light of these gains, Cooper remains hopeful but cautious. “We’re not expecting the housing market to suddenly start booming, but there is no longer a break in recovery,” he said.

—Melissa Kandel, REALTOR® Magazine

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Remodeling Activity Bounces Back to 2005 Levels

Remodeling Activity Bounces Back to 2005 Levels

DAILY REAL ESTATE NEWS | MONDAY, OCTOBER 29, 2012

More home owners are tackling remodeling jobs once again, as the Remodeling Market Index heats up and climbs to its highest point since the third quarter of 2005, the National Association of Home Builders reports. The greater momentum in remodeling is yet another positive trend recently trickling through the housing sector, NAHB reports.

"The strength of the [Remodeling Market Index], especially in owner-occupied properties, shows that home owners are investing in remodels as home prices stabilize," says George "Geep" Moore Jr., NAHB Remodelers chairman. "As owners become more confident that investments in housing will hold their value, they are beginning to undertake projects to improve their comfort that they had been putting off."

The index showed an increase in all three of the indicators measured: maintenance and repairs, minor additions and alterations, and major additions and alterations.

"The improvement in the RMI provides more evidence that the remodeling industry is making the orderly recovery from its low point in 2009 as we've been expecting," says NAHB Chief Economist David Crowe. "Although remodeling projects over $25,000 are now showing some signs of strength, they are still lagging behind smaller property alterations and maintenance and repair jobs. The recovery of the remodeling market in general, and large projects in particular, continues to be constrained by factors such as tight credit and problematic appraisals." 

Source: National Association of Home Builders

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Pending Home Sales Improve in September

Pending Home Sales Improve in September

Daily Real Estate News | Thursday, October 25, 2012

Pending home sales were little changed in September but remain well above a year ago, according to the National Association of REALTORS®.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, edged up 0.3 percent to 99.5 in September from 99.2 in August and is 14.5 percent above September 2011 when it was 86.9. The data reflect contracts but not closings.

Lawrence Yun, NAR chief economist, said pending home sales continue to hold a higher ground. “Home contract activity remains at an elevated level in contrast with recent years, but currently appears to be bouncing around in a narrow range,” he said. “This means only minor movement is likely in near-term existing-home sales, but with positive underlying market fundamentals they should continue on an uptrend in 2013.”

Pending home sales have risen for 17 consecutive months on a year-over-year basis, leading to the solid recovery seen in closed existing-home sales this year. In September all regions were showing double-digit increases in contract activity from a year ago with the exception of the West, which is constrained by limited inventory.

The PHSI in the Northeast rose 1.4 percent to 79.3 in September and is 26.1 percent higher than a year ago. In the Midwest the index fell 5.8 percent to 89.5 in September but is 19.3 percent above September 2011. Pending home sales in the South increased 1.0 percent to an index of 111.5 in September and are 17.6 percent higher than a year ago. In the West, the index rose 4.3 percent in September to 106.9, but is only 0.8 percent above September 2011.

Housing affordability conditions are forecast to remain favorable through next year, with the 30-year fixed-rate mortgage staying near record lows for the balance of this year but gradually rising to 4 percent in the second half of 2013.

Completed existing-home sales in 2012 will total close to 4.6 million, an increase of 9 percent, and are projected to rise about 9 percent next year to nearly 5.1 million. With notably lower housing inventory, the national median existing-home price is expected to increase 6 percent this year and 5 percent in 2013.

Source: NAR

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Younger Buyers Feel Smart About Home Ownership

Younger Buyers Feel Smart About Home Ownership

Daily Real Estate News | Tuesday, October 23, 2012 

More than three-quarters of Americans who fall within Generations X and Y believe they have become increasingly knowledgeable about home ownership due to the greater media coverage on the real estate market the past six years, according to a Better Homes and Gardens Real Estate survey of about 1,000 18-35 year olds.

These two generations say that before buying they’d do their homework first, researching interest rates, home prices in a desired neighborhood, and the ability to secure a loan. Despite the past housing crisis, these generations say they are not deterred from home buying, and 75 percent say that home ownership is a key indicator of success.

Generations X and Y, which boast 103 million of the population, are viewed as major drivers of the economy for the next 30 years.

Among some of the survey’s findings about Generation X and Y’s perceptions on home ownership is:

• 71% of Gen X and Gen Y surveyed say that home ownership is not something they deserve but rater something you must earn, and they say they’re willing to sacrifice in order to be able to buy a home one day. Sixty-two percent say they would save by eating out less, 40 percent are willing to take a second job, and 23 percent would move back home with their parents. 
• 75% say owning a nice home is an indicator of success over taking fancy vacations, owning an expensive car, or owning designer clothing. 
• 61% say they’ll be ready to buy when they’ve landed a secure job. 

"Every generation faces defining economic events that alter their collective perspective," says Sherry Chris, president and CEO of Better Homes and Gardens Real Estate LLC. "'The Greatest Generation' was shaped by the Great Depression and Baby Boomers were impacted by the oil crises throughout the 1970s. Gen X and Gen Y experienced their 'coming of age' moment during the largest housing market downturn in American history. As such, these generations believe that the details, risks and rewards of home buying are integral to their planning.”

Source: Better Homes and Garden Real Estate

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Homes Are Selling Faster

Homes Are Selling Faster

DAILY REAL ESTATE NEWS | MONDAY, OCTOBER 22, 2012

Inventories of for-sale homes aren’t the only thing that is dropping. The amount of time homes are staying on the market is growing shorter as well—down 11 percent in the last year—according to the latest Realtor.com data.

Homes were listed on average 95 days, according to September housing data. That is down from 107 days a year earlier.

Homes are selling the fastest in Oakland, Calif., in which the median age of the inventory averages 21 days, which is 57 percent below what it was a year ago. Denver, Colo. boasts a median age of inventory of only 38 days, followed by fast-selling markets of Stockton-Lodi, Calif., with 43 days, and San Francisco with 44 days.
As the median age of the inventory is falling, inventories of for-sale homes continue to hover at record lows too, dropping 18 percent last month compared to a year ago.

“There’s a recovery,” Curt Beardsley, vice president of Realtor.com, told BusinessWeek. “Our market times are low and there’s actually a compression of inventory.”

Home buyer demand is increasing, with housing affordability still high and ultra low mortgage rates that have pushed home buyers’ purchasing power higher. The rise in demand has caused asking prices to also rise. Last month, the median asking price was $191,500, which is up 0.8 percent compared to a year earlier, Realtor.com reports.

Source: "Listings of Homes for Sale Drop as U.S. Housing Recovers," BusinessWeek (Oct. 15, 2012) and REALTOR® Magazine Daily News

Neal Buckner, Broker/Owner, REALTOR®, CDPE

Elite Real Estate Pros

(520) 280-2766

Email: info@eliterealestatepros.com