Cold Outside but Market Still Hot

As we prepare for the winter months ahead, many home sellers consider taking their home off the market. Don't do it! In the same vein, if you're debating whether to wait until spring to put your home on the market, don't wait.

Buyers shouldn't wait either. If you are interested in purchasing a home and currently sitting on the fence, you may just lose the opportunity to own your dream home, or pay a great deal more for it.

For the first time in a very long time, industry experts and watchers have been very consistent about the status of the real estate market and they all agree; activity is increasing and prices are rising. There is substantial data that reflects their opinions.

According to the National Association of Realtors^® (NAR), pending home sales are the highest they have been since March 2007. On a year-over-year basis, pending home sales have risen for 18 consecutive months. Prices are rising, as well. According to the S&P/Case-Shiller Home Price Indices, home prices rose over sixth straight months. As reported in Bloomberg, property values in 20 cities climbed 3% from September 2011.

Consumer confidence in the economy and an improving job market are certainly important factors. Additionally, the steady increase in rental costs and incredibly low mortgage rates are driving more and more buyers into the market, creating fierce competition. There is also an incredible lack of inventory. With fewer homes to choose from, buyers are suddenly finding themselves in bidding wars that are essentially driving up the prices.

For sellers, the message is very clear. Put or keep your home on the market, regardless of the winter season, and ensure that the property is in excellent showing condition. With increasing prices, move-up buyers may suddenly find there is enough equity to make a move. Essentially, it is an excellent time to sell a home.

If you are in the market to buy, you will need to come prepared with financing and be ready to make a quick purchase decision and a reasonable offer. Ensure that you are more prepared than your competition, placing yourself in a better position to obtain your dream home.

If you want to gauge whether or not the time is right for you to make your move, call me today to personally assist you throughout the entire home listing, selling and purchasing process!

Make The Most of This Rare Opportunity!

Last spring, we witnessed some very advantageous dynamics for home sellers. Active buyers, anxious to take advantage of low interest rates and prices, flowed into the marketplace bringing with them bidding wars and quick home sales. Hundreds of thousands of home sellers and homebuyers achieved their goals. Do you think that you may have missed your opportunity? Think again.

According to the National Association of Realtors^® (NAR), pending home sales in September are up 14.5 percent above September 2011. Additionally, the amount of time homes are staying on the market has dropped 11 percent in the last year according to the latest Realtor.com data, telling us that buyers are still quick to make a purchase decision.

Lower levels of inventory, extremely low interest rates, and rising prices, are propelling buyers to act now. According to a recent release by NAR, total housing inventory available for sale is 20 percent below a year ago. When inventory levels drop, it signifies less competition for the home seller and limited choice for the buyer, which results in higher sale prices. The national median existing-home price for all housing types was up in September, 11.3 percent from a year ago according to NAR.

In the article, A New Housing Boom, by CNN Money, industry watchers are forecasting that home prices could be back to peak levels by 2015. With rising prices however, one can expect rising construction. According to the same article, many experts are forecasting home construction to grow by at least 20 percent a year for the next two years, meaning that home sellers will have more than enough competition in the near future.

How does this information impact you? If you are thinking of putting your home on the market, there is a window of opportunity right now that shouldn't be missed. Buyers are active, prices are gaining strength, and with limited competition at this moment, the same opportunity that was available last spring, could be yours today. With increasing prices, move-up buyers may find that they have enough equity to finally make their move.

Contact me today to determine if now is the right time for you. I can help you make the most of this rare opportunity!

Who says spring is the best season to sell a home?

While some believe the optimal time to put a home on the market is in the spring, selling a property during the fall months has several distinct advantages for homeowners to consider.

During the fall, there are typically fewer homes available for sale than in the spring and summer. This means less competition and properties on the market are more likely to make an impression. This fall offers a serious opportunity to have a home stand apart in the market.

National trends show buyers are out in greater force, taking advantage of excellent housing affordability and driving up home sales and prices. According to the National Association of Realtors^®, existing home sales rose 7.8% in August from the month before, and were 9.3% higher than a year prior. Median home prices also rose for six straight months, year-over-year. And according to the Wall Street Journal, consumer confidence increased in September to its highest level since February, suggesting that spending could rise and help the economy. These are positive indicators heading into the fall market.

Consumers touring homes during the colder months are serious buyers and eager to purchase a new residence. Many of those home seekers need to purchase a home because they are relocating to the community due to a job or lifestyle change.

  

Fall also presents an opportunity to spruce up a home and make it shine to fit the upcoming holiday season. Open the blinds and curtains to let in more natural light and stage the home with pumpkins, wreaths and other festive decorations. Set the thermostat at a comfortable temperature, warm and welcoming if cold has settled in outdoors. If the home has a fireplace, arrange furniture so it is the centerpiece of the room. Staying on top of a property's upkeep shows buyers the current owners have been diligent about maintaining their home in good condition. Rake leaves regularly, and clean gutters and downspouts. Bare trees will make flaws in a home's exterior more visible, so fall is a good time to power-wash and touch up exterior paint.

Using data gathered from your specific community, I can provide and explain the specific factors that could impact your decision making process. You just may discover that fall really is the perfect time to move forward with the lifestyle you desire and I am happy can help!

It's Been a Great Year and We are only in August!

For several months now, I have been abuzz with stories of multiple offers over asking price and homes going under contract within a matter of days. So it comes as no surprise that the Wall Street Journal recently reported in the article Home Prices Reflect Strengthening that home prices in the second quarter rose from the previous year for the first time since 2007. Home sale prices rise when there are lower levels of housing inventory. When inventory levels drop, it signifies less competition for the home seller and limited choice for the buyer. Additionally, incredibly low interest rates and renewed confidence in the economy are compelling buyers to act now. With these elements in play, the competition between buyers who have their sights set on the same dream home can become fierce.  According to the Wall Street Journal's quarterly survey of housing market conditions in 28 U.S. metropolitan areas, inventories of unsold homes have fallen in every market and are down by more than 20 percent in two-thirds of those markets. To see if this movement is occurring in your community of interest, give me a call.  For those who are thinking of selling their home, this could still be an opportune time to act, especially for those who have built equity in their home. Stories of home sellers making a profit on their home's sales have also been on the rise, and buyers continue to be attracted by historical low interest rates. I can help you determine if now is the right time for you to sell your home and conduct a competitive market analysis, identify the inventory levels that will impact you, and advise you on appropriate marketing and pricing strategies.    Make the necessary improvements to your home before placing it on the market. Properties that are in good condition and are move-in ready are moving more quickly. I can also advise you on which improvements will have the most impact. The late summer and early fall have historically been known as slower selling seasons compared to spring, but this year I have to disagree. If you want to move now, call me today!

Window of Opportunity!

With a lackluster winter nearly behind us, spring is definitely in the air.  March is finally here and we are hopeful that this spring selling season will spring like never before.  Already, I am witnessing some very interesting and advantageous dynamics for home sellers.

Depending upon neighborhood, inventory has dropped significantly.  To determine if the same trend is taking place in your marketplace, give me a call or send me an email so we can discuss further.

When inventory levels drop, it signifies less competition for the home seller, and limited choice for the buyer. We know that there are buyers currently in the market who have financing, know market values and are prepared to make a purchase decision. They are standing on the sidelines just waiting for their perfect home to enter the market and I’m working with a handful of them.

If you are considering placing your home on the market, but have been hesitant, waiting for prices to increase, or buyers to appear, this could be an incredibly advantageous time to finally make your move. For those who have lived in their home for some time and have built equity, selling this spring could be especially beneficial.  

For those homes currently listed, I am seeing movement.  Even witnessing multiple buyers for properties who have entered into bidding wars, ultimately driving the sale price upwards. Bidding wars typically take place when a home is priced competitively.  With limited competition in the market, with a home that is priced accordingly, just imagine the possibilities.

If you are thinking of placing your home on the market and are not quite sure if it's the right time for you, call me or email me right away. Now is not the time to wait if you want to list your home. There is a window of opportunity here and it is uncertain how long that window will remain open.  Until it closes, let's keep the fresh spring air flowing in.