For more information regarding this listing, visit my website at http://www.YourPropertyShoppe.com
For the first time in five years, existing-home sales have increased for four months in a row, according to the National Association of REALTORS®.Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 7.2 percent to a seasonally adjusted annual rate of 5.24 million units in July from a level of 4.89 million in June. Sales are 5.0 percent above the 4.99 million-unit pace in July 2008. The last time sales rose for four consecutive months was in June 2004, and the last time sales were higher than a year earlier was November 2005.
Largest Gain in a Decade
Lawrence Yun, NAR chief economist, said he is encouraged. “The housing market has decisively turned for the better. A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales,” he said.
The monthly sales gain was the largest on record for the total existing-home sales series dating back to 1999.
“Because price-to-income ratios have fallen below historical trends, there are more all-cash offers. In some recovering markets like San Diego, Las Vegas, Phoenix, and Orlando, the demand for foreclosed and lower-priced homes has spiked, and a lack of inventory is becoming a common complaint,” Yun said.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 5.22 percent in July from 5.42 percent in June. The rate was 6.43 percent in July 2008.
"First-Time Buyer Tax Credit is Working"
An NAR practitioner survey showed first-time buyers purchased 30 percent of homes in July, and that distressed homes accounted for 31 percent of transactions. NAR President Charles McMillan said the first-time buyer tax credit is working. “In addition to first-time buyers, we’re also seeing increased activity by repeat buyers. While many entry-level buyers are focused on the discounted prices of distressed homes, they’re also freeing some existing owners to sell and make a move,” he said.
“Realtors are the best resource for consumers in these changing market conditions because the transaction process has become more complex. Since it’s now taking longer to complete a home sale, first-time buyers who want to take advantage of the $8,000 tax credit should try to make contract offers by the end of September,” McMillan said. “Otherwise, they may miss the November 30 closing deadline.”
Inventory Up, Prices Down
Total housing inventory at the end of July rose 7.3 percent to 4.09 million existing homes available for sale, which represents a 9.4-month supply at the current sales pace, which was unchanged from June because of the strong sales gain. Raw inventory totals are 10.6 percent lower than a year ago when the number of unsold homes was at a record.
The national median existing-home price for all housing types was $178,400 in July, which is 15.1 percent lower than July 2008. Distressed properties continue to weigh down the median price because they typically sell for 15 to 20 percent less than traditional homes.
Single-Family Homes and Condos
Single-family home sales increased 6.5 percent to a seasonally adjusted annual rate of 4.61 million in July from a pace of 4.33 million in June, and are 5.0 percent higher than the 4.39 million-unit level in July 2008. The median existing single-family home price was $178,300 in July, which is 14.6 percent below a year ago.
Existing condominium and co-op sales jumped 12.5 percent to a seasonally adjusted annual rate of 630,000 units in July from 560,000 in June, and are 5.9 percent above the 595,000-unit level a year ago. The median existing condo price was $178,800 in July, down 18.9 percent from July 2008.
Existing-home sales in the Midwest jumped 10.9 percent in July to a level of 1.22 million and are 8.0 percent above a year ago. The median price in the Midwest was $157,200, which is 5.9 percent less than July 2008.
If you are thinking about buying or selling a home, contact me at 608-469-5199 or visit my website at www.YourPropertyShoppe.com and see how we can assist you.
Keller Williams ranked first among home buyers in the annual J.D Power and Associates 2009 Home Buyer/Seller study.
The study measures customer satisfaction with the largest national real estate companies. The most significant factor is the buyer/seller experience with the practitioner. Other factors include overall experience with the office and satisfaction with special services offered, like referrals to inspectors and lawyers. Home sellers also rate marketing.
The 2009 Home Buyer/Seller Study includes more than 3,100 evaluations from 2,801 respondents who bought or sold a home between April 2007 and June 2008.
Among the related findings:
Here are the home buyer rankings on a 1,000-point scale. (The home buyer average score was 791.)
Here are the home seller rankings on a 1,000-point scale. (The home seller average score was 786.)
(NOTE: ERA and GMAC were included in the study but not ranked due to a small sample size.) Source: J.D. Power and Associates (07/30/2009) |
Curb appeal can often make or break a sale in todays real estate market. Here are some low cost tips that sellers can increase their curb appeal and get more buyers to look at the home.
Clean everything: Clean up planting beds by weeding and pruning shrubs, and add fresh mulch. Power spray the outside of the house and remove all of the dirt and spider webs. Keep the porch and walkways clean of debris and update the old door mat with a fresh new one.
Invest in pots. A couple of attractive ceramic pots filled with attractive plants can really make an enterance look classier.
Accent lighting: Install landscaping lighting leading to the front door. Replace old out to date lighting with more up to date styling. Replace any burnt out light bulbs with new energy efficient ones.
Replace the mailbox with a newer one and put some nice plants at it's base to dress it up.
The Wisconsin REALTORS® Association (WRA) has officially kicked off an online public education project aimed at keeping people in their homes. Dubbed the Wisconsin Foreclosure Assistance Resource Center, the Web site at www.wisconsinforeclosurekit.org breaks down the foreclosure timeline, provides a glossary of terms and lists answers to frequently asked questions about the foreclosure process. In addition, it includes steps homeowners can take to avoid foreclosure, such as loan modification and quick sales. E. Joe Murray, WRA's director of political and government affairs, reports that the association designed the Web site to be "a comprehensive tool that people could use no matter what stage [of foreclosure] they were in." The site has three main sections, covering everything from survival tips to prevention tips to general information. Each of the three sections includes video clips with experts from such groups as the WRA, the Wisconsin Bankers Association and the Wisconsin Housing and Economic Development Association. WRA President Bill Malkasian concludes, "The purpose of the online resource is to provide a ready source of credible help that takes emotions out of the equation and replaces fear with a clear course of action."
The Property Shoppe Your Real Estate Team For Life
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
