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Almost 14,000 Houses Sold Yesterday -- A Re-Blog from Steve Harney

By
Real Estate Agent with Re/Max Plus

I've been lax about blogging lately, but today I came across an article I couldn't resist sharing. It was written by Steve Harney, whose insights I've shared before. I often hear negative perceptions from consumers about the market, and in many cases they're just not true. Yes, sales are down from this time last year, but back then they were artificially inflated by the home buyer tax credits. As Steve says here, there's no doubt about it, homes are selling!

 

Almost 14,000 Houses Sold Yesterday

by The KCM Crew on May 3, 2011

sold home

One of the biggest misconceptions in today's housing market is that homes are not selling. That is simply not true. Last month's Existing Sales Report from the National Association of Realtors (NAR) showed that homes were selling at an "annual rate of 5.10 million". That's an average of 13,973 every day - 365 days a year!

And the monthly Pending Sales Report, which measures the number of houses going into contract each month, has showed increases in six of the last nine months prompting Lawrence Yun, NAR's chief economist to say:

"Since reaching a cyclical bottom last June, pending home sales have posted an overall gain of 24 percent and demonstrate the market is recovering on its own. The index means modest near-term gains in existing-home sales are likely."

We realize that 40% of the sales are distressed properties and that 22% of buyers are investors. Yet, that still doesn't negate the fact that homes are in fact selling... and 60% of them are NOT foreclosures or short sales.

And Yun believes this uptick will continue:

"Based on the current uptrend with very favorable affordability conditions, rising apartment rents and ongoing job creation, existing-home sales should rise around 5 to 10 percent this year."

Bottom Line

Homes are selling. You probably will need to offer a compelling price if you put your house on the market. But if you do, it will sell.

 

*****

 

I am proud to help buyers and sellers in the Greater Rochester, New York area find their dream homes. If you are considering purchasing or selling a home in the Rochester area, don't hesitate to contact me. I pride myself in providing the best possible service for my clients!

When you work with me... Wahl to Wall Logo

Visit my website at www.YourNYDreamHome.com to learn more about the services I offer!

Kristen Wahl

Contact:
Kristen Wahl
Realtor®
Office: (585) 381-4400 x218
Cell: (585) 455-5524
KWahl@RealtyUSA.com

 

 

 

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Comments (6)

Michael (Mike) Robinson
Broadmoor Realty, Inc. - Long Beach, CA
CRS, CIPs, REALTOR

Oh.. finally some good news and a way to look at the current situation in a new light...

May 04, 2011 03:57 AM
Kristen Wahl
Re/Max Plus - Rochester, NY
CBR

Mike, I agree completely! That's why I enjoy reading Steve Harney's blog. He always has something positive to say about the market and why it's a good time to buy and sell!

May 04, 2011 04:06 AM
John Howard
Century 21 LeMac Realty - Mountain Home, AR
GRI, Mountain Home, Arkansas 870-404-3614

Kristen,  Thank You for re-posting that.  I had not seen it, and it is nice to see or hear a bit of "good" news!

May 04, 2011 04:22 AM
Steve, Joel & Steve A. Chain
Chain Real Estate Investments & Mortgage, Steve & Joel Chain - Cottonwood, CA

Kristen,

The market is moving. You make a great point about a "compelling price" being a key to success.

Best,

Steve

May 04, 2011 04:33 AM
Kristen Wahl
Re/Max Plus - Rochester, NY
CBR

John, you're welcome! Good news is always welcome!

May 04, 2011 04:55 AM
Kristen Wahl
Re/Max Plus - Rochester, NY
CBR

Steve, absolutely. It's always about price, but especially in the current market!

May 04, 2011 04:55 AM