home selling: Time on the Market Drops to New Low in 2017
- 01/04/18 09:33 AM
According to recently released data from the National Association of Realtors (NAR), the median amount of time a home spent on the market hit an all-time low of only three weeks in 2017. Strong buyer demand, a good economy, and a low inventory of new and existing homes for sale created the perfect storm to accelerate the time between listing and signing a contract. The time needed to sell a home has dropped substantially since its highest mark of 11 weeks in 2012. The chart below shows the median weeks on the market from 1987 to today. Bottom LineIf you are a homeowner who is debating whether or not … (0 comments)
home selling: Buying or Selling in 2018? 5 Reasons to Resolve to Hire a Pro
- 12/29/17 07:15 AM
Some Highlights: As we usher in the new year, one thing is for certain… if you plan to buy or sell a house this year, you need a real estate professional on your team! There are many benefits to using a local professional! Pick a professional who knows your local market and can help you achieve your dreams! Contact your local expert’s at The Liz Freeman Team for all your Real Estate needs! 252.439.4000 or liz@lizfreeman.com. By: KCM Crew … (1 comments)
home selling: Why Sell Now Instead of Later? The Buyers are Out Now
- 11/02/17 06:55 AM
Each year, most homeowners wait until the spring to sell their houses because they believe that they can get a better deal during the normal spring buyer’s market. However, recently released data suggests that a seller’s best deal may be available right now. The concept of ‘supply & demand’ reveals that the best price for an item will be realized when the supply of that item is low and the demand for that item is high. Let’s see how this applies to the current residential real estate market. SUPPLYIt is no secret that the supply of homes for sale has been far below the number … (0 comments)
home selling: Thinking of Selling your Home? Competition is Coming
- 09/28/17 06:52 AM
The number of building permits issued for single-family homes is the best indicator of how many newly built homes will rise over the next few months. According to the latest U.S. Census Bureau and U.S. Department of Housing & Urban Development Residential Sales Report, the number of these permits were up 7.7% over last year. How will this impact buyers?More inventory means more options. Danielle Hale, Realtor.com’s Chief Economist, explained this is good news for the housing market - especially for those looking to buy: "It's not spectacular construction growth, but it's slow and steady in the right direction. Eventually, the pickup in single-family home construction will mean [buyers] will have … (0 comments)
home selling: 58% of Homeowners See a Drop in Home Values Coming
- 08/17/17 08:49 AM
According to the recently released Modern Homebuyer Survey from ValueInsured, 58 percent of homeowners think there will be a “housing bubble and price correction” within the next 2 years. After what transpired just ten years ago, we can understand the concern Americans have about the current increase in home prices. However, this market has very little in common with what happened last decade. The two major causes of the housing crash were: A vast oversupply of housing inventory caused by home builders building at a pace that far exceeded historical norms. Lending standards that were so relaxed that unqualified buyers could easily obtain financing thus enabling them to purchase a … (1 comments)
home selling: 75% OF HOMEOWNERS THINK NOW IS A GOOD TIME TO SELL!
- 06/29/17 10:53 AM
The National Association of Realtors (NAR) recently released the findings of their Q2 Homeownership Opportunities and Market Experience (HOME) Survey. The report covers core topics like, “if now is a good time to buy or sell a home, the perception of home price changes, perceived ability to qualify for a mortgage, and [an] outlook on the U.S. economy.” The survey revealed that 75% of homeowners think now is a good time to sell,compared to 70% last quarter. This is a considerable increase from more than a year ago when 66% agreed. Even though homeowners believe that now is a good time to sell, many have not taken the … (0 comments)
home selling: IT’S A SELLER’S MARKET! SHOULD I DOWNSIZE NOW?
- 03/23/17 07:16 AM
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. In a blog, Dave Ramsey, the financial guru, highlighted the advantages of selling your current house and downsizing into a smaller home that better serves your current needs. Ramsey explains three potential financial advantages to downsizing: A smaller home means less space, but it also means less time, stress and money spent on upkeep. Let’s assume … (0 comments)
home selling: HOW TO GET THE MOST MONEY WHEN SELLING YOUR HOME
- 03/21/17 10:49 AM
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. 1. Price it a LITTLE LOW This may seem counterintuitive. However, let’s look at this concept for a moment. Many homeowners think that pricing their home a little OVER market value will leave them room for negotiation. In reality, this just dramatically lessens the demand for their house (see chart below). Instead of the seller trying to ‘win’ the negotiation with one buyer, they should … (0 comments)
home selling: HOUSING MARKET EXPECTED TO “SPRING FORWARD”
- 03/09/17 01:14 PM
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. Many potential sellers believe that waiting until Spring is in their best interest, and traditionally they would have been right. Buyer demand has seasonality to it, which usually falls off in the winter months, especially in areas of the country impacted by arctic temperatures and conditions. That hasn’t happened this year.Demand for housing has remained strong as mortgage rates have remained near … (4 comments)
home selling: BUYERS ARE SEARCHING FOR YOUR HOUSE
- 02/09/17 11:57 AM
The most recent Pending Homes Sales Index from the National Association of Realtorsrevealed 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. The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed. According to NAR’s Chief Economist, Lawrence Yun, “Pending sales bounded last month as … (1 comments)
home selling: If Your Home Hasn’t Sold Yet… Check the Price!
- 01/11/17 06:44 AM
The residential housing market has been hot. Home sales have bounced back solidly and are now at their second highest pace since February 2007. Demand has remained strong throughout the winter as many real estate professionals are reporting bidding wars with many homes selling above listing price. What about your house? If your house hasn’t sold, it is probably because of the price.If your home is on the market and you are not receiving any offers, look at your price. Pricing your home just 10% above market value dramatically cuts the number of prospective buyers that will even see your house. See chart below. Bottom LineThe … (2 comments)
home selling: INADEQUATE INVENTORY DRIVING PRICES UP
- 01/06/17 06:35 AM
The latest Existing Home Sales Report from the National Association of Realtors (NAR)revealed a direct correlation between a lack of inventory and rising prices. We are all familiar with the concept of supply and demand. As the demand for an item increases the supply of that same item goes down, driving prices up. Year-over-year inventory levels have dropped each of the last 18 months, as inventory now stands at a 4.0-month supply, well below the 6.0-month supply needed for a ‘normal’ market. The median price of homes sold in November (the latest data available) was $234,900, up 6.8% from last year and marking the 57th consecutive month with … (0 comments)
home selling: Start 2017 Off Right… LIST YOUR HOUSE FOR SALE
- 01/04/17 07:42 AM
As we are about to bring in the New Year, families across the country will be deciding if this is the year that they will sell their current house and move into their dream home. Many will decide that it is smarter to wait until the spring “buyer’s market” to list their house. In the past, that might have made sense. However, this winter is not like recent years. The recent jump in mortgage rates has forced buyers off the fence and into the market, resulting in incredibly strong demand RIGHT NOW!! At the same time, inventory levels of homes for sale … (0 comments)
home selling: THE #1 REASON TO SELL NOW… NOT NEXT SPRING
- 12/14/16 09:17 AM
The price of any item (including residential real estate) is determined by ‘supply and demand’. If many people are looking to buy an item and the supply of that item is limited, the price of that item increases. According to the National Association of Realtors (NAR), the supply of homes for sale dramatically increases every spring. As an example, here is what happened to housing inventory at the beginning of 2016: Putting your home on the market now instead of waiting for increased competition in the spring might make a lot of sense. Bottom LineBuyers in the market during the winter months are truly motivated purchasers. They want … (0 comments)
home selling: http://www.lizfreeman.com/blog/selling-in-the-winter-attracts-serious-buyers.html
- 12/07/16 10:29 AM
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. It’s no surprise that listing a home for sale during the spring saw the largest return, as the spring is traditionally the busiest month for real estate. What is surprising, though, is that listing during the winter came in second! “Among spring listings, 18.7 percent of homes fetched above asking, with winter listings … (1 comments)
According to recently released data from the National Association of Realtors (NAR), the median amount of time a home spent on the market hit an all-time low of only three weeks in 2017.
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