Home sales are up. According to the most recent Existing Home Sales Report from the National Association of Realtors, the trend is looking good for a continuation.
Lawrence Yun, NAR chief economist, says the housing market this year has been a tale of two halves. “Sales activity in October reached its highest annual pace of the year as buyers continue to be encouraged by interest rates at lows not seen since last summer, improving levels of inventory and stabilizing price growth,” he said. “Furthermore, the job market has shown continued strength in the past six months. This bodes well for solid demand to close out the year and the likelihood of additional months of year-over-year sales increases.”
Home Sales by Price Range Since Last Year
· $1M plus – Up 16.2%
· $750K - $1M – Up 12.4%
· $500 - $750K – Up 10%
· $250 - $500K – Up 10.7%
· $100 - $250K – Up 9.7%
The only housing price range that saw a drop when compared to last year are homes worth less than $100K.
What does this mean for you, the potential home seller?
As we move into the winter months, home sales tend to slow. With this ongoing trend, that’s not necessarily going to be true heading into 2015. Also, it's widely expected that interest rates will rise as we get further into 2015, which will restrict buyer affordability and motivate them to purchase a home now rather than wait until the traditional home buying season in the spring and summer months.
If you have been considering listing your home, now is the time. Some tips to get your home ready for sale:
- Speak to a local real estate broker who knows your neighborhood real estate story, what people are paying and looking for in your area. Let me know if you need a recommendation.
· If you're planning another home purchase, get pre-approved for your new mortgage. Go over payment options based on the projected sale price and make sure your credit is in good standing.
· Touch up the paint on the walls, the trim and if necessary, upgrade the bathrooms and kitchen.
· Winter sales mean that your yard is less of a factor, but be sure it looks neat and maintained.
Selling a home can take time, but as long as existing home sales continue to increase, 2015 looks like a great year to sell yours. Get your home ready to sell then speak to a local realtor to list your property. If your home is in any of the price ranges that has seen year-over-year increases, your New Year’s resolution could easily be to sell your home.
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