National Market Update
The National Association of REALTORS® (NAR) report sales gains in several areas across the country compared to the same time a year ago, and are predicting greater demand in the months ahead. Although national sales for pre-existing homes declined 1 percent in April, a recent change in mortgage practices makes it easier for buyers to obtain conventional financing.
According to NAR President Richard Gaylord, Freddie Mac and Fannie Mae will enable buyers to acquire affordable financing, "with down payments of only 5 percent on most mortgages, with 100 percent financing available on some loan products." Gaylord predicts an upturn in sales this summer.
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NAR economists believe the changes will heat up the market as buyers have greater financing options available. Lawrence Yun, chief NAR economist, offered even more good news to those in higher priced markets, saying, "a recent notable drop in interest rates on conforming jumbo loans will help consumers in high-cost markets like California and New York."
Freddie Mac reported the national average 30-year, conventional, fixed-rate mortgage dropped to 5.92 percent in April compared to 5.97 percent in March; the rate was 6.18 percent in April 2007. Nationally, total housing inventory at the end of April rose 10.5 percent to 4.55 million existing homes available for sale.
Note TO SELLERS!!!! Maximize Curb Appeal!
In a competitive market, sellers should pay attention to details that matter most to buyers. Enhancing your home's curb appeal does a lot to get them in the door.
As people drive from home to home, it's important to make them feel welcome. Trim hedges, mow your lawn, and plant flowers to add color. Walkways should be clear of debris and trees should be pruned to make sure your home shows nicely from the street. Remove parked cars, boats, and RV's from the property.
Remember, you only get one chance to make a first impression! 5 months through the year our office, 6 agents, has 18% market share - this is out of over 300 agents! We are selling and listing a home nearly every day...please call me if I can serve your Real Estate needs in Wichita Falls.
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