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EXISTING-HOME SALES GAIN STEAM
For the first time in 2014, existing-home sales rose during the month April while inventories increased, according to a recent report by the National Association of REALTORS (NAR). Existing-home sales, which include recently purchased single family, townhomes, condominiums, and co-ops rose 1.3 percent in January to a seasonally adjusted 4.65 million units for the year.
NAR chief economist Lawrence Yun anticipated the market improvement. "Some growth was inevitable after sub-par housing activity in the first quarter, but improved inventory is expanding choices and sales should generally trend upward from this point," he said. "Annual home sales, however, due to a sluggish first quarter, will likely be lower than last year."
Nationally, total housing inventory increased 16.8 percent during April to 2.29 million units. The median time for homes to sell was 48 days in April, a decrease from 55 days in March, while 41 percent of April home sales were on the market for less than a month.
MORTGAGE AFFORDABILITY UPDATE
Freddie Mac reports the national average commitment rate for a conventional, 30-year fixed-rate mortgage at 4.34 percent in April, which is unchanged from March but up from 3.45 percent recorded in April 2013. Approximately 70 percent of investors paid cash during the month.
Steve Brown, NAR President, sees a lot of opportunity in the current market. "The typical time on market shrunk in April, with four out of 10 homes selling in less than a month," he said. "Homes that show well and are properly priced tend to sell the fastest. More housing inventory gives buyers better choices, and takes the pressure off of the buying process, which is a welcome sign, especially for first-time buyers."
SUMMER SELLING OPPORTUNITIES
Sellers, you have an excellent opportunity to sell your home this season if you have the right pricing strategy in place from the start! Studies show that the longer a property stays on the market, the less the seller will net upon the sale. It is very important to price your property at a competitive market value at the signing of your listing contract. The market is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell.
An Overpriced Home:
· Minimizes offers · Lowers agents response · Limits qualified buyers · Lowers showings · Lowers prospects · Limits financing · Wastes advertising dollars · Nets less for the seller
When you are ready, contact us today for a personal free market value analysis of your home. No hassles or obligation - just honest advice on how to get top dollar for your home!
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