EXISTING-HOME SALES STEADY, PRICES UP
Existing-home sales remained level this March while home prices saw moderate growth, 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 were down 0.2 percent to a seasonally adjusted 4.59 million units for the year.
NAR chief economist Lawrence Yun expected to see more activity. "There really should be stronger levels of home sales given our population growth," he said. "In contrast, price growth is rising faster than historical norms because of inventory shortages. With ongoing job creation and some weather delayed shopping activity, home sales should pick up, especially if inventory continues to improve and mortgage interest rates rise only modestly."
Nationally, the median time for homes to sell was 55 days in March, a decrease from 62 days in February, and 62 days from March 2013. Thirty-seven percent of March home sales were on the market for less than a month.
OPTIMISM FOR FIRST TIME BUYERS
First-time buyers accounted for 30 percent of purchases in March, up two percent from the month before. NAR president Steve Brown believes this number can be higher. "There are indications that the stringent mortgage underwriting standards are beginning to ease a bit, particularly regarding credit score requirements, but they remain a headwind for entry-level and single-income home buyers," he said.
"We also have tight inventory in the lower price ranges where many starter homes are found, but rising new-home construction means some owners will be trading up and more existing homes will be added to the inventory. Hopefully, this will create more opportunities for first-time buyers," Brown said.
Mortgage giant Freddie Mac reports that the average commitment rate for a 30-year, fixed-rate mortgage was hovering at 4.34 percent during March. These historic low rates optimize housing affordability for today's home buyer.
FIVE TIPS TO ENHANCE CURB APPEAL
It's important for sellers to do what they can to get their home to stand out. Here are five quick tips to generate some excitement for your home in today's market.
- Use Paint: A new coat of paint can go a long way to make your home look up to date. Neutral colors work best because they appeal to the most people.
- Mow the Lawn: Take the time to mow the lawn and clean the yard. Rake leaves and grass and put away any tools that may be lying around. Don't turn buyers off with a messy yard. If they like what they see on the outside, you'll improve your chances of getting them to look inside.
- Plant Flowers: Seasonal or perennials can bring a splash of color to your home and brighten the view from the street. Flowers throughout the house will please the senses and make your house feel like a home.
- Spruce Up Your Walkway: Dressing up your walkway with bricks or paving stones will lead people to your front door. Inexpensive solar lighting can further enhance your entry.
- Window Treatments: Keep your home from looking plain or boring with some decorative shutters. Windows are very important to the overall appeal of your home. Add planter boxes underneath for an immediate improvement that doesn't cost a lot of money!
By following these tips, you will be able to capture the hearts and minds of today's buyers, as well as improve your chances for a quick sale at the best price possible.
When you are ready, contact me today for a personal 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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