New Reality? Buyers Face Fewer Choices

New Reality? Buyers Face Fewer Choices.

Many markets are seeing so few new listings that they may not be able to meet the strong buyer demand heading into real estate’s traditionally busiest season. Listings are down more than 7 percent compared to a year ago across the country, according to the latest data by the National Association of REALTORS®.

Where Homes Are Selling the Fastest

choicesRealtor.com® inventory data shows the following metro areas had listings that stayed on the market the shortest amount of time in January:

  • San Jose-Sunnyvale-Santa Clara, Calif.: 43 days
  • San Francisco-Oakland-Hayward, Calif.: 47 days
  • San Diego-Carlsbad, Calif.: 55 days
  • Seattle-Tacoma-Bellevue, Wash.: 57 days
  • Nashville-Davidson-Murfreesboro-Franklin, Tenn.: 58 days
  • Vallejo-Fairfield, Calif.: 58 days
  • Greeley, Colo.: 58 days

“Competition is likely to heat up even more heading into the spring for house hunters looking for homes in the lower- and mid-market price range,” says Lawrence Yun, NAR’s chief economist.

Realtor.com® notes that the following markets are particularly very light on listings:

  • Chicago: -13% (active listings compared to a year ago)
  • Philadelphia: -14%
  • Washington: -15%
  • Seattle: -17%
  • Minneapolis: -18%
  • St. Louis: -12%
  • Baltimore: -16%
  • Cleveland: -18%
  • Orlando, Fla.: -19%

On the other hand, home shoppers may find more choices this year in a few select markets. Notably, Las Vegas is seeing an 18 percent increase in active listings compared to a year ago; Pittsburgh is seeing a 9 percent increase; and Houston and San Antonio are posting a 6 percent increase.
References: Realtor Magazine, CNBC, NAR

Are you considering selling your home? If you are, we would love to meet with you soon to show you what comparable properties have recently sold for, give you an estimate of your home’s current market value and review with you our marketing program.

Donald Horne, Broker / Owner
Team Success Listing LLC
teamsuccesslisting@gmail.com
810-338-0628
www.teamsuccesslisting.com
(blog / website)
www.teamsuccesslisting.net
(listings / search)

Home Prices Are Soaring To New Highs!

Home Prices Are Soaring To New Highs! 

Home price appreciation picked up speed, prompting the majority of metro areas to soar to new record highs with home prices, the National Association of REALTORS®’ latest quarterly report reveals. Of the 150 markets NAR has tracked since 2005, 52 percent – or 78 – now have a median sales price that is at or above its previous all-time high.

The fourth quarter of 2016 proved to be a strong one for home price appreciation. The median existing single-family home price rose in 89 percent of the measured markets. Thirty-one metro areas out of 178 saw double-digit gains.

“Buyer interest stayed elevated in most areas thanks to mortgage rates under 4 percent for most of the year and the creation of 1.7 million new jobs edging the job market closer to full employment,” says Lawrence Yun, NAR’s chief economist. “At the same time, the inability for supply to catch up with this demand drove prices higher and continued to put a tight affordability squeeze on those trying to reach the market.”

In the fourth quarter, the national median existing single-family home price was $235,000 – up 5.7 percent from the fourth quarter of 2015 ($222,3000).

Inventories of homes for-sale remain tight. At the end of the fourth quarter, 1.65 million existing homes were available for sale, which is 6.3 percent below year ago levels and the lowest level since NAR began tracking the supply of all housing types in 1999.

“Depressed new and existing inventory conditions led to several of the largest metro areas seeing near or above double-digit appreciation, which has pushed home values to record highs in a slight majority of markets,” Yun says. “The exception for the most part is in the Northeast, where price growth is flatter because of healthier supply conditions.”

Nationwide, a boost in home prices and mortgage rates at the end of the year slightly weakened affordability compared to a year ago. That came despite a solid uptick in the national family median income.

To buy a single-family home at the national median price, a buyer making a 5 percent down payment would need an income of $51,017; they would need an income of $48,332 for a 10 percent down payment; and they would need an income of $42,962 for a 20 percent down payment, according to NAR.

“Even a pick-up in wage growth may be insufficient to compensate the impact of higher mortgage rates and home prices,” Yun says. “Increased homebuilding will be crucial to alleviate supply shortages and stave off the affordability hit.”
References: Realtor Magazine, NAR

Are you considering selling your home? If you are, we would love to meet with you soon to show you what comparable properties have recently sold for, give you an estimate of your home’s current market value and review with you our marketing program.

Donald Horne, Broker / Owner
Team Success Listing LLC
teamsuccesslisting@gmail.com
810-338-0628
www.teamsuccesslisting.com
(blog / website)
www.teamsuccesslisting.net
(listings / search)

Here Come 59 Million Buyers!

Here Come 59 Million Buyers!

One in four U.S. adults say they are considering buying a home this year, which extrapolates to a whopping 59 million people, according to a recent survey by Bankrate.com.

Minorities are expected to be big buyers this year. More than two in five black survey respondents said they were considering buying a home. That is more than double the percentage of potential white buyers.

Also, older millennials and Generation X – which encompasses the ages of 27 to 52 – are showing more willingness to either become homeowners or trade up to a new home, the survey showed.

Young adults have mostly delayed home ownership. “They have been stymied by stagnant wages, student loans, and a lack of available starter homes,” Lewis says. “If enough affordable homes are put on the market, we might see a surge of first-time home buyers in their early to mid-30s.”

Lewis notes, however, what many people say is not always what they’ll be able to do. Rising mortgage rates and an uptick in home prices could prevent some would-be home buyers from saving enough for a down payment and limited inventories could delay their efforts in finding a suitable home to buy.

About 6 million new and existing homes were sold last year, according to the National Association of REALTORS® and U.S. Census data.
References: Realtor.com, Realtor Magazine

Are you considering selling your home? If you are, we would love to meet with you soon to show you what comparable properties have recently sold for, give you an estimate of your home’s current market value and review with you our marketing program.

Donald Horne, Broker / Owner
Team Success Listing LLC
teamsuccesslisting@gmail.com
810-338-0628
www.teamsuccesslisting.com
(blog / website)
www.teamsuccesslisting.net
(listings / search)

Are You Thinking About Selling Your Home? Let’s Talk! Tip #3 …

Tip #3, Let’s Look At The Quality Of The Condition Including Property Preparation

1. Tour your own home with the eyes of a buyer and make a list of anything that is not working correctly and repair these items.
2. Make the home “ready to show”. This includes a thorough deep cleaning of the home and appliances, including the windows inside and out.

3. De-clutter as much as possible. You want the buyers to be looking at the home, not distracted by your personal items.

This is just one of the many items of value that we offer our sellers, for most homes our marketing program is designed to get in front of all buyers and the entire market using the latest marketing and advertising tools … for more detailed information on how we can sell your home, please contact us to schedule an appointment for us to review with you, on combining our services to more effectively produce the results that you are looking for, turning your home into a sold home.
References: Tony & Suzanne Marriott

Donald Horne, Broker / Owner
Team Success Listing LLC
Phone 810-338-0628
teamsuccesslisting@gmail.com
www.teamsuccesslisting.com
www.teamsuccesslisting.net

Are You Thinking About Selling Your Home? Let’s Talk! Tip #2 …

Tip #2, Why A Listing Does Not Sell

There are a number of reasons why a listing does not sell:

* price
* presentation
* marketing
* quality of property photos (tip #1)

* negotiation
* follow up
* buyer’s loan

It is very easy to say that “price” was the problem, but the other 6 possible reasons should be examined before making a price adjustment and by what amount?

One of the services that we provide for you is to carefully review the previous entry in the MLS to see that it matches the property. For most homes our marketing program is designed to get in front of all buyers and the entire market using the latest marketing and advertising tools … for more detailed information on how we can sell your home, please contact us to schedule an appointment for us to review with you, on combining our services to more effectively produce the results that you are looking for, turning your home into a sold home.
References: Tony & Suzanne Marriott

Donald Horne, Team Success Listing
Associate Broker-Coldwell Banker Shooltz Realty
Phone 810-338-0628
teamsuccesslisting@gmail.com
www.teamsuccesslisting.com
www.teamsuccesslisting.net

Are You Thinking About Selling Your Home? Let’s Talk! Tip #1 …

Tip #1, Professional Property Photos

In order to receive offers on your home, buyers must be interested in seeing the property. Professional photography is by far the best way to encourage buyers to tour the property. There are other factors also that contribute to the eventual sale of your home that we will discuss in future blogs, these include:

* condition of property
* staging
* prelisting home inspection
* prelisting appraisal

Here are two links to our recent listings that showcase how well the homes photographed:

Oxford
Imlay City

For most homes our marketing program is designed to get in front of all buyers and the entire market using the latest marketing and advertising tools. Professional photography is just one of these tools … for more detailed information on how we can sell your home, please contact us to schedule an appointment for us to review with you, on combining our services to more effectively produce the results that you are looking for, turning your home into a sold home.
References: Tony & Suzanne Marriott

Donald Horne, Team Success Listing
Associate Broker-Coldwell Banker Shooltz Realty
Phone 810-338-0628
teamsuccesslisting@gmail.com
www.teamsuccesslisting.com
www.teamsuccesslisting.net