The National Association of Realtors (NAR) recently reported that pending home sales increased in April for the fourth consecutive month and reached their highest peak in nine years. The steady gains in contract activity each month this year highlight the fact that buyer demand is strong
“Homeowners looking to sell this spring appear to be in the driver’s seat, as there are more buyers competing for a limited number of homes available for sale,” Lawrence Yun chief economist from NAR.
“The housing market can handle interest rates well above 4 percent as long as inventory improves to slow price growth and underwriting standards ease to normal levels so that qualified buyers—especially first-time buyers—are able to obtain a mortgage,” Yun adds.
Realtors expect for total existing-home sales in 2015 to be around 5.24 million, an increase of 6.1 percent from 2014. The national median existing-home price for all of this year is expected to increase around 6.7 percent. In 2014, existing-home sales declined 2.9 percent and prices rose 5.7 percent.
In an updated analysis completed by Redfin researchers studied nationwide home listings, sales prices, and time-on-market data from 2010 through October 2014 showing that February is historically the best month to list, with an average of 66 percent of homes listed and selling within 90 days. The winter season officially takes place between Dec. 21 and March 20 and brings in more focused sellers and buyers.
Listing during those four winter months has resulted in higher percentages of above-asking-price sales than listing during any months, other than April and May. Winter’s market also shows less competition for sellers since many people tend to wait until the spring to list. The smaller inventory of active listings help sellers get more attention from buyers.
Also nearly 80 percent of the real estate professionals surveyed by the National Association of Realtors NAR said that more serious buyers emerge during the holidays, and 61 percent say less competition from other properties makes winter an ideal time to sell.
If you’re looking to sell your home for top dollar, in addition to “Location, Location, Location” there are some other suggestions you may benefit from, to get top dollar for your home!
As the saying goes, “You don’t get a second chance to make a first impression.” While curb appeal gets buyers in the door, sellers who want to move their homes quickly need to take other steps.
The strategy varies by neighborhood and market conditions, but staging a house to appeal to the maximum number of buyers can make difference in how fast the home sells.
If you have a limited budget, here are some tips that can make your house to sell for a top dollar:
Add color to you landscape by either replacing flower beds or potted flowers, along with fresh sod.
Replacing light fixtures and plumbing fixtures will give your home a modern touch for a minimal investment.
Consider removing popcorn ceilings; however you need to be careful because popcorn ceilings of pre-1979 homes are likely to contain asbestos, and you need someone licensed to remove it.
Remove window treatments, unless they are current and high-end. That cuts the risk of turning off would-be buyers who don’t share your taste, and uncovered windows that will let more light into the rooms.
If you’re using your dining or a bedroom as an office for example, turn it back to their original use.
Replace dirty or worn carpet, you’re better off removing the carpet if there are hardwood floors underneath.
Unclutter your house by packing away items that you will not use on an every day basis. You want the new family to envision themselves living in the home.
A deep cleaning before you put your home on the market is a must, so everything shines.
Repaint all rooms in neutral colors. A fresh coat of paint also makes the house look newer and more modern.
With a few simple, low-cost tweaks, you can significantly enhance your house’s curb appeal. Focus on low cost improvements. Since every dollar counts, devote your time in renovations that’ll bring you a return.
Consumer confidence reached its highest level since the Great Recession in September, according to the Thomson Reuters and University of Michigan Surveys of Consumers.
September’s increase in consumer confidence is the result of optimistic outlooks on the overall economy and personal incomes. The consumer expectations index rose 5.8 percent over the month of September, while the current conditions index fell 0.9 percent.
Additionally, a growing number of consumers expect their incomes to increase over the next year. The median income growth expectation reported in September was 1.1 percent, which is the highest expectation since late 2008. At the same time, more households anticipate income growth now than at any time since September 2008.
The renewal of income growth is particularly important for sparking consumer spending, and adding pending changes to monetary policy will make income gains prompt to boost even more consumer’s confidence.
Sales of new single family houses in August 2014 were at a seasonally adjusted annual rate of 504,000, up from July’s printing of 427,000, the fastest rate in six years and the biggest monthly jump since January 1992.
The biggest gains and by far the reason for the big increase were new home sales in the West, one of the two largest housing markets, along with the South.
New home sales in the West were up 50% over July.
The South saw an 8% increase. The South is by far the largest region for new home sales, outdistancing all other regions combined.
The median sales price of new houses sold in August 2014 was $275,600; the average sales price was $347,900.
Wealthy home buyers are paying lower average rates on high dollar loans, and in some cases, they don’t even have to worry about a large down payment or mortgage insurance.
For months, lenders of jumbo mortgages have been charging interest rates that are lower than what average borrowers pay. Jumbo loans are mortgages that above $417,000 or $625,000 or more in high-priced markets.
Many lenders also have requiring as little as 10 percent, which is about half the normal rate, waiving the private mortgage insurance, and even lowered their credit standards for jumbo loan originations.
Luxury homes are selling faster than last year, according to data through July from Realtor.com. The median age of listings ranged from 80 days for homes listed at $1 million or more.