FEATURE ARTICLE
Real Estate Outlook: Could Resales Be Up?
If you only focused on the big headlines in the past week, you probably noticed that home resales were down by two percent nationwide during March. That didn't sound good -- certainly not for the start of the spring selling season.
But when you take a closer look at last week's numbers, you find that resales were actually UP in large parts of the country -- sales in the Northeast states, for example, jumped by 2.3 percent, and in the Western states they were up by 2.2 percent. The national numbers that dominated the press were dragged down by a 6.5 percent drop in resales mainly in one part of the country -- the Midwestern states, where economic and employment problems continue to be tough.
Another market niche that did surprisingly well but got little attention: Condominiums, which saw a 3.6 percent jump in sales. That was on top of a 3.7 percent increase the month before.
Then there was the surprise of all surprises -- again, with little public attention: Home prices. The Office of Federal Housing Enterprise Oversight -- the government agency that tracks price movements in a giant portfolio of millions of homes financed and refinanced by Fannie Mae and Freddie Mac -- reported a six tenths of a percent GAIN in average home values.
On top of that, the National Association of Realtors reported the median price of home sales in March rose to $200,700 -- that was up from a revised $195,600 in February. There were significant increases in median prices in a number of metropolitan areas, including Austin, Texas, Des Moines, Iowa, and Durham, North Carolina.
Mortgage money at affordable rates clearly helped power some of those sales and modest gains in prices. Thirty-year fixed-rate mortgages averaged 6.04 percent last week, according to the Mortgage Bankers Association of America, and 15-year money averaged 5.6 percent.
What's the takeaway here? Have we turned the corner and seen the end of the correction phase of the cycle? No, we're not making that call quite yet. The 10-month unsold inventory is still a leaden weight -- and there are still some downward price adjustments ahead in the local markets that were driven by speculators during the boom years.
But the fact is: In many areas, and in some product niches like condominiums, the national headlines do not describe the local or regional realities. Thanks to lower prices and affordable mortgage rates, sales in those areas are up, not down. Buyers see real opportunities and are writing contracts. And smart sellers are closing sales.
By Kenneth R. Harney, RealtyTimes
COMPANY NEWS
I'd like to welcome Pam Raider and Cheryl Jones to our company. Both will be specializing in residential sales. If you or someone you know is interested in a career in Real Estate, we're still looking for more quality people to join our growing group.
Want to sell your home? Shopping for a home? Our agents always use the best and most efficient marketing methods. Want to see what we're doing? Check out our Featured Properties page and watch a property Video Tour!
Want to make a great return on your investment dollars? We continally help people buy investment properties individually as well as put together investment groups. Call or email today.
FEATURED PROPERTIES
Give us a call or Click Here to have information on properties that meet your needs emailed directly to you as they hit the market. You get FIRST PICK of the great buys in our market area.
You may also Click Here to search all properties currently listed with Realtors in our area.
INTEREST RATES
Some recently reported interest rates:
30 year, fixed: 5.80%
15 year, fixed: 5.38%
5/1 ARM: 5.50%
Based on 0 points
Provided by Bankrate.com
YOUR REAL ESTATE CONSULTANTS FOR LIFE!
We are committed to providing our clients with the highest level of service possible. Our pledge is to meet all of your real estate needs and build lifetime clients.
Our goal is to give you such incredibly good service, you will tell everybody you know about us. We all win. You get great service. We get lifetime clients whose referrals are worth many times more business than a one-time transaction.
Our business is built on referrals! We focus 100% of our energy on our clients and in return
We depend on you to refer your friends, family and co-workers to us. If you are genuinely pleased with our service, the greatest compliment you can give us is a referral.
There are many decisions to be made when buying or selling real estate. The most important decision you make is choosing the right real estate professional to help you. When the time comes for you to decide about professional real estate services, We’d like to show you more about how we can help you.
|
