Presented by TEAM Lee Moore
strategy
National Home Sales Report
Existing-home sales dipped nationally, but remain well above 2011 sales figures 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 0.9 percent in February to a seasonally adjusted rate of 4.59 million units. Current sales are up over 8 percent compared to the same time last year.
Lawrence Yun, NAR chief economist, sees improvement in the marketplace. "The market is trending up unevenly, with record high consumer buying power and sustained job gains giving buyers the confidence they need to get into the market," he said. "Although relatively unusual, there will be rising demand for both rental space and homeownership this year. The great suppression in household formation during the past four years was unsustainable, and a pent-up demand could burst forth from the improving economy."
Total housing inventory rose 4.3 percent in February, leaving 2.43 million existing homes for sale. This represents a 6-month supply of homes at today's current sales pace. Inventory continues to shrink from their record levels of 4.04 million set in July 2007, and is 19.3 percent below a year ago.
NAR President Moe Veissi explains that many markets have reached equilibrium. "Supply and demand have become more balanced in more markets, but with tight supply in the lower price ranges – particularly in the West," he said. "People realize that homeownership is an investment in their future. Given an apparent over-correction in most areas, over the long term home prices have nowhere to go but up."
Mortgage Rates Decrease Again
Freddie Mac reported record low mortgage rates for February, causing some experts to predict higher rates in the months ahead. The national average commitment rate for a 30-year, fixed-rate conventional mortgage fell to 3.89 percent in February, down from the 4.95 percent rate reported in February 2011. These rates are the lowest on record, dating back to 1971 when record keeping began. This is an ideal time to refinance your existing home, or to get pre-approved for a new loan.
Contact us for our preferred list of local mortgage planners and take advantage of today's low interest rates!
The Best Selling Strategy
Sellers, you have an excellent opportunity to sell your home this season, if you have the right pricing y 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
· Decreases agents response
· Limits qualified buyers
· Decreases showings
· Decreases prospects
· Limits financing
· Wastes advertising dollars
· Nets less for the seller
When you are ready, contact us 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!
How's the Market? Everyone wants to know this question and I get asked all the time! Well.....overall I think our industry is picking up some......due to several reasons, the extremely low inventory in Maricopa County for resale homes is at a record breaking 13,512 homes for sale in the whole County. Maricopa County is supposed to be at 2nd position in population to Los Angeles County CA.....to me after 39 years in real estate, I have never seen a market like we are experiencing today.....some say this is really scary! I agree! An example......It is very difficult for young first time home Buyers to find a home for less then $150,000 at this time. The interest rate is 4-5% at a 30+ year low. We also get stories and rumors everyday that the Feds are about to release thousands of homes for sale that are stocked up foreclosed inventory.....I do not believe this will happen as it would literally destroy our economy if they flooded the country with foreclosures. Everyone in the Industry seems to agree that the Government will let loose of some inventory and put them on the open market for sale....however, it will be gradual!
TRILOGY.....as you know Trilogy is a different "breed of cat" so to speak due to age restricted Buyers....However, we are also at a record low inventory of resale homes as well.....today, only 68 for sale. WOW! I have never seen it so low. (See, Active,Pending and Sold Stats. below) Our Buyer traffic is excellent even though our climate is changing, we are still receiving a lot of Buyer interest in Trilogy and other adult communities. I will tell you in all seriousness, I would not wait for a cooler season to put your home on the market, as we may very well have a great summer for Buyers! Now is a good a time as any to sell! I invite you to call or email me for a FREE market analysis on your home! (Sorry we're a little late reporting this month!)
WANT to know the value of your home in today's market....Have a FREE HOME ANALYSIS, on us, just click......YES, FREE EVALUATION !!
Thanks again for visiting and be certain to contact me via email or phone for the best in professional real estate service.
OH and by the way, feel free to try our new "Adult Community Website...GO AHEAD, YOU Search all Listings, http://www.azbestadultcommunity.com/
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