Real Estate Market

Existing-home sales increased in November and remained above the pace set last year, 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 up 4 percent to a seasonally adjusted rate of 4.42 million units expected to sell in 2011. This represents a 12.2 percent increase over the pace set last year at this time.

Lawrence Yun, NAR chief economist, sees more buyers taking action. "Sales reached the highest mark in 10 months and are 34 percent above the cyclical low point in mid-2010 – a genuine sustained sales recovery appears to be developing," he said. “We’ve seen healthy gains in contract activity, so it looks like more people are realizing the great opportunity that exists in today’s market for buyers with long-term plans."

Total housing inventory fell 5.8 percent in November to 2.58 million existing homes available for sale, representing an 7 month supply of homes at today's current sales pace. Inventories have been gradually shrinking from their record levels of 4.04 million set in July 2007.

Freddie Mac reported that mortgage rates fell to new record lows in November 2011. The average commitment rate for a 30-year fixed-rate mortgage dropped to 3.99 percent, down from 4.07 percent from October, and 4.30 percent offered one year ago. NAR president Moe Veissi explains that housing affordability has hit a new high. "With record low mortgage interest rates and bargain home prices, NAR’s housing affordability index shows that a median-income family can easily afford a median-priced home," he said.

Contact us for our preferred list of local mortgage planners and take advantage of today's low interest rates!

When selling your home in the winter, the art of staging the inside becomes more important.  Here are five simple tips that can help you sell your home shine even when the outside landscaping has faded:

• Keep your house warm.  In the winter people tend to turn the thermostat down to save money, however a warmer house is more welcoming to a potential buyer.
• Clear your walkways and driveways of any snow or ice.  Make it easy for buyers to get to your home.
• Clean the windows and blinds.  Letting in the natural light can brighten up a room and cheer up the home.  This also brings attention to the windows and blinds so make sure they are clean even during winter.  Dirty windows will make the home seem as those it's not well maintained.
• Background music played softly can completely change the atmosphere making the home seem cozy and keep potential buyers around longer.  Stick with classical music which can appeal to anyone.
• Leave the light on.  Before showing a home, make sure it's well lit.  A well lit home is more inviting.  If you're not home, consider setting up timers.

Following these simple tips can give your house that added boost in today's competitive market. For information on selling in our local market, please feel free to call and ask for a computer analysis of our recent market activity. We would be more than happy answer any questions you might have!