EXISTING-HOME SALES REPORT
Existing-home prices were up across much of the country in February due to a lag in inventory levels, according to a recent report by the National Association of REALTORS (NAR). However, overall existing-home sales, which include recently purchased single family, townhomes, condominiums, and co-ops fell 0.4 percent during February to a seasonally adjusted 4.62 million units for the year.
NAR chief economist Lawrence Yun says the market remained steady from the pace set in January. “We had ongoing unusual weather disruptions across much of the country last month, with the continuing frictions of constrained inventory, restrictive mortgage lending standards and housing affordability less favorable than a year ago,” he said. “Some transactions are simply being delayed, so there should be some improvement in the months ahead. With an expected pickup in job creation, home sales should trend up modestly over the course of the year.”
Nationally, the median time for homes to sell was 62 days in February, down from 67 days in January. Thirty-four percent of February home sales were on the market for less than a month.
LOW RATES AVAILABLE
Freddie Mac reports the national average commitment rate for a conventional, 30-year fixed-rate mortgage at 4.3 percent in February, down from 4.43 percent recorded in January 2014. Buyers were accessing rates of 3.53 percent in February 2013.
First-time buyers were responsible for 28 percent of purchases in February, up from 26 percent in January. These historic low rates are allowing today’s buyers to stretch their housing purchase power while keeping their monthly payments low.
THE BEST SELLING STRATEGY
Sellers, you have an excellent opportunity to sell your home this season, if you have the right pricing strategy 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!