Existing-Home Sales Up 9.7%
Existing-home sale activity is up 9.7 percent over the 4.53 million-unit level in April 2012, 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 are currently on pace to reach 4.97 million annual units, up from 4.94 million in March.
Existing Home Sales By Region NAR chief economist Lawrence Yun said the market is in full recovery. "The robust housing market recovery is occurring in spite of tight access to credit and limited inventory. Without these frictions, existing-home sales easily would be well above the 5-million unit pace," he said. "Buyer traffic is 31 percent stronger than a year ago, but sales are running only about 10 percent higher. It’s become quite clear that the only way to tame price growth to a manageable, healthy pace is higher levels of new home construction."
Current existing-home sales are at their highest pace since November 2009, when the home buyer tax credit was available. Total monthly sales have improved over their year-ago levels for 22 consecutive months, while prices have risen 14 consecutive months over their year-ago levels.
Mortgage Rates Get Even Lower
Freddie Mac reports the national average commitment rate for a conventional, 30-year fixed-rate mortgage at 3.45 percent in April, up from 3.57 percent recorded in March 2013. Buyers were accessing rates of 3.91 percent in April 2012.
Gary Thomas, NAR President, encourages people to consult with their agent early and often. "With homes selling in half the time it took to sell a year ago, buyers must be both decisive and prudent," he said. "Advice with contract terms and negotiations is where the expertise of a Realtor® shines for both buyers and sellers."
Summer Selling Opportunities
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 · Lowers agents response · Limits qualified buyers · Lowers showings · Lowers 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!
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