Sellers Who Delay May Miss Out

Reynolds Realty Group News No Comments

Up Trend PencilsSome would-be move-up home sellers are eyeing home prices carefully. They’re waiting to see how much home prices appreciate more before they consider selling their home. But they may be missing their perfect opportunity, some housing experts say.

The best time to move may depend on when the home owner purchased their current residence, says Daren Blomquist, vice president of RealtyTrac. Blomquist says that home owners who purchased their home during the sluggish market the last two to three years may find moving up in 2013 may be their prime opportunity.

“Because they bought near the bottom, these home owners should have built up some good equity that can go toward the purchase of a new home, and waiting longer to build more equity likely won’t provide much advantage given that other homes that they might want to move up to will also be appreciating at roughly the same pace,” Blomquist told HousingWire.

Home owners who wait much longer to sell their home may miss out.

“If you’re selling one house just to move up to another, it does you no good to wait for prices to rise — the price of the move-up home will increase faster than the price of the place you’re leaving behind,” says Redfin CEO Glenn Kelman.

Plus, mortgage rates are expected to come off the 3.5 percent range and reach 4.4 percent in the next year, according to the Mortgage Bankers Association. That will increase the costs of financing your next home.

Source: “The Time to Sell Is a Waiting Game for Some,” HousingWire (March 21, 2013)

Read more

Home Owners Reluctant to Sell; Inventories Fall

via Sellers Who Delay May Miss Out | Realtor Magazine.

Buyer Demand Soars, But Where Are the Houses?

Reynolds Realty Group News No Comments

Piece of the PuzzleBuyer demand is rapidly rising, but the housing market is realizing they may not have the inventory to meet it.

“The housing turnaround seems to have caught almost everyone in the business by surprise,” The New York Times reports. “As desirable as the long-awaited improvement may be, the unusually low level of homes for sale is creating widespread problems for buyers and sellers alike, leading to bidding wars and bubble-like price jumps in places that not long ago were suffering from major declines.”

After years of not building, homebuilders are scrambling to ramp up production to meet demand, but they’re facing delays from the availability of lots, scarcity of qualified labor, and obtaining permits.

Meanwhile, investors have snagged foreclosures and short sales, limiting the availability of those on the market as well.

In addition, more home owners — once underwater — are seeing the return of equity again for the first time in years, but still may be reluctant to sell as they wait for home prices to rise even more. Or, they might be wary of being displaced themselves if they sell due to the sudden buying frenzy, The New York Times notes.

“You see a home go for sale and within a couple days there are three, four, six offers,” says home buyer Carrie Miskawi, who has been looking for a new home for the last six months.

Sacramento real estate agent Tom Phillips says he’s even resorted to knocking on doors of homes to see if the owners might consider selling to one of his clients.

The number of homes for sale is at its lowest level since 1999, according to the National Association of REALTORS®. But with mortgage rates still low and home prices off their peak, buyers are viewing it as an opportunity to jump in.

Source: “Sudden Rise in Home Demand Takes Builders by Surprise,” The New York Times March 20, 2013Read MoreCalifornia Sees Big Inventory Decrease

via Buyer Demand Soars, But Where Are the Houses? | Realtor Magazine.

Demand Soars as Homes Are Selling Faster

Reynolds Realty Group News No Comments

BoomarangHomes are selling faster as buyer demand picks up, leaving a very low supply of homes left for sale, according to the latest February MLS data figures from Realtor.com. Homes in February sold faster than in any February since 2007, according to the site.

In February, homes were on the market for a median of 98 days—that’s down from 123 days in February 2011.

In some markets, homes are spending even less than a month listed for sale, most notably in places like California.

For example, in Oakland, Calif., homes spent a median number of 14 days on the market in February before they were either sold or removed from the market for other reasons, according to the Realtor.com data. Sacramento’s median number of days on the market was 21. A total of eight metros in the top 10 for fastest selling times were in California, with only Denver (median 28 days) and Seattle (median 33 days) rounding out the list.

The median number of days on the market was also less than two months in places such as Phoenix, Washington, D.C., Detroit, Minneapolis, Atlanta, Dallas, Orlando and Fort Lauderdale.

With home sales picking up pace, buyers and sellers are less likely to see price reductions on homes and to see more multiple offer situations, Curt Beardsley, vice president with Move, which operates Realtor.com told USA Today.

Source: “Homes selling faster as buyers outpace supply,” USA Today (March 17, 2013)

Read more: Low Inventory Levels Lift Home Prices, Limit Sales

via Demand Soars as Homes Are Selling Faster | Realtor Magazine.

What does the world owe you?

Quotes and Idioms No Comments

Mark TwainDon’t go around saying the world owes you a living. The world owes you nothing. It was here first.

Mark Twain

 

How hard is buying a house in today’s market?

Quotes and Idioms No Comments

Jed ClampettHarder than braiding a mule’s tail during fly season.

Jed Clampett

 

 

 

 

 

 

 

Every day you may make progress…

Quotes and Idioms No Comments

churchill Every day you may make progress. Every step may be fruitful. Yet there will stretch out before you an ever-lengthening, ever-ascending, ever-improving path. You know you will never get to the end of the journey. But this, so far from discouraging, only adds to the joy and glory of the climb.

Winston Churchill