Compared to cities tracked in a national index, Seattle home prices
rose faster between February and March than 18 of the 19 other cities
that were tracked. The 12 month rise was still within the national
average. According the Standard & Poor’s/Case Shiller home price index, Seattle prices rose 3.0 percent for the month and 10.6 percent for the year.
Compared to a year ago, U.S. home prices jumped 10.9 percent in March
which was the most since April 2006. More buyers are bidding on a small
supply which is driving prices higher, making the market more
competitive as well as improving the housing market. Phoenix had the
highest annual gain with 22.5 percent followed by San Francisco with
22.2 percent and Las Vegas with 20.6 percent. New York had the
smallest annual increase with only 2.6 percent.
Although the market is seeing higher gains, many home owners are not
putting their homes on the market which is contributing to home prices
rising and encouraging builders to heighten construction. Applications
for building permits rose in April making it the highest level in close
to 5 years. If you're looking to buy or sell your home, contact your local real estate agent today.
Wednesday, May 29, 2013
Home Prices Up 10.6% This Year
Wednesday, May 22, 2013
Annual U.S. Home Value Appreciation Up for 6th Straight Month
According to the April Zillow Real
Estate Market Reports, U.S. home value continues to climb. April was
the sixth consecutive month that home values exceeded a 5 percent climb.
This is the largest streak since 2006. The streak should not be
expected to last. As more inventory is offered in the market some home
prices will have to fall to level out with the rest. The Zillow Home
Value Forecast predicts a 4 percent climb in the next year although most
markets have already hit bottom.
National rents declined 2 percent in April compared to March. Demand for rental properties is still strong. Many investors are buying homes, fixing them up and turning them into rental units. Because of this, many markets are seeing less inventory and sharp home value appreciation brought on by the investors. Over the past month there has been a slight increase in inventory in some markets as more housing is constructed as well as more sellers enter the market. If you're interested in selling or buying a home, please contact your local real estate expert today.
Wednesday, May 15, 2013
The Housing Market is Heating Up and Many Homebuyers are Clueless
According
to a study conducted by Zillow, when it comes to understanding
mortgages, buyers answered basic questions about terms, lenders and
financing wrong one third of the time. The study of over 1,000
prospective and current buyers, which was conducted in April found that
34% didn’t know the meaning of the term “annual percentage rate,” 31% of
buyers didn’t think that they could get a mortgage for less than 5%
down, and 1 in 4 were under the impression you should close with the
lender who per-approves your mortgage. It’s important for buyers to shop
around and compare rates and reviews before finding the best loan for
them. The results also showed that 34% of surveyors thought that lenders
were required by law to charge the same fees to all clients for credit
checks appraisals, etc, which is a false assumption. Fees will vary
between bank to bank, and sometimes can be negotiated.
It can be difficult to choose which is the best deal for you, if you
don’t understand what the various mortgage terms mean. The APR, or
Annual Percentage Rate factors include fees, origination and
underwriting fees, and other costs borrowers use to calculate the actual
cost of loans. This lack of knowledge can really hurt your overall
savings. Many buyers believe they need a down payment of 5% bare
minimum, but loans given by the Federal Housing Administration can
actually only require 3.5%. Many buyers also begin shopping around with
financing in place so they’re able to move quickly on a home they really
want, and according to the study, 26% of buyers believe once they’re
pre-approved, they must honor that loan in closing, but that is far from
the truth; there is really no obligation. If buyers see better loan
terms available, they should take them! For more information for buyers
and sellers, visit CNN Money.Thursday, May 2, 2013
Ways to Avoid Sabotaging Your Home Sale
According to the National Association of Realtors, 44 percent of all new listings take 90 days or more to sell, 22 percent take 6 to 12 months, and 9 percent take more than a year. It’s a seller’s market, so why are so many homes sitting on the market for so long? Jeff Dowler, an agent with Solution Real Estate in Carlsbad, California believes it most likely is because of the home owner.
Asking an unreasonably high price for the home is not going to attract buyers. Limiting the hours and time on weekends or any day to allow the home to be shown also limits the number of potential buyers. It is best to have the house as available as possible to allow it to be viewed.
Other things that may sabotage selling your home and cause it to be kept on the market longer are:
- Not having the home ready to be viewed at any time. An agent might call wanting to show the house to a potential buyer in an hour. If the house is dirty or messy, that can turn off anyone who might have been interested.
- Smells in the house can be a turn-off as well. Musty, dirty smells will not give the house a “clean” feeling. Artificial smells from candles and deodorizers might make the interested buyer wonder what the owner is trying to cover up with the scent. If it is a nice day out, opening windows can help naturally freshen the air inside the home.
- Not keeping the home maintained and fixing things. Most buyers may not be looking for a “fixer-upper” and may notice the little things that need to be replaced. They may see that as more work for them to have to do as well as more money they will need to spend and give the home a run down feel.
Subscribe to:
Posts (Atom)