Posts from March 2016
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29
Sales Contracts Hit Highest Level in Months
The National Association of Realtors (NAR) just announced that the February Pending Home Sales Index reached it's highest reading since July 2015.
What is the Pending Home Sales Index (PHSI)?
NAR's PHSI is "a forward-looking indicator based on contract signings". The higher the Pending Home Sales Index number, the more contracts have been signed by buyers that will soon translate to sales. February's Index rose 3.5% month-over-month to 109.1.
What does this mean for the market?
Lawrence Yun, NAR's Chief Economist
28
The Top 5 Reasons You Should Not For Sale By Owner
In today's market, with homes selling quickly and prices rising, some homeowners might consider trying to sell their home on their own, known in the industry as a For Sale by Owner (FSBO). There are several reasons this might not be a good idea for the vast majority of sellers.
Here are five of those reasons:
1. There Are Too Many People to Negotiate With
Here is a list of some of the people with whom you must be prepared to negotiate if you decide to For Sale By Owner:
- The buyer who wants the best deal possible
- The buyer's agent who solely represents the best interest of the buyer
- The buyer's attorney (in some parts of the country)
- T...
23
91.5% of Homes in the US have Positive Equity
CoreLogic's latest Equity Report revealed that one million borrowers regained equity in their homes in 2015. The outlook for 2016 remains positive as well, as an additional 850,000 properties would regain equity if home prices rose another 5% this year.
The study also revealed:
- 95% of homes valued over $200,000 now have a positive equity position
- 87% of homes valued under $200,000 have entered a positive position
- The 11.5% growth in home equity in Q4 marked the 13th consecutive quarter of double...
22
The Importance of Using An Agent to Sell Your House
When a homeowner decides to sell their house, they obviously want the best possible price with the least amount of hassles. However, for the vast majority of sellers, the most important result is to actually get the home sold.
In order to accomplish all three goals, a seller should realize the importance of using a real estate professional. We realize that technology has changed the purchaser's behavior during the home buying process. For the past three years, 92% of all buyers have used the internet in their home search according to the National Association of Realtors' most recent Profile of Home Buyers & Sellers
17
Lack of Inventory Challenging Many Housing Markets
Going into the 2016 spring market, the biggest challenge the real estate industry has is the lack of available housing inventory for sale. Here are a few experts and their thoughts on the subject:
David Crowe, Chief Economist for the National Association of Home Builders:
"Many sellers may not have an absolute decision as to whether to buy an existing home or a new home. So the low inventory of existing homes is locking them in place."