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13 Consecutive Months of Double Digit Increases

The trend of sales being at a double digit increase over their corresponding month in the previous year has now carried over into 2014. Sales in January of 2014 were up 18% over those in January of 2013 and a staggering 40% jump over 2012. Record sales have now reached thirteen consecutive months…and counting. Pending sales (transactions under contract, but not yet closed) along with closed sales are an accurate gauge of activity in today’s market. Well both are robust…not only are closed sales increased, pending sales are too by 10% over last month. Plus, the average sales price jumped by 16% from a year ago, 21% over December’s average. What does all this mean? Obviously, the housing market is showing signs of appreciating its prices and accelerating sales activity until we find a point of stability and equilibrium. Many claim real estate is an economic engine for the area’s economy. Let’s look at the benchmarks of a formula developed by the National Association of REALTORS®: 884 new jobs created over the last thirteen months and over time, in between $35-$70 Million in capital infusion. Our reports are local, timely, and accurate. You can find them for other months on our REALTOR® Association website at http://www.hprar.org. The High Point Regional market includes Archdale, High Point, Jamestown, Kernersville, Thomasville, and Trinity.
By |February 20th, 2014|Market Updates|0 Comments

January Market Update

There was a mix of good and bad housing news the last couple of weeks, as Pending Home Sales were down 8.7 percent in December from November. The report cited harsh weather for the decline. New Home Sales also fell by 7 percent from November to December, to an annual rate of 414,000. While the December number was below expectations, there was good news for 2013 overall, as builders sold an estimated 428,000 new homes, 16 percent more than in 2012. Research firm CoreLogic also reported that completed foreclosures declined 14 percent from December 2012 to December 2013. However, the Case Shiller 20-city Home Price Index fell by 0.1 percent from October to November, the first decline since October to November of 2012. Overall, the housing market continues to improve. Also of note, December Durable Goods Orders (orders for items that last for an extended period of time) fell by 4.3 percent, the biggest decline since July. Meanwhile, Gross Domestic Product (GDP) in the fourth quarter of 2013 rose by 3.2 percent. This was above expectations, but below the 4.1 percent recorded in the third quarter of last year. The gains were led by a burst of consumer spending and an uptick in business investments. This is significant, as GDP is the broadest measure of economic activity. And inflation continues to remain tame, according to the Personal Consumption Expenditures Index. What does this mean for home loan rates? Despite some weak economic reports, the Fed decided to taper its Bond purchase program by an additional $10 billion, noting that economic activity has picked up and the labor market continues to improve. Beginning in February, the […]

Housing Sales Continue Record Pace

For the 10th consecutive month in 2013 sales have outpaced those for the same period in 2012 by double digits. The nearly 1,300 houses sold thus far this year is a high water mark for recent years since the housing bust of late 2008. In fact, total sales in 2013 are double digits ahead of the total generated in the first 10 months of 2012. Houses less than $150,000 accounted for 61% of the sales, while sales of those priced above $400,000 posted the largest percentage gain. In addition to sales being strong all year, transactions under contract, but not yet closed, were increased over last year’s market performance by a larger percentage than sales increased. Of course this is a very healthy indicator of a vibrant, robust and stabilizing market, and points to good things to come. Following are a couple of facts about the market’s impact and future performance. According to the National Association of REALTORS® our 1266 sales: Have created more than 600 jobs Over time will add between $25-$50 million into region’s economy Plus the highly respected Kiplinger letter reports: $1.30 to $1.80 of economic activity from every $1.00 of housing sales The market will remain strong for several years because of pent up demand demonstrated by 800,000 young adults, who were living at home during the recession, are now entering the market to buy or rent their own house. Information from the High Point Regional Association of REALTORS® Let us know if we can help you sell your house.  The inventory from earlier in the year has been depleated and houses ready to sell don’t last long!  If you are looking to buy, we can also  help.  There aren’t as many houses to choose from, so if you are […]
By |November 27th, 2013|Market Updates|0 Comments

Market Update

For the 9th consecutive month in 2013 housing sales have outpaced the same time period in 2012 by double digits. For September the increase was 64% and sales under contract, but not yet closed were at a double digit increase, too! This is the 3rd time this year that sales have increased over their corresponding month of 2012 by more than 50% and the second largest percentage increase of the year. A year to year comparison of ’13 and ’12 shows that sales (closed transactions) are ahead of last year by 43% and a combination of sales and transactions under contract, but not yet closed are up 73%. This is a clear indication of very significant improvement in the region’s real estate market’s activity and growth. And since real estate is often called the engine that drives the economy this vibrant and accelerated change is ‘good news’ for economic growth, stabilization, and even investment. Another “good news” sign is that in September 60% of the MLS inventory sold within 90 days. Last month sales in 90 days accounted for only 57%. This is clearly a strong sign of appreciation and maturity. According to a formula developed by the highly respected National Association of REALTORS®, 2013 total sales are 1142 for 9 months: Created more than 550 new jobs Has already started and over time will pump between $23-$46 Million into the region’s economy The intangibles of housing such as supporting neighborhoods, stability, reduced crime, and  providing a source of community volunteers. New foreclosures are NOW at lowest level in 6 years.  

Short Sale 101

We get lots of questions about short sales.  What is a short sale?  How do you buy a short sale?  How long does it take? These are some of the questions we get.  In the next few sections, we hope to catch you up to speed on Short Sales! Short Sales Explained. Short sales happen because the loan on the property is larger than the sale price minus all the sale expenses. With a short sale, the seller is asking the bank to take less than the amount owed.  Banks will allow short sales so they can recoup some of their costs.  They know the home owner is underwater and probably well behind on their payments.  Instead of “owning” the house through foreclosure, they will work with the home owners to negotiate a lower than loan sale price.  Short sales will hurt the credit score of someone selling a house short, but not nearly as badly as a foreclosure.  Its not really a win-win, but its definitely not a lose-lose – maybe somewhere in between. Short sales take a MUCH longer time to close than a conventional home buying process This is sort of easy to explain.  A short sale includes a buyer + a seller + a bank = three’s a crowd! “Short sales aren’t taking as long as they did a year ago, but the average time it takes to close on a short sale is currently 90 to 120 days.” FoxBusiness.com The only way to close in 90-120 days is if you are working with an experienced short sale selling agent.  They must know the […]

Mortgage Rates on the Rise – News for Buyers & Sellers

Mortgage rates for 30 year fixed mortgages have risen to the highest level in 2 years according to a CNN Money article on July 11th.  Rates on April 25th were hovering around 3.40% and on July 11th, the spiked at 4.51%.  The Fed’s Ben Bernanke, said the Fed would soon start tapering off its purchases of up to $85 billion a month in bonds and mortgage-backed securities, a stimulus program designed to keep borrowing costs low. So, interest rates are going up (some), BUT if you look at your investment account, you’ll probably notice a nice bump in your investments.  We’ve all heard the cliche, you can’t have your cake and eat it too, well, that certainly applies in this case. What does this mean for buyers? Well, it means that for every $100,000 your finance, you’ll pay around $65 more per month.  If this is your first mortgage, congratulations, rates area still at historically low rates.  Ask parents or grand parents if they remember when mortgage rates were 18% (or higher). What does this mean for sellers? The bump in interest rates may knock a few buyers out of the price range of your house.  Savvy shoppers know what they can afford and have probably estimated mortgage payments based on a higher rate than whatever is current.  If you are buying a new house (and you probably are), then you’ll have to pay a little more for your next mortgage too. Earlier this week, the Fed seemed to calm fears about an early end to its bond buying program and, as a result, there was some speculation that mortgage rates would start to drop again. At the […]

Top 4 Tips for Buying a Home

These are the Top 4 Tips to consider when buying a home: Tip #1 Be sure to look at a minimum of 3-5 homes. The first one you see might be the best you will see, but to ease your mind and avoid buyers remorse be sure to look at other homes for comparisons. Tip #2 It is hard to find a home that has 100% of what you are looking for, so make a list of what is important to you and rank the list from most important to least important. Rank the houses you see based off of your list.  Tip #3 Keep an open mind while looking at houses, some sellers have big furniture, odd color choices, etc… but you should focus on the space available and will it work for you. Tip #4 Visit as many Open Houses as you can to see what else is out there on the market, it is even good to look at something that is not exactly the style you are wanting. This will either confirm your desires or it may open new styles for you to look at.

Top 4 House Selling Tips

If you are thinking about selling your house, here are some tips to help you sell your house faster and for more money!  These are the top 4 tips that will help you better position your house to sell quickly and for more money. #1 Tip First impressions set the mood. If your home is in need of yard work, exterior paint or cleaning, be sure to address these issues first. Most buyers set their expectations of a home by what they see as they drive up. If the house is clean, and looks well taken care of then the buyers feel that the homeowners take pride in the home and they will be in a good mood as they enter. It works just the opposite if the house is in need of repair, the buyers are on guard as they enter the home and are looking for things that may be wrong instead of what the house has to offer. #2 Tip Remove as much of the clutter as you can. We all have items around the house that are special to us but they just take up space, in order to show how much space is available it is better to put these items away while showing the house. #3 Tip Organize your closets as best as you can. If your closets are messy and crammed full of stuff the buyer will feel as though you are telling them that there is not enough storage in the house. #4 Tip Touch up paint here and there does not hurt, having carpets cleaned will help as well.

Latest Market Report

Housing sales in March were at a double digit pace of increase over both last month and March of last year. This represents the 3rd consecutive double digit monthly increase. In fact a combination of closed transactions and those under contract, but not yet closed, represents true market activity. And for the 1st Quarter of 2013 they are the best they’ve been in 3 years, a 26% increase over 2012 and a whopping increase of 47% over 2011. Total units pending continue their upward trend and are a very strong indicator of continued robust activity in the market. This news on the health of the real estate market is welcome economic stimulus news to our region’s economy. Based on our National Association of REALTORS® formula our market performance so far in 2013 has helped create more than 150 new jobs. And over time record sales will pump hundreds of thousands of dollars into badly needed capital infusion projects. A snapshot of our market these days shows: 4 years worth of pent up buyer demand Mortgage rates at historic lows Inventory is decreasing New foreclosures entering market at 6 yr. low Return to mortgage qualifications of: 20% down Great credit Housing is a great hedge against inflation The above information is derived from the High Point Regional Association of REALTORS, Inc