DECREASED INCREASES/ August 2019
There's been a dip in home price gains. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S census divisions, reported a 3.4% annual gain in May, down from 3.5% in the previous month. S&P Dow Jones Indices' Philip Murphy said, “Nationally, year-over-year home price gains were lower in May than in April, but not dramatically so. Among 20 major U.S. city home price indices, the average YOY gain has been declining for the past year or so and now stands at the moderate nominal YOY rate of 3.1%."
It took longer to sell a home in June than it did in May. The National Association of Realtors® (NAR) reported that the average time on market in June was 27 days, up from 26 in May and June of 2018. More than half of homes sold in June (56%) were on the market for less than a month.
Mortgage interest rates took a slight downward turn, giving a boost to home buyers' purchasing power. Rates for a 30-year fixed rate mortgage are still hovering near three-year lows according to Freddie Mac's Primary Mortgage Market Survey for the week ending July 25. NAR® President John Smaby said, “Securing and locking in on a mortgage now – given the current, favorable conditions – is a decision that will pay off for years to come.”
A national real estate brand is trying to ride the Discovery Channel's wave. Century 21 is hitting social media to promote "Shark-free Listings" as Discovery kicked off its 31st season of Shark Week. All week, Century 21 will be responding in real-time to anyone on social media that expresses their fear of sharks with home listings located in the farthest spot from the coasts: Northern Kansas.
Sources: S&P, CoreLogic, Case-Shiller, The National Association of Realtors, Freddie Mac, Century 21 Real Estate, LLC
MARKET MOOD/July 2019
It's still a seller's market according to the latest Home Purchase Sentiment Index (HPSI) from Fannie Mae. Fannie's June data release showed that 67% of Americans think it's a good time to sell a home, while 56% say it's a good time to buy one. Still, 63% of respondents said they would buy a home instead of renting one if they were going to move. The overall HPSI dropped one-half percent between May and June, but still hovers near the survey's all-time high.
Renters planning to purchase a home are doing more looking than saving. In its latest Profile of Today's Renter & Homeowner, Freddie Mac asked 403 renters, "Which of the following activities, if any, have you done in preparation for purchasing your next home?" The top three responses were "Looked at homes in person" at 30%, "Decided what neighborhood I want to live in," also at 30% and "Saving/Saved for a down payment," at 29%.
Rates for a 30-year fixed rate mortgage stayed stable according to Freddie Mac's Primary Mortgage Market Survey for the week ending July 11. Freddie analysts attribute last week's lack of rate movement to "modestly improving U.S. economic data and a more accommodative tone from the Federal Reserve."
Most homes need repairs according to a survey conducted by online consumer and contractor networking site porch.com. A whopping 86% of one thousand adults said their home inspection uncovered issues. The top three areas requiring repair were roofs at 20%, electrical at 18.7%, followed closely by windows at 18.4%. Ninety percent of Porch's survey respondents said the home inspection led to an average savings of $14,000 off the seller's listing price.
Changing market, Inventory climbing
Now we are in June 2017 we have begun to see a marked slowdown in sales and an increase in inventory. This is normal for the time of year but it means an end to multiple offers and more competition in the marketplace.
Inventory still very low.
Usually once the weather warms up more property becomes available and likely it will soon, however as of now the existing supply of homes for sale remains near record lows. This has resulted in mul;ti[ple offers for most properties if they look good and are priced correcly, and sales prices higher that asking in most cases.
FEBRUARY 2017, Inventory is sinking like a rock! NOW is the time to sell, don't wait till the spring like...
your (friend/collegue at the office/ Zillow article you happened to read or aunt Mildred) said, do it now and get more offers and a higher price because you have less competition! See for yourself!
December 2017 Livermore statistics;