If you are thinking of selling, now id the best time to list your home. The inventory is low and demand is high. According to Lawrence Yun, Chief Economist for the National Association of Realtors:
“There should be 3 million homes on the market right now…Yet, there are only 1.9 million.”
Natural disasters have also affected the current situation of the real estate market. Yun also said:
“Before the hurricanes I would have predicted 1.35 million in new-home construction in 2018…I’ll have to scale that down now.”
In the August 2017 Realtors® Confidence Index of NAR it states that:
“Amid sustained job creation and sustained historically low mortgage rates, REALTORS® reported…that buyer demand is stronger compared to conditions one year ago… and that fifty percent of properties were on the market for less than one month when sold.”
The inventory of homes is very low. There should be about a 6 month supply of homes but the market only has about a 4.2 month supply which is lower than 4.5 last month.
There are many reasons why the inventory is low. Some may be waiting for the prices to get higher thinking it’s the right move. That could cost them. Now is the perfect time to sell while the inventory is low. The prices and the demand are high. Don’t wait until everybody starts listing their homes. More homes on the market equals lower prices and more competition.
Meet with a realtor like Pete Veres, CRS – Certified Residential Specialist, SRS – Senior Real Estate Specialist who can help you get your home sold. He can provide you with a Free Market analysis when you are ready. Pete Veres has had over 25 years of Sales & Marketing experience and excellent negotiating skills.
You can contact him by calling 505-362-2005 or by emailing him at [email protected].
More than half of buyers are surprised when it comes to the closing costs required to obtain a mortgage, according to a survey done by ClosingCorp.
They surveyed first-time and repeat homebuyers which totalled to 1,000 and it showed that 35% were surprised at how high the fees were than they expected, while 17% didn’t know they had to pay closing costs at all.
“Homebuyers reported being most surprised by mortgage insurance, followed by bank fees and points, taxes, title insurance and appraisal fees.”
Bankrate.com gathered data from lenders from all the states in order to show the average costs in each state.
Info below is based on $200,000 homes with a 20% down payment.
“Closing costs are typically between 2 and 5% of your purchase price.”
Don’t get caught off guard with closing costs. Ask your lender and your agent about closing costs and find out how much you would be paying for.
Meet with a realtor like Pete Veres, CRS – Certified Residential Specialist, SRES – Senior Real Estate Specialist who can help you navigate thru the process and get the job done for you.
He always makes sure all his clients, both buyers and sellers have an idea of their closing costs. For Sellers he always does a formal net out and for buyers he works with the lender to see what their closing costs will be. In many cases he may need to negotiate the closing costs so that in minimizes the buyers out of pocket costs. Pete Veres has had over 25 years of Sales & Marketing experience, excellent negotiating skills and a proven track record.
You can contact him by calling 505-362-2005 or by emailing him at [email protected].
He has a great website full of the latest information at www.NMElite.com
Housing Ends Summer Strong; Only Slight Inventory Relief
DENVER – U.S. home sales in August extended a summer of strong demand and weak inventory that once again resulted in listings with short shelf lives. In addition to the normal late summer real estate trends, a primary focus during the next month will be on housing in specific markets affected by natural disasters like devastating wildfires and hurricanes Harvey and Irma.
The RE/MAX National Housing Report shows August sales topping July by 2.8%, but finishing 0.84% below August 2016 which remains the best August in the report’s 9-year history. Houston, where Hurricane Harvey made landfall on August 25, already experienced a 21.3% drop in sales from July and a 27.5% decline year-over-year.
Inventory in the report’s 54 markets declined 3.9% from July and 13.7% from a year ago, driving Days on Market to drop to 47 – the fastest listing-to-sale average for any August. The Months Supply of Inventory, while continuing to rebound from a May low of 2.6, settled at 3.1 months and set another report record for August.
“Overall, we’re still seeing home prices rise year-over-year at just above historical averages -- even with slightly declining nationwide prices in August, which is an expected annual pattern,” said Adam Contos, RE/MAX Co-CEO. “The data shows that home hunters continue to experience very limited inventory and increased competition, and home sellers are benefiting from quick sales for top dollar.”
After hitting $239,950 in July, the median sales price dipped to $236,475 in August but still finished 5.4% higher year-over-year. Closed Transactions Of the 54 metro areas surveyed in August 2017, the overall average number of home sales increased 2.8% compared to July 2017 and decreased 0.84% compared to August 2016. Twenty-four of the 54 metro areas experienced an increase in sales year-over-year including, Wilmington/Dover, DE,+17.2%, Trenton, NJ, +13.8%, Honolulu, HI, +12%, Augusta, ME, +11.1% and Boise, ID, +9%.
Median Sales Price – Median of 54 metro median prices In August 2017, the median of all 54 metro Median Sales Prices was $236,475, down 1.3% from July 2017 but up 5.4% from August 2016. Only three metro areas saw a year-over-year decrease in Median Sales Price or remained unchanged (Anchorage, AK, -1.5%, Augusta, ME, -1.4% and Hartford, CT, -1.4%). Nine metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Cincinnati, OH, +14.5%, Las Vegas, NV, +13.7%, Boise, ID, +12.4%, Nashville, TN, +12.1% , San Francisco, CA, +11.5%, and Seattle, WA, +11.4%. Days on Market – Average of 54 metro areas The average Days on Market for homes sold in August 2017 was 47, up two days from the average in July 2017, and down seven days from the August 2016 average. The four metro areas with the lowest Days on Market were Omaha, NE, and Seattle, WA, at 21, and Denver, CO, and San Francisco, CA, at 24. The highest Days on Market averages were in Augusta, ME, at 100 and Burlington, VT, at 92. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.
Months Supply of Inventory – Average of 54 metro areas The number of homes for sale in August 2017 was down 3.9% from July 2017, and down 13.7% from August 2016. Based on the rate of home sales in August, the Months Supply of Inventory remained unchanged from July 2017 at 3.1, compared to August 2016 at 3.4. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In August 2017, 53 of the 54 metro areas surveyed reported a months supply of less than 6.0, which is typically considered a seller’s market. At 6.5, Miami, FL, was the only metro area that saw a months supply above 6.0, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory continued to be in the west with San Francisco, CA, at 1.0, Seattle, WA, at 1.3, Denver, CO, at 1.4 and San Diego, CA, at 1.7.
You might be thinking of buying a home and now is the time to buy.
Here are a few reasons as to why buying a home this fall is a smart move.
Home Prices
Some of you may be thinking of holding off on buying a home because of the current prices but the bad news is that home prices are projected to rise 5% over the next year, according to CoreLogic’s latest Home Price Index reports. They also reported that home prices have increased 6.7% over the past 12 months. Buying home now would be more affordable than waiting.
Mortgage Rates
As with home prices, mortgage rates are also projected to rise. Freddie Mac’s Primary Mortgage Market Survey indicates that interest for a 30-year mortgage is at about 4%.
Your monthly mortgage payments will increase if you decide to buy later rather than sooner. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors all agree that the projected rates are going to get higher by this time next year.
Renting vs Owning
When you rent, you pay for your landlord’s mortgage. Owning your own home or renting, you pay a mortgage either way. The difference is that if you own your own home, you earn equity which you can benefit from later on. Unlike when you rent, your landlord’s the one who benefits from the increase in equity.
Why are you buying a home?
We all have different reasons as to why we’re thinking of buying a home. It could be for investment, it could be a vacation home, you could be downsizing or upgrading. What all home buyers have in common is that they will all buy a home eventually. What makes the decision difficult differs as well but we can all agree that the price and mortgage rates matter. Home prices are projected by experts to rise significantly in the next 12 months and with this information you can’t deny that buying a home now is the a very smart move.
Hiring a realtor to help you will not only make that decision easy, it will also make the home buying or home selling process flow smoothly. You also need to make sure you just don’t hire any realtor. Look for an experienced agent who has a good track record, is a full time agent and designations are very important such as ABR and CRS certifications.
With their knowledge, experience and tools, the will be able to provide you with all that is need for a successful transaction.
Meet with a realtor like Pete Veres, CRS – Certified Residential Specialist, SRES – Senior Real Estate Specialist who can help you navigate thru the process and get the job done for you. Pete Veres has had over 25 years of Sales & Marketing experience and excellent negotiating skills.
You can contact him by calling 505-362-2005 or by emailing him at [email protected].
He has a great website full of the latest information at www.NMElite.com
Buying or selling a home is one of the biggest decisions you’re going to make in your life. What most people don’t realize is the amount of work that is involved and also the amount ok knowledge that is required to help you get your home sold. There are rules and regulations to follow and laws to comply with. There are disclosure issues, contingencies to deal with many key steps to negotiate. This is why realtors are licensed and area required to take continuing education.
Hiring a realtor to help you will not only make that decision easy, it will also make the home buying or home selling process flow smoothly. You also need to make sure you just don’t hire any realtor. Look for an experienced agent who has a good track record, is a full time agent and designations are very important such as ABR and CRS certifications.
With their knowledge, experience and tools, the will be able to provide you with all that is need for a successful transaction.
Meet with a realtor like Pete Veres, CRS – Certified Residential Specialist, SRES – Senior Real Estate Specialist who can help you navigate thru the process and get the job done for you. Pete Veres has had over 25 years of Sales & Marketing experience and excellent negotiating skills.
You can contact him by calling 505-362-2005 or by emailing him at [email protected].
He has a great website full of the latest information at www.NMElite.com
You may be thinking that selling your home yourself (FSBO – for sale by owner) can save you money on commission, but the truth is you may be losing more.
A study done by Collateral Analytics shows that by selling your home yourself, you don’t actually save more money and that you may be losing more by not listing with an agent.
The study states that “FSBOs tend to sell for lower prices than comparable home sales, and in many cases below the average differential represented by the prevailing commission rate.”
Here are some points made by the study:
The kinds of buyers that FSBO attract are those that are most likely looking to buy cheap. Since you’re saving on commission, they think that there’s more room for price negotiation.
Real estate agents are experts when it comes to home staging which can increase the price the home could sell for.
When you list with a broker who is a member of the local MLS, your property is exposed to more buyers and other agents who represent buyers. MLS properties generally compensate buyer agents thus getting them motivated to find buyers for your property. In such cases, with the amount of buyers interested in a property, bidding wars often occur.
The study concludes that properties sold by realtors using the MLS have sold at a higher price than those of FSBOs. The price difference is about 5.5% which is a big amount. In 2017, FSBO sold 6% less than those that were sold by real estate agents.
It may be difficult to believe but based on the facts, if you really want to save money and sell your home at a higher price with less hassle, get help from a realtor. They have the knowledge, experience and tools to get the job done right.
Meet with a realtor like Pete Veres, CRS – Certified Residential Specialist, SRS – Senior Real Estate Specialist who can help you get your home sold. He can provide you with a Free Market analysis when you are ready. Pete Veres has had over 25 years of Sales & Marketing experience and excellent negotiating skills.
You can contact him by calling 505-362-2005 or by emailing him at [email protected].
Home Sales Decreased in July, but Sold at Faster Pace
DENVER – While July home sales decreased slightly, homes sold at a faster rate than any month in nearly a decade, according to the August RE/MAX National Housing Report that analyzes housing data in 54* metro areas.
July home sales declined 0.8% year-over-year, and the Median Sales Price of $239,950 – while slightly lower than June’s – was 7.4% higher year-over-year. Homes sold quickly in July, with an average 45 Days on Market, a record low for the report.
Other notable numbers from this month’s RE/MAX National Housing Report include: -Sales increased in 19 metro areas even as home sales declined 0.8% compared to July 2016. -The Median Sales Price of $239,950 was the highest for any July in the nine-year history of the report. -Inventory dropped 14.1% year-over-year, with 46 metro areas seeing fewer homes for sale or remaining unchanged. Year-over-year, inventory has declined every month since November 2008. -Months Supply of Inventory hovered at 3.1 months, a new July low in the report.
“After a jump in home sales in May and June, it’s not unusual to see a dip in sales in July,” said Adam Contos, RE/MAX Co-CEO. “This summertime slowdown is a national trend that we sometimes see this time of year, even though this month’s decrease was razor thin. Low inventory continues to constrain the market. Successful buyers will have to be prepped and ready to act fast to purchase listings that, on average, are selling in record time.”
Closed Transactions Of the 54 metro areas surveyed in July 2017, the overall average number of home sales decreased 15.8% compared to June 2017 and 0.8% compared to July 2016. Nineteen of the 54 metro areas experienced an increase in sales year-over-year including, Las Vegas, NV, +19.8%, Wilmington/Dover, DE, +16.9%, Augusta, ME, +8.1%, Philadelphia, PA, +4.9% and Tampa, FL, +4.8%.
Median Sales Price – Median of 54 metro median prices In July 2017, the median of all 54 metro Median Sales Prices was $239,950, down 1.0% from June 2017 but up 7.4% from July 2016. Only three metro areas saw a year-over-year decrease in Median Sales Price or remained unchanged (Billings, MT, -2.2%, Anchorage, AK, -0.7%, and Houston, TX, 0.0%). Seven metro areas increased by double-digit percentages, with the largest increases seen in Seattle, WA, +13.7%, Tampa, FL, +13.5%, Milwaukee, WI, +11.6%, Portland, OR, +11.4% and Charlotte, NC, +11.0%.
Days on Market – Average of 54 metro areas The average Days on Market for homes sold in July 2017 was 45, down two days from the average in June 2017, and down eight days from the July 2016 average. The four metro areas with the lowest Days on Market were Omaha, NE at 20, Seattle, WA at 20, Denver, CO at 22 and San Francisco, CA at 24. The highest Days on Market averages were in Augusta, ME at 98 and Miami, FL at 81. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.
Months Supply of Inventory – Average of 54 metro areas The number of homes for sale in July 2017 was down 2.1% from June 2017, and down 14.1% from July 2016. Based on the rate of home sales in July, the Months Supply of Inventory was 3.1, compared to June 2017 at 2.8 and July 2016 at 3.5. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In July 2017, 52 of the 54 metro areas surveyed reported a months supply of less than 6.0, which is typically considered a seller’s market. At 7.4 and 6.2 respectively, Miami, FL and Augusta, ME were the only metro areas that saw a months supply above 6.0, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory continued to be in the west, with San Francisco, CA at 1.2, Seattle, WA at 1.3, Denver, CO at 1.4 and Omaha, NE at 1.6.
Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood.
And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!
Peter Veres
Associate Broker, CRS,ABR,CLHMS,SRES
Elite Asset Management Team - RE/MAX Elite
www.PeteVeres.com
Cell: 505-362-2005
Office: 505-798-1000
Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood.
And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!
Every home seller wants to get the best price for their home. Selling a home involves a lot of hassles and stress that can really be difficult to handle. But did you know that the most important thing for majority of home sellers is to just get their homes sold?
As a home seller, you’re probably thinking that by selling your home yourself, you can save money by not having to give a commission. The truth is, you might be losing a lot more by selling it yourself. A real estate professional is experienced, knowledgeable and has the right tools to negotiate, find the right buyers and make the sale hassle and stress free.
As we all know, the advancement of technology has influenced the real estate industry. Majority of home buyers are now using the internet to search for their dream homes. According to the National Association of Realtors, 44% of home buyers went to look for homes online as their first step in their home search. You might be saying that anyone can post their homes online and advertise it themselves, but having a real estate professional with the right marketing tools and experience can get your home seen almost anywhere online and monitor it to get better results.
According to the same report, 96% of buyers who searched online either used an agent or broker to purchase their home. Majority of buyers are using real estate professionals to find the home they will buy, educate them, negotiate the terms and price.
Over the years, the number of people who opted to have a realtor work with them has increased. Being a seller, you are in a bit of disadvantage when you deal with realtors who represent buyers if you don’t have the experience and right knowledge.
Having a professional by your side to help you sell your home is a very wise decision. Their knowledge and experience will get you the results you want. For a quick look at one of the top agents in the Albuquerque area go to www.TopAbqAgent.com
Albuquerque Real Estate Market has shifted into a sellers markets. Home inventory has dropped another 19% from last month. We are seeing multiple offers in some areas but sellers still need to pay close attention to the comparable sales for proper pricing. If you would like a quick home valuation go to www.ABQPrice.com or call Pete Veres, Certified Residential Specialist to schedule your Free Detailed Market Consultation. 505-362-2005
It is summer time and buyers are out in full force. Normally, homeowners would take advantage and list their homes for sale and look for a new home that would better suite their needs, but not this year.
Inventory is at its lowest in over 30 years. According to Frank Nothaft, Chief Economist for CoreLogic, “The growth in sales is slowing down because of lack of inventory and not because of affordability. As of Q2 2017, the unsold inventory as a share of all households is 1.9 percent, which is the lowest Q2 reading in over 30 years.”
With the low inventory, prices have continually increased over the years. According to CoreLogic’s President & CEO, Frank Martell, until the housing supply challenge has been resolved, affordability will likely become a much bigger challenge in the years ahead. Low mortgage rates help keep homes affordable on a monthly payment perspective.
For the 25th consecutive month, inventory has been low and is at a 4.3-month supply based on a report from the National Association of Realtors. Locally in Albuquerque we our inventory is -18% from last year this time with our inventory being at a 3.2 month supply. To track your local homes sales in your neighbour go to: www.ABQMarketinfo.com
Luxury and Premium homes are taking a blow from the current situation and are staying longer in the market which suggests a buyer’s market. This also holds true in Albuquerque with homes in the $500,000+ range. While starter and trade-up homes are staying within the median US figures and in some areas of Albuquerque selling very fast with multiple offers taking place.
Now is the time to sell. Inventory is low and buyers are ready to buy. Buyers are competing for available homes and this could be what you’ve been waiting for.
Meet with a realtor like Pete Veres, CRS – Certified Residential Specialist, SRS – Senior Real Estate Specialist who can help you get your home sold. He can provide you with a Free Market analysis when you are ready. Pete Veres has had over 25 years of Sales & Marketing experience and excellent negotiating skills.
You can contact him by calling 505-362-2005 or by emailing him at [email protected].
