Lawrence Yun, NAR chief economist, said the housing market is “clearly” on a recovery path, a viewpoint echoed by economic advisor Joel Naroff.
“At this point, we’re likely to see a steady improvement in sales,” he said.
Click the “Full Article” link below for a summary of who is buying and driving the market, courtesy of REALTOR® Magazine.
For more information on the real estate market, or for a consultation with a KW agent, contact us!
Thinking about selling your home? Here are five actions you can take now to help prepare your home for the market, courtesy of the National Association of REALTORS® website.
1. Have a pre-sale home inspection. Be proactive by arranging for a pre-sale home inspection. An inspector will be able to give you a good indication of the trouble areas that will stand out to potential buyers, and you’ll be able to make repairs before open houses begin.
2. Organize and clean. Pare down clutter and pack up your least-used items, such as large blenders and other kitchen tools, out-of-season clothes, toys, and exercise equipment. Store items off-site or in boxes neatly arranged in the garage or basement. Clean the windows, carpets, walls, lighting fixtures, and baseboards to make the house shine.
3. Get replacement estimates. Do you have big-ticket items that are worn our or will need to be replaced soon, such as your roof or carpeting? Get estimates on how much it would cost to replace them, even if you don’t plan to do it yourself. The figures will help buyers determine if they can afford the home, and will be handy when negotiations begin.
4. Find your warranties. Gather up the warranties, guarantees, and user manuals for the furnace, washer and dryer, dishwasher, and any other items that will remain with the house.
5. Spruce up the curb appeal. Pretend you’re a buyer and stand outside of your home. As you approach the front door, what is your impression of the property? Do the lawn and bushes look neatly manicured? Is the address clearly visible? Are pretty flowers or plants framing the entrance? Is the walkway free from cracks and impediments?
If you are ready to list, contact a Keller Williams associate today! Our agents are armed with the knowledge and skill sets you need to sell your home quickly and effectively.
According to a NAR report, existing home sales are up for the third consecutive month. This marks the first time in seven months that sales activity is higher than the same time a year before.
Despite the seemingly positive increase, NAR Chief Economist Lawrence Yun would like to see an even more drastic improvement.
“The uptrend in home sales is consistent with improvements in the economy and jobs, which are helping boost consumer confidence. The extremely favorable housing affordability conditions are a big factor, but buyers have been constrained by unnecessarily tight credit. As a result, there are abnormally high levels of all-cash purchases, along with rising investor activity.”
– Lawrence Yun, NAR Chief Economist
Existing home sales, which is a completed transaction that includes single-family homes, townhomes, condominiums, and co-ops increased 2.7 percent overall in January. The NAR report also included a snapshot of regional markets, including the Midwest, which is outlined below.
Midwest: Existing home sales rose 1.8 percent in January to a level of 1.14 million and are 3.6 percent above a year ago. The median price in the Midwest was $126,300, which is 3.2 percent below January 2010.
For more information on market trends and updates, please contact us!
According to a recent National Association of REALTORS® report, homeowners are more active in their communities, benefit from improved education opportunities, and report higher levels of self-esteem and happiness when compared to renters. Overall, owning a home results in a higher level of satisfaction and happiness over renting property.
In addition, because homeowners relocate less frequently than renters, the areas in which they live become more stable, solidifying neighborhoods into cohesive communities.
For more information on the report, please click the “Full Article” link below.