Would The Donald Sell??
by Lon Levin, guest blogger
Now that I have your attention what do you think? In todays market where home prices are pushing peak levels would a savvy homeowner and businessman sell if he had been considering it for a while?
You bet he would.
In the West: existing-home sales increased 1.7 percent to an annual rate of 1.20 million in June. Median price: $350,800, which is 7.2 percent above a year ago.
Need anymore evidence that now is the time to sell? If you been sitting on the fence wondering if now is the time to sell your home sit no longer. "But where would I go?" I hear a lot of homeowners ask. A fair question. It depends on your needs and where you want to be. If you want to stay in the same neighborhood perhaps you should downsize. Move from a home into a townhouse or a condo. Can't make up your mind? Rent until you figure it out. Try another area close by, try an area you always thought might be an interesting place to live.
The thing to consider is whether it's important to you to cash in and make money on your big investment now while the market is hot. TRY OUR WHAT'S MY HOME WORTH FREE AND CLICK HERE to see what your home is valued at. Is it enough to motivate you to sell? If it is take the next step...contact us and we'll help you navigate the process.
Here's some information that may help you in your decision making.
First-Time Buyer Rebound
First-time buyers comprised 33 percent of the market last month, the highest level since July 2012 (34 percent at the time), NAR reports.
“The modest bump in June sales to first-time buyers can be attributed to mortgage rates near all-time lows and perhaps a hopeful indication that more affordable, lower-priced homes are beginning to make their way onto the market,” says Yun. “The odds of closing on a home are definitely higher right now for first-time buyers living in metro areas with tamer price growth and greater entry-level supply – particularly areas in the Midwest and parts of the South.”
5 Stats to Gauge the Market
Here is an overview of more key indicators from NAR’s latest housing report:
1. Prices: Median-existing-home prices for all housing types in June was $247,700, increasing 4.8 percent from a year ago. June’s median price surpasses May’s peak median sales price of $238,900.
2. Housing inventory: Unsold inventory is at a 4.6-month supply at the current sales pace, down from 4.7-months in May. Total housing inventory last month dropped 0.9 percent to 2.12 million existing homes available for sale. Inventory is 5.8 percent lower than a year ago.
3. Days on the market: Forty-eight percent of homes sold in June were on the market for less than a month. Properties, on average, stayed on the market for 34 days in June, unchanged from a year ago. Short sales were on the market the longest amount of time at a median of 156 days; foreclosures sold in 49 days; and non-distressed homes sold in 30 days.
4. Distressed sales: Foreclosures and short sales accounted for 6 percent of sales in June, down from 8 percent a year ago. In June, four percent of June sales were foreclosures, and 2 percent were short sales. Foreclosures sold, on average, for a discount of 11 percent below market value; short sales were discounted on average 18 percent.
5. All-cash sales: All-cash sales comprised 22 percent of transactions in June, unchanged from a year ago. Individual investors, who account for a bulk of cash sales, purchased 11 percent of homes in June, the lowest share since July 2009.
Source: National Association of REALTORS®