March National Housing Trend Report

by Team Member 4. May 2015 09:45

The realtor.com March National Housing Trend Report shows that inventory in Kansas City has increased 2.7 percent month over month and decreased 12.8 percent year over year. In March 2015, homes spent approximately 67 days on the market, which was a decrease of 33 percent both month over month and year over year. Median prices rose to $178,000, an increase of 4.1 percent month over month and 15.6 percent year over year. WE CAN GET YOUR HOME LISTED AND SOLD QUICKLY! Need a great agentjQuery152009523531165905297_1430747125186 Email or call me and allow my team to get your home SOLD the 1st time! barbandtrice@greaterkcrealty.net | 913.232.9252 


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Buying A Home | Real Estate Agents | Real Estate Future | Research | Selling Your Home

Did you remember to "Spring Forward" an hour on Sunday? What a difference an hour makes!

by Team Member 9. March 2015 10:54

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Buying A Home | General | Research | Selling Your Home

Winter Is Best Time to Sell, Study Shows

by Team Member 23. December 2014 10:14

The housing market doesn’t hibernate in the winter. Sellers who list and buyers who buy often find the winter season the most advantageous time to make a move in real estate, according to a new study by the real estate brokerage Redfin. The winter season officially takes place between Dec. 21 and March 20, and real estate professionals should be ready for a season that often brings in more focused and active sellers and buyers.

Read more - http://realtormag.realtor.org/daily-news/2014/12/15/winter-best-time-sell-study-shows?utm_content=buffer83bc3&utm_medium=social&utm_source=facebook.com&utm_campaign=buffer

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General | Selling Your Home

With demand still strong and inventory below norms now is a great time to consider selling!

by Team Member 1. December 2014 15:39

With inventory levels also still below historic numbers, you could be missing out on a great opportunity for your family.

1. There Is Less Competition Now

Housing supply just dropped to 5.1 months, which is under the 6 months’ supply that is needed for a normal housing market. This means that, in many areas, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices. However, additional inventory is about to come to market.

Click here to read more: http://www.keepingcurrentmatters.com/2014/11/24/4-more-reasons-to-sell-now/?utm_content=buffer7e580&utm_medium=social&utm_source=facebook.com&utm_campaign=buffer

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General | Selling Your Home

5 Reasons to Sell BEFORE Winter Hits

by Team Member 22. September 2014 11:19
 
 
 
 
People across the country are beginning to think about what their life will look like next year. It happens every Fall. We ponder whether we should relocate to a different part of the country to find better year round weather or perhaps move across the state for better job opportunities. Homeowners in this situation must consider whether they should sell their house now or wait. If you are one of these potential sellers, here are five important reasons to do it now versus the dead of winter. Click here to read more: http://www.keepingcurrentmatters.com/2014/09/03/5-reasons-to-sell-before-winter-hits/?utm_content=buffer0014b&utm_medium=social&utm_source=facebook.com&utm_campaign=buffer

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General | Selling Your Home

July Existing Home Sales Data Release

by Team Member 2. September 2014 12:35

It's easy to see the value of an open house. REALTORS® and homeowners who think outside the box can increase the number of prospective buyers who see the home. Here are 6 creative open house ideas to sell homes fast:

  • Last week, NAR released a summary of existing home sales data, showing that July’s existing home sales continued to improve with the highest sales pace of the year.  July marks the fourth consecutive month of increased sales. Sales improved by 2.4% from last month but declined 4.3% from a year ago.
  •  The national median existing-home price for all housing types was $222,900 in July, up 4.9% percent from July 2013.
  •  All regions showed growth in prices – the Northeast had the lowest gain at 2.4% from last year. The West continues to maintain the biggest price gain  (up 6.3% from a year ago).
  • July’s inventory figures increased by 5.8% from a year ago and it will take 5.5 months to move the current level of inventory. It takes approximately 48 days for a home to go from listing to a contract in the current housing market.
  • Distressed sales have hit a low point, representing a lesser portion of the homes being sold. All cash buyers are representing 20% of the home purchasing population. Price appreciation is decelerating, loans are performing well and mortgage rates are still low so there are some key positives for housing recovery.
READ MORE - http://economistsoutlook.blogs.realtor.org/2014/08/27/draft-july-existing-home-data-release/#sf4390172

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Buying A Home | Research | Selling Your Home

Selling Your House? 5 Reasons to Do It Now!

by Team Member 28. July 2014 10:38

 

 

Many sellers are still hesitant about putting their house up for sale. Where are prices headed? Where are interest rates headed? Can buyers qualify for a mortgage?  These are all valid questions. However, there are several reasons to sell your home sooner rather than later. Here are five of those reasons.

1. Demand is Strong

There is currently a pent-up demand of purchasers as many home buyers pushed off their search this past winter & early spring because of extreme weather. According to the National Association of Realtors (NAR), the number of buyers in the market, which feel off dramatically in December, January and February, has begun to increase again over the last few months. These buyers are ready, willing and able to buy…and are in the market right now!

2. There Is Less Competition Now

Housing supply is still under the historical number of 6 months’ supply. This means that, in many markets, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices. However, additional inventory is about to come to market.

There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as prices increased over the last eighteen months. Many of these homes will be coming to the market in the near future. Also, new construction of single-family homes is again beginning to increase. A recent study by Harris Poll revealed that 41% of buyers would prefer to buy a new home while only 21% prefer an existing home (38% had no preference).

The choices buyers have will continue to increase over the next few months. Don’t wait until all this other inventory of homes comes to market before you sell.

3. The Process Will Be Quicker

One of the biggest challenges of the 2014 housing market has been the length of time it takes from contract to closing. Banks are requiring more and more paperwork before approving a mortgage. As the market heats up, banks will be inundated with loan inquiries causing closing timelines to lengthen.  Selling now will make the process quicker and simpler.

4. There Will Never Be a Better Time to Move-Up

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by over 19% from now to 2018. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30 year housing expense with an interest rate in the low 4’s right now. Rates are projected to be over 5% by the end of next year.

5. It’s Time to Move On with Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to the questions above. You have the power to take back control of the situation by putting your home on the market and pricing it so it sells. Perhaps, the time has come for you and your family to move on and start living the life you desire.

That is what is truly important.

SOURCE: http://www.keepingcurrentmatters.com/2014/07/21/selling-your-house-5-reasons-to-do-it-now-2/

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General | Real Estate Future | Selling Your Home

National Association of REALTORS® Existing Home Sales Report

by Team Member 16. July 2014 13:00

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Buying A Home | General | Real Estate Future | Selling Your Home

Price Expectations by State in Next 12 Months

by Team Member 7. July 2014 11:21

Posted in Did You Know, by  on July 1, 2014

REALTORS® generally expect home prices to increase in all states and the District of Columbia over the next 12 months, according to the May 2014 REALTORS® Confidence Index. The median expected price increase is 4.0 percent (same as in Feb-April 2014) [1].

 

Expected price movements depend on local conditions relating to housing demand and supply, demographics, and job growth. The difficulty in accessing mortgage financing and modest expectations about overall economic and job prospects are factors underpinning the modest price expectation. The expected price growth was highest (red) in states with low inventory levels, strong cash sales, and strong growth sectors (e.g., technology, oil).

[1] The median expected price change is the value such that 50 percent of respondents expect prices to change above this value and 50 percent of respondents expect prices to change below this value. A median expected price change is computed for each state based on the respondents for that state. The graph shows the range of these state median expected price change. To increase sample size, the data is averaged from the last three survey months.

SOURCE: http://economistsoutlook.blogs.realtor.org/2014/07/01/realtors-price-expectations-by-state-in-next-12-months-based-on-may-2014-realtor-survey/#sf3511861#sf3514930

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Buying A Home | Real Estate Future | Selling Your Home

5 Reasons to Hire a Real Estate Professional

by Team Member 10. June 2014 06:51

by The KCM Crew on May 14, 2014

Whether you are buying or selling a home, you need an experienced Real Estate Professional to lead you toward your ultimate goal. In this world of instant gratification and Internet searches, many sellers think that they can For Sale by Owner or FSBO.

The 5 Reasons You NEED a Real Estate Professional in your corner haven’t changed, but rather have been strengthened in recent months due torising interest rates & home prices as the market recovers.

1. What do you do with all this paperwork?

Each state has different regulations regarding the contracts required for a successful sale, and these regulations are constantly changing. A true Real Estate Professional is an expert in their market and can guide you through the stacks of paperwork necessary to make your dream a reality.

2. Ok, so you found your dream house, now what?

According to the Orlando Regional REALTOR Association, there are over 230 possible actions that need to take place during every successful real estate transaction. Don’t you want someone who has been there before, who knows what these actions are to make sure that you acquire your dream?

3. Are you a good negotiator?

So maybe you’re not convinced that you need an agent to sell your home. However, after looking at the list of parties that you need to be prepared to negotiate with, you’ll realize the value in selecting a Real Estate Professional. From the buyer (who wants the best deal possible), to the home inspection companies, to the appraiser, there are at least 11 different people that you will have to be knowledgeable with and answer to, during the process.

4. What is the home you’re buying/selling really worth?

Not only is it important for your home to be priced correctly from the start, to attract the right buyers and shorten the time that it’s on the market, but you also need someone who is not emotionally connected to your home, to give you the truth as to your home’s value.

According to the National Association of REALTORS“the typical FSBO home sold for $184,000 compared to $230,000 among agent-assisted home sales.”

Get the most out of your transaction by hiring a professional.

5. Do you know what’s really going on in the market?

There is so much information out there on the news and the Internet about home sales, prices, mortgage rates; how do you know what’s going on specifically in your area? Who do you turn to, to tell you how to competitively price your home correctly at the beginning of the selling process? How do you know what to offer on your dream home without paying too much, or offending the seller with a low-ball offer?

“When getting help with money, whether it’s insurance, real estate or investments, you should always look for someone with the heart of a teacher, not the heart of a salesman.” – Dave Ramsey

Hiring an agent who has their finger on the pulse of the market will make your buying/selling experience an educated one. You need someone who is going to tell you the truth, not just what they think you want to hear.

 

SOURCE: http://www.keepingcurrentmatters.com/2014/05/14/5-reasons-to-hire-a-real-estate-professional-3/

Why the Nation’s Hot Housing Market Is Cooling, Slightly

by Team Member 13. May 2014 12:21

The housing market showed signs of cooling in the first quarter as the supply of homes for sale expanded and lofty prices put a damper on demand in recent months.

The median price of an existing U.S. home was $191,600 in this year’s first quarter, up 8.6% from a year earlier, according to the National Association of Realtorsexamination of multiple-listing service data in 170 metro areas. That compares to a 10.1% year-over-year gain in the fourth quarter and 12.5% in the third.

A key driver of the price slowdown was an increase in the supply of existing homes listed for sale in the first quarter, which expanded by 3.1% from a year earlier to 2 million, the Realtors group said Monday. More sellers have listed their homes as rising prices in the past year have provided them enough positive equity to do so.

Many economists and housing-market observers forecast that home-price increases will abate this year after posting strong gains since late 2012. That’s due partly to more listings of homes for sale, which increases competition for buyers. It’s also due to a decline in the number of foreclosed and otherwise distressed homes on the market, which often sell for low prices.

Thomas Lawler, an independent housing economist based in Leesburg, Va., who spent 22 years at Fannie Mae, predicts prices gains will cool to low-single-digit advances by the end of this year.

“One of the reasons that demand appears to be slowing is that the pace of previous home-price increases has negatively affected affordability,” Mr. Lawler said. “And some of the previous year-over-year gains were from depressed levels when there was a lot of distressed inventory on the market.”

Economists have differing opinions on the extent to which price increases have made homes less affordable for buyers. Interest rates are higher, with the rate for a 30-year fixed-rate mortgage now at 4.21%, up from 3.42% a year earlier, according to Freddie Mac. Mortgage-insurance fees also have increased.

However, the Realtors association argued Monday that homes remain affordable, noting that a buyer purchasing a home at the first-quarter median price with a 5% down payment would need an income of $44,200 to land a mortgage. With a 20% down payment, the necessary income is $37,200, the group said.

Economists who find homes still affordable note that continued big price gains were threatening that. “It’s probably a good thing that house-price gains will slow,” said Paul Diggle, a property economist specializing in U.S. housing for Capital Economics Ltd., based in London. “If they do continue at double-digit rates, then in another 12 to 18 months housing will start to look overvalued.”

Mr. Diggle forecasts that, by the end of this year, gains in existing home prices will slow to 4%.

Though it was gathered from multiple-listing services, the Realtor association data comes with a caveat: It doesn’t account for the mix of homes sold in each quarter. In other words, the price gains tallied in the Realtor data might be partly due to sales of more large, high-priced homes now than a year ago. Other data providers factor out such “mix shifts” by focusing on the prices of a limited pool of the same homes through the years. Even so, many of those indicators also have shown a slowdown in price gains of late.

The Realtors association found that, in this year’s first quarter, 74% of the 170 metro areas it studied showed gains from a year ago in prices at closing. That’s nearly the same as in the fourth quarter, when 73% of metro areas posted gains. But it is down from last year’s first quarter, when 89% of metro areas recorded gains.

Lawrence Yun, the Realtors association’s chief economist, cautioned Monday that supply remains constrained in some markets, and that continues to push prices up. “Limited inventory is creating unsustainable and unhealthy price growth in some large markets, notably on the West Coast,” Mr. Yun said in a statement outlining the first-quarter data.

SOURCE: http://blogs.wsj.com/economics/2014/05/12/why-the-nations-hot-housing-market-is-cooling-slightly/

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General | Selling Your Home

Are you considering if now is the right time to sell your home?

by Team Member 23. April 2014 20:12



Here are 3 reasons why this Spring is a great time to list your home!

Many sellers are still hesitant about putting their house up for sale. Where are prices headed? Where are interest rates headed? These are all valid questions. However, there are several reasons to sell your home sooner rather than later. Here are three of those reasons.

1. Demand is about to skyrocket

Most people realize that the housing market is hottest from April through June. The most serious buyers are well aware of this and, for that reason, come out in early spring in order to beat the heavy competition. We also have a pent-up demand as many buyers pushed off their home search this winter because of extreme weather. Sellers in markets where seasonal weather is never an issue must realize that buyers relocating to their region will increase dramatically this spring as these purchasers finally decide to escape the freezing temperatures of the winters in the north.

These buyers are ready, willing and able to buy…and are in the market right now!

2. There Is Less Competition - For Now

Housing supply always grows from the spring through the early summer. Also, there has been a growing desire for many homeowners to move as they were unable to sell over the last few years because of a negative equity situation. Homeowners have seen a return to positive equity as prices increased over the last eighteen months. Many of these homes will be coming to the market in the near future.

The choices buyers have will continue to increase over the next few months. Don’t wait until all the other potential sellers in your market put their homes up for sale.

3. There Will Never Be a Better Time to Move-Up

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by approximately 4% this year and 8% by the end of 2015. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30 year housing expense with an interest rate at about 4.5% right now. Freddie Mac projects rates to be 5.1% by this time next year and 5.7% by the fourth quarter of 2015.

Moving up to a new home will be less expensive this spring than later this year or next year.

SOURCE: http://www.keepingcurrentmatters.com/2014/04/08/3-reasons-you-should-sell-your-home-this-spring/

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General | Selling Your Home

7 Must-Dos on the Day You Show Your House

by Team Member 26. March 2014 12:21

Don’t risk losing buyers because of little things you overlook. Check these off your list before you open the front door

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Selling Your Home

Deciding if now is the right time to list your home? Here are 5 reasons now is a great time!

by Team Member 24. March 2014 13:15

 

Many sellers are still hesitant about putting their house up for sale. Where are prices headed? Where are interest rates headed? Can buyers qualify for a mortgage?  These are all valid questions. However, there are several reasons to sell your home sooner rather than later. Here are five of those reasons.

1. The Most Serious Buyers Are Out Now

Most people realize that the housing market is hottest from April through June. The most serious buyers are well aware of this and, for that reason, come out in early spring in order to beat the heavy competition. These buyers are readywilling and able to buy…and are in the market right now!

2. There Is Less Competition Now

Housing supply always grows from the spring through the early summer. The choices buyers have will continue to increase over the next few months. Don’t wait until all the other potential sellers in your market put their homes up for sale.

3. The Process Will Be Quicker

One of the biggest challenges of the 2014 housing market has been the length of time it takes from contract to closing. Banks are requiring more and more paperwork before approving a mortgage. As the market heats up, banks will be inundated with loan inquiries causing closing timelines to lengthen.  Selling now will make the process quicker and simpler.

4. There Will Never Be a Better Time to Move-Up

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by over 19% from now to 2018. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30 year housing expense with an interest rate at about 4.5% right now. Rates are projected to be well over 5% by this time next year.

5. It’s Time to Move On with Your Life

Look at the reason you decided to sell in the first place and decide whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

You already know the answers to the questions we just asked. You have the power to take back control of the situation by pricing your home to guarantee it sells. The time has come for you and your family to move on and start living the life you desire.

 

That is what is truly important.

Contact us today to discuss your home buying and selling needs!

SOURCE: http://www.keepingcurrentmatters.com/2014/03/18/5-reasons-to-sell-now-2/

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Selling Your Home

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