J. Kent Erickson, Broker Associate
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Existing-Home Sales Report Indicates Now Is a Great Time to Sell

Posted by on Nov 4, 2019 in Selling a Home | 0 comments

The best time to sell anything is when demand for that item is high and the supply of that item is limited. The latest Existing-Home Sales Report released by the National Association of Realtors (NAR), reveals that demand for housing continues to be strong, but the supply is struggling to keep pace. With this trend likely continuing throughout 2020, now is a great time to sell your house. THE EXISTING-HOME SALES REPORT The most important data revealed in this report was not actually sales. In reality, it was the inventory of homes for sale (supply). The report explained: Total housing inventory at the end of August decreased 2.6% to 1.86 million homes available for sale. Unsold inventory is lower than the 4.3-month figure recorded in August 2018. This represents a 4.1-month supply at the current sales pace. According to Lawrence Yun, Chief Economist at NAR, “Sales are...

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3 Signs the Housing Market Is on the Rebound

Posted by on Oct 23, 2019 in Real Estate Market, Selling a Home | 0 comments

The residential real estate market has been plodding along for most of the year. However, three recent reports show the market may be on the verge of a rebound: 1. Existing Home Sales (closed sales) are up, marking two consecutive months of growth. 2. Pending Home Sales (contracts signed) are up with each of the four major regions reporting both month-over-month growth and year-over-year gains in contract activity. Here is the month-over-month growth: The Northeast rose 0.7% The Midwest increased 0.6% The South increased 1.4% The West grew 3.1% 3. Buyer Traffic (the number of people shopping for a home) is up compared to the same time last year, and for the first time in 13 months. The Northeast is up 5.9% The Midwest increased 1.3% The South is up 2.7% The West grew 2.2% In their most recent...

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How Does the Supply of Homes for Sale Impact Buyer Demand?

Posted by on Oct 16, 2019 in Buying a Home, Selling a Home | 0 comments

The price of any item is determined by supply, as well as the market’s demand for the item. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index. Their latest edition sheds some light on the relationship between seller traffic (supply) and buyer traffic (demand). Buyer Demand The map below was created after asking the question: “How would you rate buyer traffic in your area?”The darker the blue, the stronger the demand for homes is in that area. The survey shows that in 3 of the 50 U.S. states, buyer demand is now very strong; only 2 of the 50 states have a ‘weak’ demand. Overall, buyer demand is slightly lower than this time last year but remains strong. Seller Supply  The index also asked: “How would you rate seller traffic in your area?”As...

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Should You Fix Your House Up or Sell Now?

Posted by on Oct 11, 2019 in Selling a Home | 0 comments

With the fall season upon us, change is in the air. For many families, children are growing up and moving out of the house, maybe leaving for college or taking a jump into the working world. Parents are finding themselves as empty nesters for the first time. The question inevitably arises: is it finally time to downsize? If you’re pondering that thought, you may also be wondering if you should fix-up your house before you sell it, or go straight to the market as-is, allowing a potential buyer to do the updates and remodeling. If you’re one of the many homeowners this camp, here are a few tips to help you decide which way to go. 1. Analyze Your Market A real estate professional can help you to understand your market and the potential level of buyer interest and...

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Is Your House “Priced to Sell Immediately”?

Posted by on Oct 9, 2019 in Selling a Home | 0 comments

In today’s real estate market, more houses are coming to market every day. Eager buyers are searching for their dream homes, so setting the right price for your house is one of the most important things you can do. According to CoreLogic’s latest Home Price Index, home values have risen at over 6% a year over the past two years, but have started to slow to 3.6% over the last 12 months. By this time next year, CoreLogic predicts home values will be 5.4% higher. With prices slowing from their previous pace, homeowners must realize that pricing their homes a little over market value to leave room for negotiation will actually dramatically decrease the number of buyers who will see their listing (see the chart below).Instead of the seller trying to ‘win’ the negotiation with one buyer, they should...

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Home Prices Increase in Every Price Range

Posted by on Sep 30, 2019 in Selling a Home | 0 comments

CoreLogic’s Home Price Index (HPI) Report revealed, “National home prices increased 3.6% year over year in July 2019 and are forecast to increase 5.4% from July 2019 to July 2020.” They also analyzed four individual home-price tiers, showing the increase in each. Here’s the breakdown: To clarify the methodology, CoreLogic explains, “The four price tiers are based on the median sale price and are as follows: homes priced at 75% or less of the median (low price), homes priced between 75% and 100% of the median (low-to-middle price), homes priced between 100% and 125% of the median (middle-to-moderate price) and homes priced greater than 125% of the median (high price).” What does this mean if you’re selling? Price appreciation can differ depending on your price range. If you’re a homeowner thinking of selling, let’s get together to find out...

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