The National Association of Realtors (NAR) released the results of their latest Existing Home Sales Report which revealed that home sales declined 0.6% to a seasonally adjusted annual rate of 5.38 million in June from 5.41 million in May, and are 2.2% below a year ago. Some may look at these numbers and think that now is a bad time to sell their house, but in fact, the opposite is true.
- Since Aug 2015 - prices have been climbing to never before seen levels.
- March 2018 was the high point of values with 3.5 months of inventory.
- Inventory is climbing and prices have been trending down since July.
- 74% of people that own a house right now feel it's a good time to sell.
- Home values and seller expectations are as close as they have been in over a decade.
- Values have dropped in most major metro areas over the last 2 months.
(Which they should be going up as it's the peak of the season)
- Mortgage rates are a forgone conclusion to go in one direction.......... up.
What does it all mean?
It's true, Inventory remains constricted, but all indicators point to the fact that HOME VALUES ARE DROPPING UNDER THE WEIGHT OF PRICES. The #1 reason to get your home on the market now is the tide is turning for the remainder of the year with more sellers feeling it's a good time to sell, thus increasing inventory. (Competition)
If you are one of the many homeowners who are debating listing your house for sale this year, your 3-4 month plan just became a 1 month plan if you want to maximize your exit price.
Don't miss the peak!
July 25, 2018 - REALTOR.com
The home’s garage, large backyard, and updated kitchen may not be as important to home shoppers as the school district, according to a new survey released by realtor.com® of more than 1,000 people who closed on a home in 2018. Seventy-eight percent of buyers surveyed say they’re willing to give up home features to get their school district of choice, and home shoppers are willing to give up their most desired home features to get that.
“Most buyers understand that they may not be able to find a home that covers every single item on their wish list,” says Danielle Hale, chief economist for realtor.com®. “But our survey shows that school districts are an area where many buyers aren’t willing to compromise. For many buyers, ‘location, location, location,’ means ‘schools, schools, schools.’”
The extent of compromises that buyers are willing to make to get their top-choice schools may be surprising too. For example, 78 percent of buyers who said schools were important in their house hunt said they had to compromise on certain home features. The features they most commonly reported giving up in exchange for their preferred school district were a garage (19 percent); a large backyard (18 percent); an updated kitchen (17 percent); desired number of bedrooms (17 percent); and an outdoor living area (16 percent). A spring home buyer survey conducted by realtor.com® had showed a garage was the number one feature that home buyers were looking for this year, followed by an updated kitchen and an open floor plan.
Not surprising, the desire for particular schools did vary by a buyer’s life stage and age. Ninety-one percent of buyers with children said school boundaries are important or very important compared to 34 percent of those without children.
Buyers surveyed said they determined the school district they wanted to live in by looking at schools’ test scores, followed by the availability of accelerated programs, arts and music, diversity, and before- and after-school programs. Realtor.com® offers a tool through its site’s search to specify a district or school boundary so buyers can search for homes within that preferred area.
As a resident of Providence Plantation I look to provide fresh and relevant n'hood info.