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!
There are some homeowners who are patiently waiting to get the price they hoped for when they originally listed their houses for sale. Something these homeowners might want to take into consideration is the fact that if their homes haven’t sold yet, maybe they’re not priced properly.
After all, 14,904 houses sold yesterday, 14,904 will sell today, and 14,904 will sell tomorrow.
This is the average number of homes that sell each and every day in this country, according to the National Association of Realtors’ (NAR) latest Existing Home Sales Report. NAR reported that sales are at an annual rate of 5.44 million. Divide that number by 365 (days in a year) and we can see that, on average, over 14,904 homes sell every day.
The report from NAR also revealed that there is currently only a 4.2-month supply of inventory available for sale (6-months inventory is considered ‘historically normal’).
This means that there are not enough homes available for sale to satisfy all of the buyers who currently are out in the market in record numbers.
We realize that you want to get the fair market value for your home. However, if it hasn’t sold in today’s active real estate market, perhaps you should reconsider your current asking price. Check your home value here!
The Charlotte housing market has been hot. Home sales have bounced back solidly and are now at their fourth highest pace over the past year. Demand has remained strong throughout spring as many real estate professionals are reporting bidding wars with many homes selling above listing price. What about your house?
Home sales in Providence Plantation have been moving swiftly and values are keeping pace with the Charlotte MSA as a whole. I just finished analyzing the last 30 days in the neighborhood and noticed that many homes are selling (quickly) and a number of homes sit on the market for well over the average DOM (days on market) As inventory bulks up for the summer selling season, competition is heating up among home sellers. Pricing your home correctly from the start is becoming more critical than ever. It's not a matter of just putting it on the market and crossing your fingers thinking buyers are going to flock to your new listing.
If your house hasn’t sold, it could be the price.
If your home is on the market and you are not receiving any offers, look at your price. Pricing your home just 10% above market value dramatically cuts the number of prospective buyers that will even see your house. See chart below.
The housing market is hot. If you are not seeing the results you want, It is MOST likely time to revisit the pricing conversation. LUCK WOULD HAVE IT - I have a pricing tool for neighbors to see their value with just three simple clicks. Check it out...... www.MyProvidencePlantationHomePrice.com
HOME SALES PICK UP, BUT INVENTORY STILL LOW. Now is a great time to get the selling ball rolling........
While sales numbers in year-over-year numbers only rose by 0.5% for February, there was a 3.2% increase last month in home sales as compared with January 2017, according to the monthly report from the Charlotte Regional Realtor Association. With so little available on the market, home sales activity tends to be rather slow. Even still, there was a slight increase in the number of home sales in February as compared with 2016. Inventory throughout the Charlotte region has been at historic lows, and it doesn’t seem to be increasing, at least at a pace to keep up with demand.
Even though sales overall have been slow, there are a large number of pending contracts, which means there are many future sales on the horizon and more potential sellers are listing their homes. The 15% increase in listing activity this month as compared with January is a strong indicator that sellers are gaining confidence in listing their homes. Furthermore, pending sales are up 18.4% as compared with February 2016.
There has also been an increase in the average sales price of homes when comparing year-over-year numbers, which revealed a 5.9% jump and currently reflects an average sales price of $243,383. Unfortunately, though, mortgage rates have also been on the rise, and they reached new heights last week for the 2017 year.
For more details on the February real estate market stats for the Charlotte region, be sure to take a looks at the full article at CharlotteObserver.com.
This Bold approach to a modern farmhouse kitchen was just the lifestyle change a Washington, D.C.-area, couple needed after living for 10 years in their 1,400-square-foot, two-story home with its snug 7½- by 11-foot kitchen. With their twin boy and girl hitting preteen years, they were eager for a generous space that would bring the family together to cook, eat, do homework, relax and enjoy one another’s company.
Doubling the original house with a 1,400-square-foot, two-story addition afforded designer Katharine Otis an ample 630-square-foot ground-floor area to create a spacious 400-square-foot kitchen with an expansive counter island, a dining banquette and an adjoining family room. “We spend most of our time in the kitchen-family room, just like you predicted!” homeowner Jennie Rosecan wrote to Otis. And the original 84-square-foot kitchen? It’s now the powder room.
3233 High Ridge Road - Providence Plantation
Custom down to the studs renovation in Providence Plantation. No detail missed or expense spared on over 4,500 sqft w/dual mstr suites on the 1st floor and oversized chef's kitchen w/36" dual fuel gas range w/double oven. Walk into this 6BD home starting in the grand 2 story foyer w/custom trim, arching staircase & a timeless chandelier that leads you into the dining and living rooms with dual working fireplaces. Expansive 1 acre lot located in Providence HS less than 20 mins to Uptown
When it comes to property promotion it's all about one word - RESULTS.
This home was listed with another agent when the seller saw one of my ads. Their home was sitting on the market for 177 days with only a handful of showings and with their agreement expiring, they knew it was time for a change.
We re-assessed the pricing model and were ready to roll... Literally! I hired a HD videographer to come roll film. He produced a stunning video walk through video tour for our promotion efforts. www.7921RollingCreek.com (to see the tour) and it paid off!
Yes, the sellers are thrilled with the results.
HD video walk through tours are complementary to my Providence Plantation neighbors.
Ready to sell this year? Call me or check out the listology! tab on the site.
Thinking of selling your Providence Plantation home this year?
Traditionally, sellers wait for Spring to put their homes on the market. …..but we have access to buyers now who are waiting for the next hot listing to hit in the neighborhood. National real estate analysts predict 2015 will bring the hottest market since 2008. Let's take advantage of the market conditions and get you moving before inventory bulks up and sales slow. Visit the Listology! tab to see your Providence Plantation home value now!
As a resident of Providence Plantation I look to provide fresh and relevant n'hood info.