Category Archives: Selling

Luxury Homes the Next Big Thing?

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luxury-homeThere has been much talk about the sale of luxury homes in the real estate industry as a result of our current economic conditions.  Research appears very positive for the short term future of luxury home sales. 

 

Million dollar homes are selling in many markets for steep discounts.  As mentioned in a previous post, this can largely be attributed to low interest rates on jumbo loans, which have dropped significantly over time. 

 

In cities such as San Francisco, $1 million dollars in 2007 bought about 1150 square feet; now it buys an additional 400 feet.  In Las Vegas, time on the market increased from 220 to more than 260 days, and the size of the house available for $1million has increased by 50% to 5400 square feet.  In South Florida, homes listing for $1 million and more average well over 100 days on the market. One particular waterfront home has been waiting for a buyer for almost 4 years. 

 

Here on the Outer Banks, there a plenty of $1 million dollar plus homes that are on the market.  However, with interest rates the way that they are, this inventory is steadily shrinking.  Now may be the time to buy that Outer Banks dream home.

Distressed Sales Help Drive Outer Banks Real Estate

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Distressed sales made up 29% of all residential properties sold in the Outer Banks in the month of July.  Distressed properties include short sales and bank owned homes.  Bank owned homes made up 20% of all sold residential homes for July. 

Distressed properties tend to push real estate values down.  An increase in distressed property sales can be viewed from a positive light because the sales demonstrate that buyers are coming back into the market, and as the distressed properties are cleared out prices can stabilize and eventually grow.

Housing Affordability on the Rise

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housing-marketHousing affordability has continued its increase in August.  According to industry experts nationwide housing affordability during the second quarter of 2009 remained around the highest level since the series began 18 years ago.

 

The Wells Fargo Housing Opportunity Index (HOI) showed 72.3% of all home sales in the second quarter were affordable to average middle class Americans. “The increase in affordability-along with the $8,000 federal tax credit for home buyers is stimulating demand, particularly among young, first-time buyers,” said NAHB Chairman Joe Robson.

 

So where is the most affordable place to live in America? Indianapolis is considered to be the nation’s most affordable city to live in America.  Indianapolis has top the list for 16 consecutive quarters. 

2nd Quarter Home Sales up in 39 U.S. States

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Another positive report about the US Housing Market was released yesterday.  Home sales have grown in the second quarter in 39 states.  The quarterly sales rose 3.8% from last year.  This left the adjusted rate at 4.76 million over last year’s 4.58 million. 

 

Throughout the country foreclosures and other types of distressed transactions accounted for nearly a third of all second quarter sales.  Lawrence Yun, the trade group’s chief economist, called the sales increase “a hopeful sign for the economy.”

Pending Home Sales Rise for 5th Straight Month

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Pending Homes Sales of previously owned US homes rose at a faster-than-expected pace in June according to real estate experts. 

 

The National Association of Realtors also reported that its pending homes sales index rose significantly in June for the fifth month straight.

 

“Historically low mortgage interest rates, affordable home prices and large selection are encouraging buyers who’ve been on the sidelines,” said NAR chief economist Lawrence Yun.

 

Another indicator that the housing market is turning around!

Coldwell Banker® Earns Top Ranking from JD Power & Associates

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Coldwell Banker recently ranked highest of all the national real estate brands in seller satisfaction, according to the Home Seller Survey from JD Power & Associates. President & CEO Jim Gillespie takes a moment to talk about this prestigious recognition.

Click here to watch Jim’s video.

Pending Home Sales on the Rise

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Pending homes sales have been steadily rising over the past four consecutive months. 

 

The rise is due partly to the fact that the housing is becoming more affordable and buyers are discovering that now is the perfect time to buy a home.  The First-time buyer tax credit is also boosting home sales. 

 

The Pending Home Sales Index is a forward-looking projection based on the number of contracts that were signed in a particular month.  In May, this index rose .1 percent to 90.7 from an upward shift from 90.6 in April.  The last time this index increased four consecutive months was in October 2004. 

 

Lawerence Yun, who is the chief economists for the National Association of Realtors, warns that there might be delays in the number of contracts that actually go into closing.  “Closed existing-home sales have improved but are coming in lower than expected because some contracts are delayed  or falling through from the application of new appraisal rules for many transactions.”  Yun went on to say “Rises in contract activity show buyers are becoming more active even as they face much more stringent loan underwriting standards.  Speedy clarification of the appraisal rules could smooth a housing market recovery and support the overall economy.” 

 

Call your local realtor today in order to take advantage of these first time home-buyer tax credit.  There has never been a better time to buy.

Pending Home Sales Continue to Rise

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There was some good news for housing this morning. The National Association of Realtors’ Pending Home Sales Index rose 0.1% in May. On a year-over-year basis, the index was up 6.7% in May.

It was the first four-month run-up in in the index since October 2004. 

The index is based on sales contracts on existing homes. The NAR reports on sales of existing homes once the sales close, usually six to eight weeks later.

Home Sales on the Rise

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It has been predicted by industry experts that the volume of home sales in America will continue to rise as 2009 progresses.  Prices are falling, interest rates are at an all time low, and tax incentives for first home buyers are all motivation for buyers these days. 

 

Last week, the National Association of Realtors reported that existing home sales have risen since April.  This is the second increase that we have seen in three months.  A month ago, the National forecast 2009 sales at 4.97 million and 2010 sales at 5.28 million.  “Housing affordability conditions have been at historic highs, but now the $8000 tax credit for first time buyers is beginning to impact the market,” says Lawrence Yun, Chief Economists for NAR.  This is yet another reason why there has never been a better time to buy.

Job Loss Protection from Coldwell Banker

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Unemployment is a major concern as a result of the current economic conditions, and unemployment fears may be associated with “on the fence buyers” in today’s housing market. 

 

The simple fact is that people don’t have the sense of job security that they once did, so they are holding off on making large purchases, such as a house.  Coldwell Banker Inc. is happy to announce that they are launching a new incentive program, The Paycheck Guardian. 

 

This program provides a qualified homebuyer a monthly benefit of up to $1,500 for 6 months in the event of job loss.  This plan also includes a $10,000 lump sum payment for accidental death. If a seller decides to purchase this program, they can include this insurance as an additional feature on their home listing. 

 

This program offers peace of mind that can also provide competitive advantage over other listings in your marketplace.