The Past, Present & Future of Home Prices

The Past, Present & Future of Home Prices | Keeping Current Matters  CoreLogicreleased their most current Home Price Index last week. In the report, they revealed home appreciation in three categories: percentage appreciation over the last year, over the last month and projected over the next twelve months. Here are state maps for each category:

The Past – home appreciation over the last 12 months

The Past, Present & Future of Home Prices | Keeping Current Matters

The Present – home appreciation over the last month

The Past, Present & Future of Home Prices | Keeping Current Matters

The Future – home appreciation projected over the next 12 months

The Past, Present & Future of Home Prices | Keeping Current Matters

Bottom Line

Homes across the country are appreciating at different rates. If you plan on relocating to another state and are waiting for your home to appreciate more, you need to know that the home you will buy in another state may be appreciating even faster. Meet with a local real estate professional who can help you determine your next steps.

 

Source:  Keeping Current Matters

Existing Home Sales Rebound in December

Existing Home Sales Rebound in December | Keeping Current Matters

The National Association of Realtors (NAR) just released their latest Existing Home Sales Report on Friday. Sales of existing homes rose by the largest increase ever recorded as they rebounded 14.7% over November’s numbers and now stand at 7.7% higher than a year ago.

While this is great news for the housing market, let’s take a look at one of the main reasons why there was such a large increase in sales.

As we explained last month, the implementation of the “Know Before You Owe” (TRID) initiative delayed some closings, pushing a portion of November’s would-be transactions to close in December.

“December’s rebound in sales is reason for cautious optimism that the work to prepare for ‘Know Before You Owe’ is paying off,” says NAR President Tom Salomone.

Lawrence Yun, NAR’s Chief Economist, had this to say about the surge in December sales:

“While the carryover of November’s delayed transactions into December contributed greatly to the sharp increase, the overall pace taken together indicates sales these last two months maintained the healthy level of activity seen in most of 2015. Additionally, the prospect of higher mortgage rates in coming months and warm November and December weather allowed more homes to close before the end of the year.”

The most important realization to come out of the report is the fact that inventory of existing homes for sale dropped dramatically from a 5.1-month supply in November to the lowest figure since January 2005, at a 3.9-month supply.

A normal market, where prices rise with inflation, is defined as having a 6-7-month supply of homes for sale. As you can see in the chart below, inventory levels in 2015 were at or below a 5.2-month supply for the entire year.

2015 Months Inventory of Homes For Sale | Keeping Current Matters

If inventory levels do not recover, this could be a challenge for sales moving forward as buyer demand remains strong and competition for the homes that are on the market continues to rise.

Bottom Line

If you are considering listing your home for sale in 2016, now is the time! With inventory levels at their lowest mark in over 10 years, listing your home for sale before the busy spring buying season will give you the most exposure to buyers and allow you to get the best price for your home.

 

Source: Keeping Current Matters

Where to Find the True Value for Your Home

woman surrounded by question marksEver wondered what your home is worth?

Want to know where to start looking?

Whether you’re just curious or are eager to find a competitive listing price, using the best resources to find your property’s value is crucial.

Today, we’re going to be talking about two types of home evaluation tools: neighborhood sold reports and comparative market analyses.

Comparing Your Home with Your Neighbor’s

neighborhood sold report is a detailed list of homes that have recently sold in your area. They include information about the square footage, number of bedrooms and bathrooms, address, neighborhood, and, of course, the sold price.

Since sales prices are determined in part by your home’s location, as well as a neighborhood’s housing supply and demand, honing in on your own neighborhood real estate market is the best way to determine what the housing market is doing and how it can affect your listing price.

How much did your neighbor receive for his 4-bedroom, 3-bathroom house down the street? Is your listing price thousands of dollars more?

If your home is priced too high, you’ll know immediately by looking at the comparisons in the neighborhood sold report. It’s better to learn sooner rather than later, when your home is on the market and you’re feeling frustrated by the lack of home buyer interest. The same goes with pricing your home too low.

Your Home’s Value in Today’s Market

pair of glasses on a white deskcomparative market analysis, often called a CMA, is a fantastic tool to help you determine your home’s value. This report can include anything relevant about the current real estate market in your area, such as:

  • recent neighborhood home sales
  • withdrawn home listing prices
  • unique property features

The important distinction between neighborhood sold reports and comparative market analyses is that the CMAs are more detailed, and can take into account any home improvements or unique property features that buyers would be more interested in (and therefore, would pay more for).

The bottom line: CMAs help you find that sweet, sweet selling price that’s fair to you but still attracts potential home buyers.

Don’t Settle for Estimates

If you’re serious about selling your home, the market value of your property is what you’re after. Don’t settle for estimates based solely on your address or outdated information.

You’ll want to do considerable research on the current state of your local real estate market to help you determine the best listing price for your home. If you need help along the way, our real estate experts are always happy to offer assistance.

Sell Your Property with Our Real Estate Experts

We offer both a neighborhood sold report and a comparative market analysis, and we can work with you to determine the best price for your property. And if you’re eager to get the results you’re looking for in your home sale, list your property with our dedicated real estate team.

Contact us today to get started!

Keeping Current Matters