Posts Tagged ‘house prices’
City by City Home Sales Results
Existing home sales were up 2.7 percent in January 2011. Take a look at the chart below to see how your area ranked.
Single-family existing-home sales and prices
| Metropolitan statistical area |
Median price Jan. 2010
|
Median price Jan. 2011
|
Annual change in price
|
Annual change in sales
|
| Atlanta |
105,100
|
106,900
|
1.7%
|
-6.3%
|
| Baltimore |
230,000
|
218,300
|
-5.1%
|
27.0%
|
| Boston |
343,700
|
334,400
|
-2.7%
|
7.2%
|
| Cincinnati |
113,900
|
110,500
|
-3.0%
|
5.9%
|
| Dallas-Fort Worth |
131,600
|
141,500
|
7.5%
|
-7.7%
|
| Houston |
144,600
|
139,000
|
-3.9%
|
10.1%
|
| Indianapolis |
103,500
|
110,700
|
7.0%
|
-3.1%
|
| Kansas City |
122,200
|
117,500
|
-3.8%
|
1.3%
|
| Miami-Ft. Lauderdale |
203,000
|
165,800
|
-18.3%
|
32.9%
|
| Minneapolis-St. Paul |
157,000
|
140,000
|
-10.8%
|
10.4%
|
| New Orleans |
152,900
|
143,200
|
-6.3%
|
23.2%
|
| New York-Northern New Jersey-Long Island |
384,600
|
381,200
|
-0.9%
|
-5.0%
|
| Philadelphia |
207,700
|
208,500
|
0.4%
|
-2.4%
|
| Phoenix |
137,900
|
126,900
|
-8.0%
|
12.3%
|
| Portland |
240,000
|
215,400
|
-10.3%
|
2.8%
|
| San Antonio |
n/a
|
n/a
|
n/a
|
n/a
|
| San Diego |
366,800
|
370,100
|
0.9%
|
-1.1%
|
| St. Louis |
100,000
|
105,300
|
5.3%
|
3.1%
|
| Washington, DC |
285,600
|
292,600
|
2.5%
|
-5.5%
|
| U.S. |
163,800
|
159,400
|
-2.7%
|
3.3%
|
Source: National Association of Realtors
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Prediction – Top 10 Housing Markets in 2011
The Housing Predictor has released its forecast for the Top Housing Markets in 2011.
According to the companies research, the top 10 markets had two fundamental things in common. First, homes prices never rose to nosebleed levels like they did in the hard hit area’s such as Florida, California, Nevada and Arizona. Secondly, these area’s are experiencing fewer foreclosures and loan defaults than other regions of the United States.
The 2011 Top 10 Housing Markets in the U.S. are:
City Forecast
- 1. Portland, ME 3.6%
- 2. Kansas City, KS 3.5%
- 3. Tri-Cities, WA 3.4%
- 4. Omaha, NE 3.3%
- 5. Fargo, ND 3.3%
- 6. New Orleans, LA 3.2%
- 7. Iowa City, IA 3.2%
- 8. Columbia, MD 3.1%
- 9. Bellevue, NE 3.1%
- 10 Bismark, ND 3.1%
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Where will the Next Real Estate Boom Occur?
Where will the next real estate boom happen? According to research conducted by Patrick Doherty, of the New America foundation, it will likely be right in your home town.
The Great Recession has highlighted a fundamental change in what consumers do want: homes in central cities and closer-in suburbs where one can walk to stores and mass transit. Such “walkable urban” real estate has experienced less than half the average decline in price from the housing peak. Ten years ago, the highest property values per square foot in the Washington, D.C., metro area were in car-dependent suburbs like Great Falls, Virginia. Today, walkable city neighborhoods like Dupont Circle command the highest per-square-foot prices, followed by dense suburban neighborhoods near subway stops in places like Bethesda, Maryland, and Arlington, Virginia. Similarly, in Denver, property values in the high-end car-dependent suburb of Highland Ranch are now lower than those in the redeveloped LoDo neighborhood near downtown. These trend lines have been evident in many cities for a number of years; at some point during the last decade, the lines crossed. The last time the lines crossed was in the 1960s—and they were heading the opposite direction.
There are some obvious reasons for the growing demand for walkable neighborhoods: ever-worsening traffic congestion, memories of the 2008 spike in gasoline prices, and the fact that many cities have become more attractive places to live thanks to falling crime rates and the replacement of heavy industries with cleaner, higher-end service and professional economies.
But the biggest factor, one that will quickly pick up speed in the next few years, is demographic. The baby boomers and their children, the millennial generation, are looking for places to live and work that reflect their current desires and life needs. Boomers are downsizing as their children leave home while the millennials, or generation Y, are setting out on their careers with far different housing needs and preferences. Both of these huge demographic groups want something that the U.S. housing market is not currently providing: small one- to three-bedroom homes in walkable, transit-oriented, economically dynamic, and job-rich neighborhoods.
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Price Your Home to Sell
Without the Federal Tax Credit in play, today’s home buyer’s are finding little motivation to sign on the dotted line. Mortgage rates have remained low for a long time. Inventory is creeping back up, so buyer’s have little fear of price inflation. So, what can a seller do to increase a buyer’s urgency to buy?
The #1 way that seller’s can entice buyer’s and get their attention is an aggressive price reduction. As many as 24 percent of home sellers have slashed prices in the last month–that is a 9 percent increase from June levels. And, seller’s should forget about small, nickle and dime price drops. Instead, they should dramatically drop their price to reach a search level that will open them up to new buyers that are not aware of their listing. For example, if your list price is $220,000, a drop to $199,000 will attract a new audience that is searching up to the $200,000 price point.
Bottom Line: If you are sick of waiting and want to move now, price the house to attract multiple bidders and you might even get more than you’re asking for. And remember…if you are selling your home to buy a new one, you will likely break even because the person you are buying from is in the same gut wrenching position you are.
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1 Acre Building Lot Sells for Record $233 Million
Falconridge in the Peak District of Hong Kong is a Trophy Hunters Dream.
A trophy, residential building lot, located at Falconridge in Hong Kongs’ affulent Peak district, sold at auction for a record $233 Million. The price equates to an eye-popping, jaw dropping $8717.00 per square foot for the one acre piece of land.
The sale emphasizes that at least the luxury end of real estate in Hong Kong continues to command a premium and provides further proof that the sizzling, hot real estate market shows no signs of cooling off. Average home prices in the cosmopolitan city soared 30 percent last year and are up 8 percent so far in 2010, in spite of efforts by the government to cool the market down. To date, higher interest rates, large down payment requirements and increased taxes on luxury homes have done little to stop the flow of big money into the real estate market.
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Friday Good News for Housing!!
The stock market is back to 10,000, the level it reached in 1999. Sales of existing homes were up a whopping 8 percent, to the highest level seen in 2 years. The news is abuzz about an extension of the First Time Buyer Tax Credit….But, is it time to “Party like it’s 1999″???
Here is a snapshot of Friday’s real estate news. You decide.
- A record number of people snapped up bargains in September. The median price of a home sold in the US fell to 174,000, down 9 percent from $191,200 one year ago. Note: The significant price drop could be blamed in part to the First Time Buyer Tax Credit which favors the lower priced homes.
- Keep in mind that the homes counted as “sold” in September were actually purchased in June, July and August. No doubt the push to buy this summer had something to do with the expiring $8000 Tax Credit.
- 70 percent of all homes closed in September were foreclosures or distressed property.
- 80 percent of the homes closed, were sold for less than $250,000. The market above $250,000 has stalled and inventory is rapidly growing. And, the more expensive the home, the slower the market.
- The biggest sales gains (not price gains) were seen in the hard hit cities of Miami and Orlando. Sales in Miami were up 71 percent from last year, Orlando 65 percent. Note: Prices are still falling dramatically in the Sunshine state. In Miami and Orlando prices declined more than 30 percent from last year; Tampa prices fell to $133,000, down 17 percent.
- Sales of existing homes were down nearly 20 percent in Atlanta and Birmingham. Local Realtors blame job loss for lack of activity.
- Prices were flat or up a bit in some cities: Dallas, Houston, San Antonio; Tulsa; Jackson, MS and Washington DC.
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Home Prices Drop, Again. Predict Further Declines.
Foreclosures UP. Unemployment UP. U.S. home prices DOWN.
Home prices in the United States dropped another 6.8 percent in April from the same period only one year earlier. The housing crash has now erased 26 percent of the equity in the median priced home, since the peak in July 2006. The silver lining for renters is that home affordability is at near record levels.
Economists predict that the market will continue to see more home price declines, despite $8000 tax incentives and $275 billon in funding to keep some owner’s in their homes.
Analysts at Deutsche Bank said US home prices may fall another 14 percent before they stabilize. Like sentiment was expressed by Robert Shiller, who co-founded the respected S&P Case-Shiller Home Price Index. Many predict the worse declines could be even worse in New York and Orange County, CA.
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Appraisal Problems Hurt Homeowners and Kill Sales
Low home appraisals are becoming a huge obstacle for homeowners and sellers.
After years of succumbing to pressure to inflate appraisals for greedy lenders, anxious to make loans, it seems that appraisers have done an “about face”. Now, the biggest obstacle to selling a home or refinancing one is the appraisal. Like with all back lashes, it seems that the recently lax appraiser has now “over corrected” the problem to the determent of the housing market.
To read more about how to address low appraisal issues, Click HERE.
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Sellers Should Lower Price Expectations
In light of a new wave of foreclosures and distressed property sales, home seller’s may need to lower their expectations about home asking prices.
Recent reports find that nearly one in every four current home sellers (not seller’s of bank owned property) have dropped asking prices an average of 10.6 percent from their original listing price. In dollar terms, that is equal to another $27.4 BILLION, yes BILLION, slash in the equity of US homes. Ouch!
The good news for home seller’s is that higher interest rates and a rapidly approaching deadline for an $8000 tax credit is creating urgency among buyers. A recent uptick in sales proves that homes priced aggressively are selling very fast. But, homes priced above the competition continue to sit and languish on the market for months on end. Simply put, there is great demand in the market now…at the right price. Seller’s may need to sharpen their pencils, but buyers are actively purchasing homes.
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Good news for Sellers. Housing Sales Increase.
Sales of existing homes rose to their highest levels since 2003. Watch the short video from CNBC for a synopsis of the latest housing numbers from across the nation.
Interest Rates, Home Prices, Tax Incentives Move Buyers Off the Fence
People who are gainfully employed, with solid credit, and have a down payment can buy a lot more house these days, thanks to record low interest rates and home prices.
The average interest rate for a 30 year fixed-rate mortgage fell to 4.79 percent on Wednesday, after the Fed announced that it would begin buying up bonds and mortgage-backed securities.
The real estate market has recently seen a pick up in activity due to the $8000 tax credit for first-time buyers. And, the huge drop in lending rates yesterday, put a huge layer of icing on the cake for home seller’s. When people, who can qualify for a loan to buy a home, see the combination of tax incentives, low interest rates and dramatic price drops, the ones that are sitting on the fence, jump in and buy. Urgency to buy and refinance is also important when rates fall this low, as often the drop is temporary, as it was in January 2009.
The convergence of ecomonic stimulus does benefit some Americans more than others, however. People who do not have a down payment or good credit are less likely to benefit from the postive news, as are the 14 million Americans who are upside down (owe more on their home than it is worth) or face foreclosure. More than 13,000 struggling homeowner’s are calling the Homeownership Perservation Foundation each day. The hotline for help number is 1-888-995-HOPE.
Thank you for visiting InfoTube. net homes for sale website. Spring is here. Rates are Low. House Prices are Fantastic. Tax Incentives Abound. Buyers, Get off the Fence and Lock in the Deal of Your Lifetime. The fact is you have to live somewhere, and if renting was so great, ask yourself why your landlord owns??
6 of 10 Buyers Believe Home Prices are High
Homegain recently polled Realtors from across the country to learn what buyer’s and seller’s think about home pricing. The results are shown below.
| Buyers think listing prices are … | |||
|---|---|---|---|
| Overpriced | Fairly priced | Underpriced | |
| US | 59% | 18% | 23% |
| West | 51% | 23% | 26% |
| Southeast | 59% | 15% | 26% |
| Midwest | 63% | 16% | 21% |
| Northeast | 62% | 18% | 20% |
| Vs. suggested price, owners think their home’s worth is … | |||
| Higher | Equal | Lower | |
| US | 63% | 14% | 23% |
| West | 54% | 16% | 30% |
| Southeast | 67% | 11% | 22% |
| Midwest | 62% | 17% | 21% |
| Northeast | 72% | 10% | 18% |
| Realtors think in the next 6 months, prices in their towns will … | |||
| Decrease | Stay same | Increase | |
| US | 53% | 36% | 11% |
| West | 66% | 27% | 7% |
| Southeast | 52% | 36% | 12% |
| Midwest | 43% | 42% | 15% |
| Northeast | 54% | 40% | 6% |
To see the survey questions with more data and information CLICK HERE.
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13 Cities with Scary Housing Markets
The PMI Group rates 50 metro area’s for their risk of further housing price declines. Their recent ratings found that the following 13 area’s have greater than a 90 percent chance of seeing further price erosion.
What does this mean for seller’s who need to sell? If you live in one of the named locations, you should seriously consider reducing your price, before the market does it for you.
In addition to a meaningful price reduction, seller’s in these cities need to get serious about their marketing efforts. The single best use of your advertising dollars is to place your property on the MLS. The MLS is ‘the’ database of available properties in this country. If your home isn’t listed on the MLS, your property is essentially invisable to millions of home shoppers and thousands of real estate agents.
13 Scary Markets that Have Further to Fall
- Ft Lauderdale-Pompano Beach-Deerfield Beach, FL
- Riverside-San Bernardino, CA
- Orlando-Kissimmee, FL
- Miami-Miami Beach, FL
- Tampa-St. Petersburg-Clearwater, FL
- Las Vegas, NV
- Los Angeles-Long Beach-Glendale, CA
- Santa Ana-Anaheim-Irvine, CA
- Jacksonville, FL
- Phoenix-Mesa-Scottsdale, AZ
- Sacramento-Arden-Arcade-Roseville, CA
- San Diego-Carlsbad-San Marcos, CA
- Oakland-Fremont-Hayward, CA
Note: The PMI Risk Report examines major changes in mortgage and lending trends, as well as the rising unemployment and the impact of foreclosures to predict home prices for 50 major metropolitian area’s of the US. To see the strongest markets, with the least risk of further price decline, please see our blog posting from October 9, 2008.
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Coldwell Banker Asks Sellers to Drop Price 10 Percent
From Reuters:
Coldwell Banker Asks Sellers for 10-day price cuts to spur home sales
One of the largest U.S. real estate companies said it is asking its sellers to cut their listing prices by as much as 10 percent to kick-start U.S. home sales in a market plagued by falling prices and near-record unsold inventory supply.
Coldwell Banker Real Estate said some 25,000 sellers, who have homes listed with its brokers, will cut prices during its first national, 10-day sales event starting on Friday, October 10th. The goal, to lure potential buyers off the sidelines in the worst housing market since the Great Depression.
Most owners still are unrealistic when pricing their homes, and a reduction of 10 percent or less would push the properties “over the tipping point to a sale,” according to Coldwell Banker, which is based in Parsipanny, New Jersey, and is part of Realogy Corp.
“The main driver is to bring buyers and sellers together and to increase the activity in the marketplace,” Jim Gillespie, president and chief executive officer of Coldwell Banker, said in an interview.
…
Many sellers have been reluctant to slash asking prices, but they face competition from the large number of foreclosed homes on the market at discounted prices.A recent Coldwell Banker survey found that more than half of the real estate agents said listing prices in their market are too high to attract qualified buyers. Brokers, however, believe that, depending on the market, a price cut of up to 10 percent will be enough to stoke sales.
Kathryn Taylor is one seller who hopes that’s the case.
“The economy. No movement for our home, or even any interest, just because people are scared,” she said, explaining her decision to cut the asking price on her parents’ home in Silver Spring, Maryland, by 10 percent for 10 days.
The two master-bedroom, two-bathroom home in an over-55 community was listed in May at $458,000, undercutting several nearby sellers of the same model.
“This is the first time we’re lowering it, and we really didn’t want to do that because we listed it to sell,” she said. “We knew things were tough, but the home is a really desirable unit in a neighborhood that rarely has anything come open so we didn’t think it would have any problems selling.”
…
Taylor, a retired government employee, is getting “more antsy” about selling. Her father passed away last year and her mother is moving to a nursing home that costs $9,000 each month.With stock wealth being roiled, “it’s getting more and more important to keep her afloat by selling this house,” she said of her mother.
Sellers can opt to keep their asking prices lower after the 10-day sale, according to Coldwell Banker.
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