Have you ever thought about the similarities between houses and the human body? For example as our bodies age, things are not quite as straight, square and firm as they once were in our younger years. At one time I had a 44 inch chest and now with age it seems that chest dimension is closer to my waist line. In most cases, this aging in homes translates into floors not being totally level and windows and doors being skewed slightly or not latching. While this may create slight operational issues these conditions are quite common in older homes, some more so than others depending on the age, floor plan, design etc. While one could, in theory go through and re-level the floors, in my opinion in most cases this would be an unnecessary expense and cause additional problems. Quite frankly many look at these conditions as part of the “character” and “charm” of an older home. [...]
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The National Association of Realtors’ research staff recently released its comprehensive annual report: Profile of Home Buyers and Sellers for 2011. Market researcher, Paul C. Bishop, Ph. D., Vice President and Jessica Lautz, Manager of Consumer Survey Research state that they’ve identified “trends that have not been seen in the last 10 years,” which will affect the housing market as we enter 2012. [...] Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for September 2011 showing an increase of 5.7 percent from the month before, and a decrease of 0.9 percent from a year ago. The seasonally-adjusted new home sales rate for September was 313,000 homes, up from an adjusted rate of 296,000 the month before. Unfortunately, even with the increase in the rate of new home sales, the current rate of new home sales is still on track to make 2011 new home sales the lowest since the Commerce Department began keeping track of sales in 1963. [...] The economy is delaying baby boomers’ plans to sell their homes, according to a survey just released by Coldwell Banker Real Estate. This doesn’t mean boomers aren’t in the market though….in fact, according to the survey, the desire to purchase and own a home, or more than one home, “remains strong….especially so in the the investment market segment. ” [...] The National Association of REALTORS Pending Home Sales Index for August shows a decrease of 1.2 percent in the index from the month before (seasonally adjusted), and a 7.7 percent increase from a year ago. This is the second consecutive month the index has decreased from the month before and, while the year over year numbers are still better, this month’s year over year increase was only half of what last months was. [...] It’s a buyer’s market so you would think home buyers are happy, right? Well, not as happy as sellers are, at least in terms of their satisfaction with real estate companies according to a study conducted by J.D. Power and Associates. The study, which is in it’s fourth year of measuring the customer satisfaction of [...] Basement seepage, in most cases relates to poor management of surface and roof water. Water causing basement seepage can come from three basic sources. First surface water can be directed to, rather than away from the foundation. Second water collected in gutters and downspouts is not routed away from the foundation. Although rare, the third [...] Today’s existing home sales report from the National Association of REALTORS® shows existing home sales in February were at at a seasonally adjusted-annual rate of 4.88 million units which is a decrease of 9.6 percent from January and is a decrease of 2.8 percent from a year ago. [...] Apartments.com conducted a national survey of renters which revealed that more and more homeowners are choosing rental over home-ownership. As the rate of home ownership in the U.S. drops to lows we haven’t seen in some time, the apartment community appears to be reaping the benefit. [...] Today’s existing home sales report from the National Association of REALTORS® shows existing home sales in January were at at a seasonally adjusted-annual rate of 5.36 million units which is an increase of 2.7 percent from December and is an increase of 5.3 percent from a year ago. [...] Today’s existing home sales report from the National Association of REALTORS(R) shows existing home sales in December were at at a seasonally adjusted-annual rate of 5.28 million units which is an increase of 12.3 percent from November and is a decline of 2.9 percent from a year ago. Preliminary numbers for 2010 show 4,908,000 existing [...] You finally reach a deal with a buyer to sell your house, or strike a deal with the seller of your dream home, only to see the deal fall apart later when the house doesn’t appraise for the price that has been agreed upon…what are you to do? This is a plight that has become [...] Today, CoreLogic released its November Home Price Index (HPI) showing that home prices in the U.S. declined for the fourth-straight month. The report shows home prices declined by 5.07 percent in November 2010 compared with November 2009. [...] Today’s existing home sales report from theNational Association of REALTORS(R) shows existing home sales in November were at at a seasonally adjusted-annual rate of 4.68 million units which is an increase of 5.6 percent from October and is a decline of 27.9 percent from a year ago. [...] Ah, it is so much fun to be able to write something positive about the real estate market! According to an economic outlook report just issued by Fannie Mae, our country’s economy should “kick into higher gear” by the second quarter of 2011. This positive outlook is the result of improvements in consumer spending, consumer [...] Today’s existing home sales report from theNational Association of REALTORS(R) shows existing home sales in October were at at a seasonally adjusted-annual rate of 4.43 million units which is a decrease of 2.2 percent from September and is a decline of 25.9 percent from a year ago. [...] Price Reductions Surpass Highest Historical Levels in 15 U.S. Cities, Remain Flat Nationwide According to a report released this morning by Trulia.com, 27 percent of the homes for sale in November have experienced at least one price cut. Following four-consecutive months of increases, this rate has now flattened out nationwide. However, locally the story [...]
Dennis Norman Today’s existing home sales report from theNational Association of REALTORS(R) shows existing home sales in September were at at a seasonally adjusted-annual rate of 4.53 million units which is an increase of 10.0 percent from August but is a a decline of 19.1 percent from a year ago. [...]
Dennis Norman After July’s existing home sales fell over 27 percent and hit ROCK BOTTOM, August didn’t fare much better….. Today’s existing home sales report from theNational Association of REALTORS(R) shows existing home sales in August were at at a seasonally adjusted-annual rate of 4.13 million units which is an increase of [...]
Dennis Norman Fannie Mae conducted a National Housing Survey poll between June 2010 and July 2010 to asses homeowners and renters’ confidence in home-ownership as an investment, the current state of their household finances and overall confidence in the economy. The finding from this survey were compared with a similar survey conducted by Fannie [...]
Dennis Norman While much of the talk (including mine) about the real estate market is somewhat negative, there are some positive things to talk about; home prices have fallen back to levels they were at 7 years ago or more and home mortgage interest rates have hit the lowest levels in decades making a [...] “..if a buyer hasn’t walked through the door in 30 to 45 days, a seller needs to lower their asking price. If a home hasn’t had an offer in six months, it’s time to rethink the sale..” According to a report released by ZipRealty, the number of price-reduced homes on the market increased 3.26 [...]
Dennis Norman Beginning last November I have written several articles about the “sugar-rush” effect of tax credits and other stimulus on the housing market and voicing my concern that these things are short lived (like a sugar rush on a child) and after the sugar wears off there is a crash….Well, as expected, here [...] Dennis Norman 1 in 3 Think Worst Is Yet to Come, While 38% Think Local Home Values Have Reached Bottom According to the second quarter 2010 Zillow Homeowner Confidence Survey, one-third (33 percent) of homeowners feel home values in their local market have not reached bottom, while 38 percent believe their market has in [...]
Dennis Norman Today the Federal Housing Finance Agency announce proposed guidance that would prohibit Fannie Mae, Freddie Mac and the Federal Home Loan Banks from investing in mortgages with private transfer fee covenants. Considering that covers the lenders that originate, invest in or, or insure over 90 percent of the homes in the U.S. [...] Ever wonder why one home will sell for more than a similar home in the same neighborhood? You’ll hear all sorts of reasons. One house has this feature or that feature while the other one doesn’t. That’s part of it but certainly not all. [...]
Dennis Norman According to a report released by Trulia.com, 24 percent of the homes for sale as of July 1, 2010 have experienced at least one price cut. This is a 9 percent increase from the prior month. The average discount for price-reduced homes continues to hold at 10 percent off of the original [...] According to a report released by ZipRealty there were 15,137 more homes listed for sale nationwide with reduced prices in April which is a 6.22 percent increase from March. This may have been fueled by sellers trying to entice buyer’s to act before the homebuyer tax credit expired April 30th. The survey also showed that [...] According to a report released by ZipRealty just over 40 percent of available homes for sale in the U.S. had reduced prices in March. Jacksonville FL, Phoenix AZ and Orlando FL lead the country with the highest percentage of homes for sale that have had at least one price reduction, at 50.3 percent, 50.1 and 47.2 percent respectively. Other highlights [...]
Dennis Norman Relocation.Comconducted a survey in February which shows California, Florida, Texas, Georgia, Arizona, Illinois and North Carolina are the top five destinations where people are moving this year (Illinois and North Carolina tied for 5th). One in five respondents said they moved to a new location with a lower cost of living and, [...] |
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