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In January, Sellers Reduced List Prices by $21,925 on Average, According to ZipRealty According to a report released today by ZipRealty just over 40 percent of available homes for sale had reduced prices in January, down from 44 percent in December. “Sellers are taking a realistic look at current market conditions before listing their homes,” said ZipRealty [...] More Than 15,000 Additional Homes Were Listed for Sale in January Within 27 Major U.S. Housing Markets
Dennis Norman January marked the first time in 18 months that more homes were listed “for sale” compared to the previous month, with an additional 15,000 homes, or a 2.9 percent increase, listed for sale compared to December according [...]
Dennis Norman Average price cut for homes drops to 11 percent off original price…discount increases to 15 percent off original price for homes priced above $2,000,000. According to a report released by Trulia.com, 21 percent of the homes for sale as of January 1, 2010 have experienced at least one price cut. This makes the second [...] Lower List Prices and Fewer Price Reduced Homes Point to More Realistic Seller Pricing in December 2009 According to a report issued by ZipRealty there were 17,741 fewer homes listed for sale in December with reduced prices which represents a decline of 7.1 percent compared to November. This data is from a monthly survey of Multiple [...] Fewer Home Sellers Cutting Prices as Average List Price Falls More Than 3% Fewer sellers in 27 major U.S. markets reduced home prices this month, and those who did slashed their prices less than in October. At the same time, the average list price in those markets overall declined slightly, a possible sign sellers are pricing [...] Dennis Norman I have done several posts on the homebuyer tax credit and received and answered hundreds of questions about the tax credits on the various blogs I write for. There appears to be a lot of demand for the credits by homebuyers but also appears to be many questions. If you have questions about [...] Dennis Norman Fannie Mae just announced their new “First Look” initiative which is aimed at supporting neighborhood stabilization and promoting home purchases by owner occupants by providing owner occupants an advantage in purchasing Fannie-Mae-owned foreclosed properties. Under the First Look program only offers from owner occupants and buyers using public funds are considered during the first 15 [...] Dennis Norman According to a report issued today by ZipRealty, more than 44 percent of home listings in 28 major markets tracked by ZipRealty in September had at least one price reduction. Of those homes on the market with reduced prices the average have had their price cut an average of twice, according to the report. If you [...] This morning Trulia, the online real estate search company, announced that “25.6 percent of homes currently on the market in the United States as of October 1, 2009 have experienced at least one price cut. More than one in four current listings on Trulia have been reduced in price for the fourth straight month. The [...] Dennis Norman Today, testifying before The US House of Representatives Small Business Committee, the Mortgage Bankers Association (MBA) told the committee that the current credit cycle and recession began in the U.S. housing market, and recovery will not be complete until the current oversupply of house on the market has dramatically decreased. The MBA then cited [...] Dennis Norman Results have just been released of a study conducted by Rosen Consulting Group as to the effectiveness of the 2009 first-time-homebuyer tax credit and the potential need for an extension of the credits. The Rosen Consulting Group was retained by Fix Housing First, a coalition that was originally working to convince Congress for a housing [...] Dennis Norman The Homeowners Assistance Program (HAP)was established back in 1966 to give some monetary relief to eligible service members and federal employees who suffer financial loss on the sale of their primary residence when a base closure or realignment announcement cause a decline in the residential real estate market and they are not able to [...] Nearly one in five (18 percent) prospective first-time homebuyers said extending the $8,000 tax credit would be the primary influence on their decision to buy a home before the end of 2010, according to a Zillow survey. That would equate to 334,000 buyers from Dec. 1, 2009 to Nov. 30, 2010 – a likely time [...] Dennis Norman According to a report just issued by Trulia, a company whose website allows you to search for homes for sale throughout the U.S., 25 percent of homes currently on the market in the United States as of August 1, 2009 have experienced at least one price cut. The percentage of price reductions has continued [...] Lawrence Yun, Chief Economist, NAR The real estate market continues to show signs of life and continues to point to the possibility that we have hit bottom. Today the National Association of REALTORS(R) issued their Pending Home Sales Index Report for June which showed pending sales were up for the fifth consecutive month, the first [...] Dennis Norman Today the National Association of REALTORS(R) released its existing home sales report for June showing an increase in sales for the 3rd month in a row and home prices declining less sharply. Existing home sales, including single-family, town-homes, condominiums and co-ops increased 3.6% in June to a seasonally adjusted annual rate of 4.89 million units. [...] Dennis Norman By: Dennis Norman Realtor.Com and the National Association of REALTORS(R) released the results of it’s National Home Ownership Survey today. Employment concerns and the ability to make mortgage payments are the greatest barriers to home ownership today. This is particularly true for those people 25-49 years of age. First off, my usual disclaimer…I am not an attorney and this is not intended to be legal advice or a legal opinion. Dennis Norman Now that we have that out of the way lets talk about options that may be available to you if you are one of the 20% of homeowners that a recent study [...] Dennis Norman By: Dennis Norman Today the National Association of REALTORS(R) released its existing home sales report for May showing an increase in sales for the 2nd month in a row. This is the first time we’ve seen two consecutive months of sales increases in almost 4 years. Sales for May were at a seasonally-adjusted annual rate of 4,770,000 homes which [...] Dennis Norman By: Dennis Norman According to a report issued by IHS Global Insight, house prices in the first quarter of 2009 declined in 199 of the 330 metro markets they monitor. At just over 60% of the metros this represents a huge decrease from 4th quarter 2008 when 312, or almost 95% of the metros, showed declining prices. For [...] By: Dennis Norman Yesterday, Bankrate, Inc. issued their weekly mortgage interest rate report showing that mortgage rates jumped this week with 30-year fixed-rate mortgages averaging 5.45%, up from 5.24% last week, with an average of 0.41% in discount and origination fees. The report shows 15-year fixed-rate mortgages were also higher this week at an average of 4.86%, up from 4.74% last [...] Dennis Norman By: Dennis Norman Yesterday the National Association of REALTORS(R) released its existing home sales report for April showing a slight increase in sales of 2.9% over March. Sales for April were at a seasonally-adjusted annual rate of 4,680,000 homes which is down 3.5% from last year, which means in year over year numbers things are improving because last months annual rate [...] By: Dennis Norman Lawrence Yun, Chief Economist, NAR Yesterday the National Association of REALTORS(R) issued their Pending Home Sales Index Report for March which showed, for the second consecutive month, an increase. Lawrence Yun, NAR chief economist, said “This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax [...] Dennis Norman By: Dennis Norman Today the National Association of REALTORS(R) released its existing home sales report for March showing a slight decline of 3% from February. This modest decrease following last months modest increase of 5.1% may show the market is starting to balance out. Sales for March were at a seasonally-adjusted annual rate of 4,570,000 homes which [...] By: Dennis Norman Yesterday the National Association of REALTORS(R) issued their Pending Home Sales Index report for February which showed, for the U.S., a 2.1% increase over January. Lawrence Yun, NAR chief economist, said “Pending home sales have a way to go for there to be a meaningful increase, but recent increases in shopping activity are hopeful [...] By: Dennis Norman Terry Peterson, Brokerage Manager, M.O.R.E. We’ll pick up where we left off after parts one and two of this series with our E-View TM with Terry Peterson, the brokerage manager of Missouri Online Real Estate (M.O.R.E.) about selling a home in this market: Q-OK Terry, now the $64 question, how should a seller properly price [...] By: Dennis Norman Terry Peterson, Brokerage Manager, M.O.R.E. We’ll pick up where we left off in part one of this series with our E-View TM with Terry Peterson, the brokerage manager of Missouri Online Real Estate (M.O.R.E.) about selling a home in this market: Q-How should a seller select an agent? What should they look for in an agent [...] By: Dennis Norman Terry Peterson, Brokerage Manager, M.O.R.E. If you are a homeowner looking to sell your home today I don’t think I need to tell you it could be a challenge. In an effort to address some of the questions you may have about selling your home now as well as provide some useful tips [...] By: Dennis Norman It appears that later today the US House of Representatives and the US Senate will both give approval to an Economic Stimulus Package that, in my opinion, has the housing market coming up short. It is also expected that President Obama will sign the bill into law no later than Monday. The housing market [...] By: Dennis Norman Gerry Loesch, PE In parts one, two, three and four of this series I gave you some background on Gerry Loesch as well as his informative E-View TM . .
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