Tag >> Home Selling
Posted by: gardnergroup in Home Selling on
Jul 20, 2010
A house that "sparkles" on the surface will sell faster than its shabby neighbor, even though both are structurally well-maintained. From experience, REALTORS® also know that a "well-polished" house appeals to more buyers and will sell faster and for a higher price. Additionally, buyers feel more comfortable purchasing a well-cared for home because if what they can see is maintained, what they can't see has probably also been maintained. In readying your house for sale, consider: - how much should you spend
- exterior and curb appeal
- preparing the interior
How much should you spend In preparing your home for the market, spend as little money as possible. Buyers will be impressed by a brand new roof, but they aren't likely to give you enough extra money to pay for it. There is a big difference between making minor and inexpensive "polishes" and "touch-ups" to your house, such as putting new knobs on cabinets and a fresh coat of neutral paint in the living room, and doing extensive and costly renovations, like installing a new kitchen. Your REALTOR®, who is familiar with buyers' expectations in your neighborhood, can advise you specifically on what improvements need to be made. Don't hesitate to ask for advice. Read more at realtor.com
As the economic boost from the federal tax credit for new homebuyers fades, Austin area home sales continued to increase in May, rising 24 percent compared with the same month in 2009, according to the Austin Board of Realtors.
While the median price in Austin last month decreased 2 percent compared with May 2009 to $192,000, the price was still up from the figure in April 2010 at $190,700.
Home sales for the month totaled $508 million with 2,074 single-family homes sold, according to the Multiple Listing Service report.
"Although the tax credit expired in April, we are still seeing its impact on sales in May," said John Horton, Austin Board of Realtors chairman. "Single-family sales continued to exceed last year's numbers due to home contracts written before the April deadline, which continued to close in May."
In May, the days on the market for single-family homes decreased 20 percent to 63 days as compared with the same month in 2009. Pending sales decreased 34 percent last month to 1,405, when compared to May last year.
"The rush of buyers to beat the homebuyer tax credit in April led to a decrease of buyers in the market in May, resulting in decreased pending sales," Horton said. However, the market in Austin continues to maintain a balanced supply of housing inventory, which is currently at 6.7 months. Sustaining a healthy supply of inventory should help prices continue to remain stable in the coming months."
Sales in May of condos and townhouses seemed to mirror single-family homes with sales increasing 28 percent to 226 sales and pending sales decreasing 28 percent to 167.
Housing sales figures in Austin have been up most of this year, but Horton predicts a summer slowdown as people that wanted the tax credit already rushed to buy their homes, and others on the fence are now taking their time as they missed the deadline.
Though, the U.S. Senate passed a bill Thursday that could extend the closing deadline to Sept. 30.
"Due to many buyers moving their decision to purchase up to beat the tax credit deadline, we could see a slight decrease in sales in coming months," Horton said. "Despite the potential slow down in sales, we will continue to see April contracts close during this time. It is natural to have a pause in the market before new buyers enter for the summer buying season, and we expect the market to even out by the end of the summer." One potential bright spot that Realtors have in the Texas market though is the new Bond 77 program. Launched last month by the Texas Department of Housing and Community Affairs as part of the state's ongoing first-time homebuyer program, the department is making $500 million available to eligible homebuyers for mortgage loan assistance - either through down payment assistance or by facilitating a lower interest rate. "It's the single-largest financing initiative for state homebuyer funds in the 27-year history of the program and serves as the state's response to the recent expiration of the federal homebuyer tax credit," said Gordon Anderson, a spokesman for the Department of Housing and Community Affairs. The state is now making available the first $50 million of the $500 million, which state officials said will be distributed on a first-come-first-served basis. It's anticipated that it will take 18 months to expend the program's total amount.
Read more: Austin homes sales up 24 percent in May - Austin Business Journal
Posted by: gardnergroup in Home Selling on
Jun 22, 2010
Prepping and staging a house. Every seller wants her home to sell fast and bring top dollar. Does that sound good to you? Well, it's not luck that makes that happen. It's careful planning and knowing how to professionally spruce up your home that will send home buyers scurrying for their checkbooks. Here is how to prep a house and turn it into an irresistible and marketable home. Read the rest of the article at About.com
Central Texas home sales skyrocketed nearly 31 percent in April and pending sales were up almost 47 percent from a year ago, as buyers rushed to beat the April 30 deadline for a federal income-tax credit, the Austin Board of Realtors said today. “Although the tax credit has expired, we are entering a growing economic, real estate and seasonal cycle which we hope will continue to provide momentum to carry our market upward,” said board Chairman John Horton. The tax credit was $8,000 for first-time buyers and $6,500 for repeat buyers. For purchases where a binding contract was signed by the end of April, qualified buyers have until June 30 to complete the sale. The board reported that real estate agents sold 2,043 homes in April compared with 1,561 in April 2009. The median sale price was unchanged at $190,700. From January through April, sales are up 17 percent, the board said. The amount of time homes were on the market fell 13 percent, to an average of 69 days vs. 79 a year ago. The number of homes on the market in April — 10,749 active listings — amounted to a 6.5 month’s supply, which represents a balanced market, the board said. Sales of condominiums and townhouses also were strong in April, with the 213 sales amounting to a 63 percent increase from a year ago. Pending sales for condos and townhouses rose 70 percent. “The significant increase seen in the condo and townhouse market can most likely be attributed to the first-time homebuyer tax credit,” Horton said. “The median price for condos and townhouses is approximately $30,000 less than the median price for a single-family home; and therefore, these properties can be a more affordable alternative for first-time buyers.” Horton said that although the tax credits have made it more attractive for some buyers to purchase now, “there are a lot of buyers who have been waiting to purchase until they were confident in the economy. Now that we are seeing recovery in the economy and real estate market, in combination with historically low interest rates, those potential buyers who have been on the fence are now taking the leap and entering the housing market.”
Softer condo market may have spurred buyers to take advantage, real estate board saysHome sales in Central Texas surged 27 percent in March compared with the same month last year, pumped up by buyers seeking to take advantage of a federal homebuyer tax credit that expires April 30, the Austin Board of Realtors reported Tuesday. Real estate agents sold 1,784 existing homes in March, compared with 1,404 a year ago. The median price remained stable, at $180,000, the board said. "Though we've seen increases in year-over-year sales volume consistently in recent months, it's likely this substantial increase in volume is related to the impending expiration of the homebuyer tax credits on April 30," said John Horton, chairman of the Austin Board of Realtors. "What's most encouraging, however, is that in the midst of this increase in sales volume, our real estate values have remained steady, which bodes well for the long-term value of real estate in Austin." The tax credit - $8,000 for first-time buyers and $6,500 for repeat buyers - has been credited with spurring tens of thousands of sales across the country in recent months. Some housing experts have expressed concern that sales could slow when the credit ends. Homes must be under contract by April 30, with the closing done by June 30, in order to qualify. For the first three months of the year, 70 percent of Austin-area sales have been for homes priced at $249,999 or less, where first-time buyers would focus. Other Texas cities also have seen increases linked to the tax credit. Sales were up 28 percent last month in the San Antonio area but only 11 percent in Dallas and Houston. From January through March, home sales in Central Texas were up 12 percent. Sales of condos and townhouses were particularly strong in March 2010, with the 215 sales representing a 129 percent jump compared with March 2009. The surge follows sustained increases in demand for condos and townhomes since September 2009, and a year-to-date increase of 86 percent. "A softer condo market at the beginning of 2010 provided a good opportunity for buyers, and we are now seeing the results with an increase in activity," Horton said. "Condos can be attractive properties for first-time homebuyers, so it's possible this increased demand is also related to both the first-time homebuyer tax credit as well as an increased supply of condos in Austin in recent years." Horton said March 2010 also marked the second consecutive month that homes had sold faster than during the year-ago period. In March, homes were on the market an average of 73 days, down from 88 in March 2009. During that same time, pending sales increased 31 percent to 2,421; new listings were up by 29 percent to 4,170; and active listings rose by six percent to 10,300. "These statistics indicate that demand is continuing to outpace supply, which is encouraging," Horton said. "However, no one really knows the full impact of the homebuyer tax credits yet, so we'll look ahead to this summer to determine the sustainability of these conditions." By Shonda Novak, statesman.com
Posted by: gardnergroup in Home Selling on
Apr 16, 2010
You want to sell your home for the best price. Start by enlisting a real estate agent and making a list of needed projects, to maximize the potential of your home. Click here for a handy list to help you prepare for putting your house on the market.
Posted by: gardnergroup in Home Selling on
Mar 15, 2010
At last some hope for American homeowners: A week ago the National Association of Realtors reported that fourth-quarter existing-home sales surged almost 14% over the previous quarter. Still homeowners must be realistic; the median existing single-family home price remains 4.1% below 2008 fourth-quarter levels, according to the same report. The freefall in home prices may be over, but the buyers' market persists--there's stiff competition to get a house sold for a good price. In a competitive market sellers need to make every effort for their properties to appear more attractive so they sell for more. In Depth: 10 Ways Get More Money From Your Home And it's the simple touches--not the big renovations--that often matter the most. Look the Part
Louis Cammarosano, general manager of HomeGain, a real estate marketing company in Emeryville, Calif., stresses the importance of subtle yet crucial marketing tactics such as staging, or dressing up your home. "It's the same thing when you go for a job interview," he says. "You're looking at a person--how they dress, how they speak. You're not looking at their credentials initially." Last year HomeGain surveyed 1,000 real estate agents to determine which home repairs offer the biggest rewards. After ranking for return on investment, the survey found that cleaning and de-cluttering--including removing personal possessions, polishing woodwork and glass and removing excess furniture--is the most important. Spending $100 to $200 tidying up can increase a home price by $1,500 to $2,000. From Forbes.com
by Shonda Novak Central Texas home sales rose 5 percent in January from a year ago, the Austin Board of Realtors reported Thursday. January's median sales price rose 1 percent to $179,250. Real estate agents sold 884 previously owned homes in January, compared with 840 the same month last year. There were 1,417 sales pending, a 7 percent increase from a year earlier. John Horton, chairman of the Board of Realtors, said January 2009 marked the low point of the current cycle. "With steady improvement throughout 2009 that continued in January 2010, we can see that we're one year into the recovery in Austin," Horton said. "What's most important about this is that it's the kind of recovery we want: one that is steady, stable and consistent." Throughout 2009, the volume of single-family home sales in Austin improved steadily, Horton said. In the first half of 2009, the gap in year-over-year sales narrowed consistently, reaching levels similar to those in 2008 during the summer peak, with the exception of a dip in August, Horton said. By fall, sales began outperforming 2008. They surged in October and November, spurred by the original deadline for the first-time homebuyer tax credit. In December, sales returned to a modest increase, rising 5 percent from December 2008, a growth rate that held last month. "We're already seeing positive signs in sales volume and price appreciation," Horton said. "Those factors, combined with the population growth and additional jobs economists expect for our area in 2010, bode well for the long-term value of Austin real estate." from Statesman.com
Realtors' group sees ‘slow, sustainable growth' in sales activity NEW YORK - Better news from the U.S. housing industry sent stocks higher Tuesday, including an increase in the number of people with contracts to buy homes. The National Association of Realtors, a trade group, said its index of sale contracts rose 1 percent in December. It was the ninth improvement over the past 10 months as buyers scrambled to take advantage of a first-time homebuyer tax credit before it was set to expire last November. "It's a slow, sustainable growth," said Daniel Penrod, senior industry analyst for the California Credit Union League. "Most people would prefer a quick rebound but that's not likely to happen." The home sales report was the latest bit of encouraging news on the economy. Stocks rose on Monday after a surprisingly strong reading on the manufacturing sector, and on Friday the government reported that the U.S. economy grew at an annual rate of 5.7 percent in the final three months of 2009, a faster pace than expected. Homebuilder stocks rose sharply after D.R. Horton Inc. posted its first profit since 2007 during its fiscal first quarter. Much of its $192 million profit during the October-December period came from a tax gain, but its revenue rose because of a 36 percent jump in home sales. Orders increased 45 percent. The reports brought a positive tone to the market, which stumbled in late January as concerns arose that the recovery might be stalling and that the market's 10-month advance was running out of gas. The Standard & Poor's 500 index fell 3.7 percent in January, its worst month since hitting a 12-year low nearly a year ago. According to preliminary calculations, the Dow rose 111.32, or 1.09 percent, to 10,296.85. The S&P 500 index rose 14.13, or 1.30 percent, to 1,103.32, while Nasdaq composite index advanced 18.86, or 0.87 percent, to 2,190.06. Bond prices inched higher. The yield on the benchmark 10-year Treasury note, which moves opposite its price, dipped to 3.64 percent from 3.66 percent late Monday. Click here for the rest of the article. Story by Associated Press
Sales of existing home sales in Central Texas rose 5 percent in December from the previous December, bringing total sales for 2009 to 19,005, down 6 percent from 2008, the Austin Board of Realtors reported. The median price was up 6 percent in December, to $194,000, but throughout 2009 it slipped 1 percent, to $188,480, the board said. Sales climbed dramatically in October and November as buyers rushed to take advantage of the original Nov. 30 deadline for first-time homebuyer tax credit, which has since been extended and expanded to repeat buyers through April. "However, increases in sales volume beyond November and figures that have improved steadily throughout the year indicate that, while some demand was driven by the tax credit deadline, a sustainable recovery is also underway in the real estate market," said John Horton, the board's chairman. "We're seeing encouraging news from many sources that 2010 will be an improvement over 2009, and I think this report is one more indicator the outlook is beginning to brighten." Homes stayed on the market longer in December, an average of 88 days compared with 85 in December 2008. The number of homes on the market declined, with December's 8,079 listings down 5 percent from the previous December. from Statesman.com
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