Monday, November 11, 2013
Looks like winter is here to stay. The cold more than the snow affects us but does not have to affect our attitudes!
The October Statistics have been sent to us.
October October YTD YTD YTD %
2012 2013 2012 2013
New Listings 476 465 5158 5355 + 3.8%
Closed Sales 330 356 3021 3543 + 17.3%
Median Price $146,900 $153,250 $148,500 $153,994 + 3.7%
% Orig List $ 95.6% 95.9% 95.0% 96.3% + 1.4%
Inventory of homes 1788 1689 -5.6%
The new Listings are up slightly for the YTD but the closed sales up significantly for YTD. Median is up slightly and the % of list price that the sellers are getting is also up slightly. We appear to be heading towards a more balanced market. Sellers are still being asked to pay for the buyers closing costs and in many cases of the lower price ranges they are still paying them.
Will this be one of the things that will change next? Sellers will continue to resist this so buyers better be prepared for a time that this will change. When (not if) that happens it will be a sign that we have a more balanced market and we are heading towards a seller’s market. The inventory of homes is also a good indicator to tell us where the market is heading. Last year at the end of the year the inventory was down 18.4% from the previous year, as of this report we are still down but only 5.6%. Let’s see what this looks like at the end of this year.
On the mortgage rates trends, the feds got a good report last week on jobs increasing and that day the sale of bonds dropped and stocks increased. Anticipate that as the Fed sees more signs of strength in the market they will start easing their monthly purchase of mortgage bonds which will allow the bond market to fluctuate on its own. We do anticipate that the mortgage rates will increase so buy now before the mortgage rates increase!
This week’s Home Buying Tip: When viewing a home, Bring along a digital camera and begin each series of photos with a close-up of the house. Also pay attention to the home’s surroundings. What’s next door? Then immediately after leaving, rate them on a scale of 1 to 10.
Have a FANTASTIC WEEK!