Archives For National Association of Realtors

Augusta by William Lyon Builder's has all of the details of toda

Home for sale via Househappy

Real estate analysts have predicted that 2014 will be the year for sellers; so if you’re waiting to sell your home, you may want to reconsider.

In November, housing prices were up 7.2% from a year prior and the highest since August of 2008, according to the National Association of Realtors. In the 20 largest metro areas prices in October increased sizably. The economic recovery is finally picking up since the housing bust seven years ago. Sellers are finding that they have more room for negotiating as more buyers are entering the market due to drops in the unemployment rate and the increase in consumer confidence.

As mortgage rates are rising pushing home prices up, the amount of for-sale listings are limited. These are some of the factors that come with a sellers market. With limited homes on the market some buyers fear that they won’t be able to find their perfect home.

Buyers are now snatching up properties faster. In November 2013 homes were selling 11% faster than the previous year. In some cities such as New York, homes were selling 20% faster.

Beyond 2014 though, more homes are expected to hit the market. Some analysts say that the supply-demand imbalance that has helped create this seller’s market is largely due to investment firms and others who are purchasing large numbers of homes to turn into rentals.

This article can be found in its original form on MarketWatch.  

According to the National Association of Realtors 2013 Community Preference Survey 60 percent of people desire living in neighborhoods with a mix of houses, shops and restaurants with parks nearby. The survey done by NAR’s Smart Growth Program aims to shed light on the characteristics that people desire in their neighborhoods and how they rank as most important to least important to them.

The report showed that while many were able to sacrifice the size of their yard to live in a walkable neighborhood and have a shorter commute to work. When it came to owning a detached single family house over an apartment or condominium, most preferred to have a detached single family house even if it required more driving between shops restaurants and a longer commute to work.

Below are some of the most important takeaways from the report:

  • If people could live anywhere, 30 percent would want to be in a suburban neighborhood with a mix of houses, shops and businesses
  • A little over half would prefer to live in a community of houses with small yards and an easy walk to schools, stores and restaurants over houses with large yards where you have to drive to get to schools, stores and restaurants (55 percent over 40 percent).
  • 53 percent said they would want to have parks, playgrounds and recreation areas within walking distance from their house (42 percent).
  • 57 percent of people would prefer a house with a smaller yard and a shorter commute to work, over a house with a larger yard and a longer commute to work (36 percent).
  • Nearly two thirds of people want a neighborhood that has a mix of houses and stores and other businesses that are easy to walk to over one with houses only and you have to drive to stores and other businesses (60 percent over 35 percent).
  • On the other hand 57 percent would rather own or rent a detached, single-family house, and have to drive to shops and restaurants and have a longer commute than own or rent an apartment or townhouse that is an easy walk to restaurants and shops and have a shorter commute to work.

Source: NAR

Photo: CrowdSourceDC

FSBO

A FSBO home in Gresham, Oregon, posted to Househappy.org

Last week we posted a list of important facts from the 2013 National Association of Realtors report to help you understand home buyers, now we we’d like to give you some insight into home sellers and for sale by owners (FSBOs). Below are a few of the highlights from the report:

Sellers

  • The typical home seller is 53 years old with an income of $97,500.
  • The typical home was on the market for 5 weeks, down from 11 weeks in 2012.
  • 13% of sellers wanted to sell their homes earlier but were stalled because their home had been worth less than their mortgage.
  • 9 years was how long the typical seller lived in their home.
  • 88% of sellers used a real estate agent to assist them with selling their home.

FSBOs:

  • 9% of sellers sold their home without the assistance of a real estate agent.
  • 46% of sellers stated that the primary reason they choose to sell their home without assistance is because they did not want to pay a fee or commission.
  • Approximately one-third of FSBO sellers did not take any action to market their home and 64% did not offer any incentives to attract buyers.
  • Getting the right price, preparing or fixing up the home for sale, and understanding and completing paperwork were reported as the most difficult tasks FSBOs encountered when selling their home.

Sources: AGBeat and NAR

Each year, the National Association of Realtors publishes a report profiling the current state of buyers and sellers. The survey covers all housing and real estate related information including demographics, housing characteristics, and the experience of consumers in the housing market. This report provides useful information that can help brokers better understand the needs and expectations of their clients, which can ultimately make you a more successful broker. 

Here are some highlights regarding the Characteristics of Home Buyers:

  • 38% of recent home buyers were first-time buyers, which is still at a suppressed level from the historical norm of 40%.
  • 14% of buyers purchased a multi-generational home due to children over the age of 18 moving back into the house, cost savings, and health and caretaking of aging parents.
  • The typical buyer was 42-years-old, while the typical first-time buyer was 31 and the typical repeat buyer was 52.
  • The 2012 median household income of buyers was $83,300. The median income was $64,400 among first-time buyers and $96,000 among repeat buyers.
  • 66% of recent home buyers were married couples—the highest share since 2001.AR
  • For 30% of recent home buyers, the primary reason for the recent home purchase was a desire to own a home.

This complete report can be found at the NAR

Photo credit: Alamy