Posts Tagged Pending Home Sales
Pending Home Sales Slump
Posted by Kathy Landstra in Cincinnati Real Estate, Real Estate Data on July 1, 2010
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The National Assoication of REALTORS® (“NAR”) released the Pending Home Sales Index (“PHSI”) for the month of May on Thursday, July 1st. The index took an expected hard drop when compared to the tax-incentive hyped months of March and April. The PHSI was down 30% over a very strong April and the index was down approximately 15% from last year (May 2009). According to the NAR Press Release: NAR chief economist Lawrence Yun said, “Consumers are rational and they rushed to meet the tax credit eligibility deadline in April. The sharp decline in contract signings in May is a natural result with similar low levels of sales activity anticipated in June.” You can find more news information about the April PHSI at these links: |
New Home Sales Drop
Posted by Kathy Landstra in Real Estate Data on June 24, 2010
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Good Morning America offers a “What You Should Know” primer. New home sales dropped almost 33 percent in May, according to a report from the Commerce Department. Mellody Hobson, “Good Morning America’s” personal finance contributor and president of Ariel Investments, appeared on the show this morning to talk about what the dive in home sales means for buyers and sellers. For a look at the Question & Answer with Mellody, link directly to the story by following this link to the Good Morning America website. |
Pending Home Sales Highest Since October
Posted by Kathy Landstra in Real Estate Data on June 2, 2010
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The National Assoication of REALTORS® (“NAR”) released the Pending Home Sales Index (“PHSI”) for the month of April on Wednesday, June 2nd. The index built on a continued strong upturn in February and March to indicate the strongest PHSI since October of 2009. The PHSI was up 6.0% over a strong March and the index was up more than 22% from last year. According to the NAR Press Release: Lawrence Yun, NAR chief economist, said this second round of surging sales from the tax credit extension looks as strong as the original tax credit. “There were concerns that only a small pool of buyers were left to take advantage of the tax credit extension. But evidently the tax stimulus, combined with improved consumer confidence and low mortgage interest rates, are contributing to surging sales,” he said. “The housing market has to get back on its own feet and now appears to be in a good position to return to sustainable levels even without government stimulus…” You can find more news information about the April PHSI at these links: |
Avoid that Pre-Listing Inspection
Posted by Kathy Landstra in Home Sellers, Real Estate on May 17, 2010
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Photo Courtesy: homeinspectioncarolina via Flickr |
According to the the Wall Street Journal’s in-house real estate expert you really should avoid the Pre-Listing Inspection. June Fletcher, writer for the Journal, believes that the Pre-Listing inspection could provide you with too much information about the condition of your property and force you to disclose flaws that might wait until the potential buyer conducts their own inspection. By waiting for an inspection you can manage your negotiating position and still honestly list your home. Ms. Flectcher offers more advice and insight into the pre-lisitng inspection issue with this article. |
Pending Home Sales Index Up
Posted by Kathy Landstra in Real Estate Data on May 5, 2010
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The National Assoication of REALTORS® (“NAR”) released the Pending Home Sales Index (“PHSI”) for the month of March on Tuesday, May 4th. The index built on a strong February and continued the rise from a dip in January. The PHSI was up 5.3% over a strong February and the index was up more than 21% from last year. According to the NAR Press Release: Lawrence Yun, NAR chief economist, said favorable affordability conditions have been working with the tax credit. “Clearly the home buyer tax credit has helped stabilize the market. In the months immediately following the expiration of the tax credit, we expect measurably lower sales,” he said. “Later in the second half of the year, and into 2011, home sales will likely become self-sustaining if the economy can add jobs at a respectable pace, and from a return of buyer demand as they see home values stabilizing.” You can find more news information about the March PHSI at these links: |
February Pending Home Sales
Posted by Kathy Landstra in Real Estate Data on April 5, 2010
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The National Assoication of REALTORS® (“NAR”) released the Pending Home Sales Index (“PHSI”) for the month of February today. A recent decline in the index was completely vaporized in February as the PHSI rose more than 8% when compared to January 2010. According to NAR Economist Lawrence Yun, “The rise in buyer contact activity may signal the early stages of a second surge of home sales this spring. The healthy gain hints home prices are continuing to flatten.” Yun also believes this may help to reduce the inventory of homes, which will help the longterm market outlook. You can read all of his comments in the NAR Press Release. You can find more news information about February’s PHSI at these links: |
Yearly Statistical Analysis from Cincinnati MLS
Posted by Kathy Landstra in Cincinnati Real Estate, Real Estate Data on March 25, 2010
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I know you cannot read the below graphic, but it’s showing us the average Selling Price as a percent of Listing Price in the Greater Cincinnati area over the past five years. This is only one of several statistical analysis graphs that were published by the Cincinnati Multiple Listing Service today. |
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Take a look at the complete analysis, and look through a thorough review of the residential real estate market in Cincinnati, Ohio for the past five years. The Selling Price as a percent of Listing Price is a favorite of mine. Even in today’s market, the average Selling Price is still more than 94% of the Listing Price. This demonstrates the effect a professional REALTOR has on defining the List Price, because a REALTOR will consider the current market conditions when setting the price, which on average limits (or completely eliminates) the “fire sale, offer way below the Listing Price” situation in real estate. Even today, the average selling discount from the Seller’s Listing Price is no more than a consistent five to six percent. If you like data, this is a great report. |
January Pending Home Sales
Posted by Kathy Landstra in Real Estate Data on March 5, 2010
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The National Assoication of REALTORS® (“NAR”) released the Pending Home Sales Index (“PHSI”) for the month of January yesterday. A runup in pending home sales for most of last year has been stumbling lately, but we are still substantially above last year’s levels. As you can see from the leftside graphic, the pending home sales data shows a monthly reduction of 7.6% from December 2009. While this reduction seems to be an increasing trend, it is important to realize that the pending home sales for January 2010 are still above January 2009 by 12.3%. A number of factors, including severe winter weather, have hampered nearterm home sales, but NAR Economist Lawrence Yun thinks this will change. He says, “We will see weak near-term sales followed by a likely surge of existing-home sales in April, May and June.” Read all of Yun’s comments by visiting the NAR Press Release. You can find more news information about January’s PHSI at these links: |
December Pending Home Sales Up
Posted by Kathy Landstra in Real Estate Data on February 3, 2010
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The National Assoication of REALTORS® released the Pending Home Sales Index (“PHSI”) for the month of December yesterday. After a dramatic fall in November, the index recovered to post a 1% gain over last month, and it gained more than 10% from a year ago, December 2008. Lawrence Yun, National Assoication of REALTORS® chief economist, said it’s important to recognize how the tax credit is skewing market data. “There are easily understood swings in contract activity as buyers respond to a tax credit that was expiring and was then extended and expanded,” he said. “These swings are masking the underlying trend, which is a broad improvement over year-ago levels. December activity was the fifth highest monthly tally in two years.” You can find more information about December’s PHSI at these links: |
What is a Home Warranty?
A home warranty is a service contract, normally for one year, which helps protect home owners against the cost of unexpected covered repairs or replacement on their major systems and appliances that break down due to normal wear and tear. Coverage is for systems and appliances in good working order at the start of the contract.
What is a Short Sale?
If a home is being sold for below what the current seller owes on the property—and the seller does not have other funds to make up the difference at closing—the sale is considered a short sale. A short sale is different from a foreclosure, which is when the seller's lender has taken title of the home and is selling it directly. Homeowners often try to accomplish a short sale in order to avoid foreclosure.
