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Archive for the 'Market Trends' Category

Don’t Be Fooled By These 3 Real Estate Myths

Don’t Be Fooled By These 3 Real Estate MythsMyth or Fact

by Brendon DeSimone / Published April 01, 2013 / Zillow

As the real estate market significantly rebounds, some buyers and sellers are dipping their toes in the waters for the first time. Inevitably, they come into the market with assumptions about how it works.

Their assumptions may come from TV reality shows or watching their parents’ house-hunting experiences. Maybe they’ve learned about real estate from a co-worker’s recent home buying or selling experience. The trouble is, the new buyer or seller’s assumptions are sometimes based on outdated or generalized “real estate myths.” Here are three such myths that many less-seasoned home buyers and sellers assume are true.

Myth No. 1: Spring is the best time to sell a home

Historically, real estate seasons were tied to summer and the end of the school year. Families were the typical buyers or sellers, and they wanted to move during the summer so their kids could start anew in September. That’s how spring became the prime selling season. It’s true there are still more homes for sale in the spring, which means there’s a lot of activity and buzz. But spring isn’t necessarily the best time to sell a home anymore.

The reality: The best time to sell is during the holidays and right after

Today, more than half of buyers aren’t married, and their decisions aren’t based upon school schedules. So spring isn’t as relevant as it used to be. Instead, the best time to sell a home is in November, December and January.

It’s a supply-and-demand issue. Most sellers assume buyers aren’t seriously looking during this prolonged holiday season. And yet, many buyers are looking at properties in person and online right up until Christmas Eve. If the right home goes on the market in mid-December, a serious buyer — and there will be a lot of them — will take note.

After New Year’s Eve, most buyers jump back into their routine with a resolve to get into the real estate market, even though many sellers wouldn’t even consider listing in January. The net effect: Savvy sellers will face less competition for a still-strong pool of buyers during this period. And that makes November-January a great time to sell.

Myth No. 2: Always start with your lowest offer

There’s no generalized strategy for making an offer on a home anywhere, ever. A seller could have overpriced or underpriced the home on purpose. Some markets may be more competitive than others. But, somehow, in the back of the buyer’s head Read the rest of this entry »

Written by Michael Solovay | Discussion: 1 Comment »

South Florida Residential Inventory Continues to Fall

South Florida Residential Inventory Continues to Fall

South Florida Inventory 02-25-13

Residential inventory in South Florida fell to 34,398 from 34,535 active listings for the week ending February 25, 2013. During the same period, pending sales increased to 23,565 from 23,013.

Active listings are properties where no current sale contract exists; pending sales are properties in which a contract for sale has been executed, but not yet closed. Listing brokers control the status of a property listing. The figures were compiled by Condo Vultures Realty using the South Florida Shared Multiple Listing Service.

I hope this information is useful to you. Please contact me for all your South Florida real estate needs at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: No Comments »

Home Prices in 2012: Best Year-on-Year Gain in Six Years

Home Prices in 2012: Best Year-on-Year Gain in Six YearsRising Home Prices

Posted By susanne On February 7, 2013 @ 4:09 pm In Business Outlook,Consumer News and Advice, Finance and Economy, Real Estate Information, Real Estate Trends, Today’s Marketplace, Today’s Top Story

CoreLogic, a leading residential property information, analytics and services provider, recently released its December CoreLogic HPI report. Home prices nationwide, including distressed sales, increased on a year-over-year basis by 8.3 percent in December 2012 compared to December 2011. This change represents the biggest increase since May 2006 and the 10th consecutive monthly increase in home prices nationally. On a month-over-month basis, including distressed sales, home prices increased by 0.4 percent in December 2012 compared to November 2012. The HPI analysis shows that all but four states are experiencing year-over-year price gains.

Excluding distressed sales, home prices increased on a year-over-year basis by 7.5 percent in December 2012 compared to December 2011. On a month-over-month basis, excluding distressed sales, home prices increased 0.9 percent in December 2012 compared to November 2012. Distressed sales include short sales and real estate owned (REO) transactions.

The CoreLogic Pending HPI indicates that January 2013 home prices, including distressed sales, are expected to rise by 7.9 percent on a year-over-year basis from January 2012 and fall by 1 percent on a month-over-month basis from December 2012, reflecting a seasonal winter slowdown. Excluding distressed sales, January 2013 house prices are poised to rise 8.6 percent year over year from January 2012 and by 0.7 percent month over month from December 2012. The CoreLogic Pending HPI is a proprietary and exclusive metric that provides the most current indication of trends in home prices. It is based on Multiple Listing Service (MLS) data that measure price changes for the most recent month.

“December marked 10 consecutive months of year-over-year home price improvements, and the strongest growth since Read the rest of this entry »

Written by Michael Solovay | Discussion: No Comments »

Rising Miami Home Prices, Inventory Shortage Create Opportunity for Sellers

Rising Miami Home Prices, Inventory Shortage Create Opportunity for SellersHousing Prices

Submitted by Lynda Fernandez

Miami, FL – Miami home prices rose again in September, marking 10 consecutive months of appreciation, according to the 26,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system. The median sales price of Miami-Dade condominiums, which has increased each of the last 15 months, rose 36.2 percent to $150,000 compared to a year earlier. The median sales price of single-family homes rose 8.6 percent to $190,000.

“The Miami real estate market continues to strengthen despite the shortage of housing inventory,” said 2012 Chairman of the Board of the MIAMI Association of REALTORS Martha Pomares. “We’ve seen nearly an entire year of significant monthly price increases, which makes now a great time to sell a home. Miami properties sell very quickly and draw multiple offers when priced right.”

In September the average sales price for condominiums in Miami-Dade County increased 30.2 percent to $277,774. The average sales price for single-family homes decreased 6.1 percent to $315,521.

Florida Statewide Home Prices

Statewide median sales prices in September increased 7.4 percent to $145,000 for single-family homes and 18.8 percent to $105,376 for condominiums, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. The national median existing-home price for all housing types was $183,900 in September, an 11.3 percent increase from September 2011, according to the National Association of Realtors (NAR).

Miami Home Sales Rise Again in September

Total residential sales in Miami-Dade County Read the rest of this entry »

Written by Michael Solovay | Discussion: 1 Comment »

Home Prices Hit 20-month High

Home Prices Hit 20-month HighRising Property Values

FNC’s latest Residential Price Index™ (RPI) indicates that U.S. property values continue to rise. Home prices reached a 20-month high following a robust spring/summer homebuying season. In August, home prices rose for the sixth consecutive month, consistent with signs of strengthening market conditions that are led by rising existing-home sales and declining foreclosure activities. Foreclosure sales, down from 23 percent a year ago to 17.4 percent in August, continue to play out favorably on current price trends.

Nationwide, August home prices – based on recorded sales of non-distressed properties (existing and new homes) in the 100 largest metropolitan areas – were up at a seasonally unadjusted rate of 0.3 percent from the previous month. On a year-over-year basis, home prices rose 1.5 percent from August 2011. Year to date, home prices were up nearly 5.0 percent from January.

FNC’s RPI is the industry’s first hedonic price index built on a comprehensive database that blends public records of residential sales prices with real-time appraisals of property and neighborhood attributes. As a gauge of underlying home value, the RPI excludes sales of foreclosed homes, which are frequently sold with large price discounts reflecting poor property conditions.

All three FNC RPI composites (the National, 30-MSA, and 10-MSA indices) show similar up-trend, rising month-to-month for six consecutive months since March. There are signs that the upward momentum subsided somewhat in August, with the two broader indices up only 0.2-0.3 percent from July. On a year-over-year basis, home prices nationwide strengthened Read the rest of this entry »

Written by Michael Solovay | Discussion: 2 Comments »

List of Improving Housing Markets Eclipses 100 in October

List of Improving Housing Markets Eclipses 100 in OctoberImproving Housing Market

A total of 103 housing markets across the United States qualified to be listed on the National Association of Home Builders/First American Improving Markets Index (IMI) for October, released today. This is up from 99 markets listed as improving in September and is the largest number of metros on the IMI since it was created one year ago. A total of 33 states and the District of Columbia are represented on the October list.

The index identifies metropolitan areas that have shown improvement from their respective troughs in housing permits, employment and house prices for at least six consecutive months. Markets added to the list in October include such geographically diverse locations as Santa Cruz, Calif.; Pocatello, Idaho; Abilene, Texas; and Savannah, Ga.

“While 11 new housing markets were designated as improving in October, 92 metros retained their spots on the IMI and just seven slipped from the list,” notes Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, Fla. “This is an encouraging sign that Read the rest of this entry »

Written by Michael Solovay | Discussion: 3 Comments »

REAL Trends Housing Market Report

REAL Trends Housing Market Report – August 2012

The REAL Trends Housing Market Report presents regional and national trends in the residential real estate market.  This latest report was released September 24, 2012.

The housing market continues to gain strength for the 12th consecutive month in August.  In the South, the sale of new and existing home units was up 13.1% while prices increased by 4.8%, compared to a year ago.

[youtube]http://www.youtube.com/watch?v=TE5N2fe44_o[/youtube]

I hope this information is useful to you.  Contact me for all your South Florida real estate needs at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: 1 Comment »

Miami Real Estate Market Focus

Miami Real Estate Market Focus

Miami-Dade Stats – August 2012

Miami-Dade Stats - August 2012We see year over year increases in closed sales, median sales price and average sales price for both single family homes and condos.  Current inventory and distressed sales are both down as compared to this same time last year.

** stats provided by the MIAMI Association of REALTORS. Copyright MIAMI, reprinted with permission.

I hope you find this information useful.  Please contact me for all your South Florida real estate needs at (305) 329-4929 or [email protected]


Written by Michael Solovay | Discussion: No Comments »

The Market in a Minute

The Market in a Minute
[youtube]http://www.youtube.com/watch?v=fNZ9ziEQzE4[/youtube]

Dr. John Tuccillo, Florida Realtors Chief Economist, reports that the positive trend in Florida continues across the board.

I hope this information is useful to you.  Please contact me for all your South Florida real estate needs at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: No Comments »

High Score: Builder Confidence Rises Six Points in July

High Score: Builder Confidence Rises Six Points in JulyHousing Market Confidence

Builder confidence in the market for newly built, single-family homes rose six points to 35 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for July, released recently. This is the largest one-month gain recorded by the index in nearly a decade, and brings the HMI to its highest point since March of 2007.

“Builder confidence increased by solid margins in every region of the country in July as views of current sales conditions, prospects for future sales and traffic of prospective buyers all improved,” says Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, Fla. “This is greater evidence that the housing market has turned the corner as more buyers perceive the benefits of purchasing a newly built home while interest rates and prices are so favorable.”

“Combined with the upward movement we’ve seen in other key housing indicators over the past six months, this report adds to the growing acknowledgement that housing – though still in a fragile stage of recovery – is returning to its more traditional role of leading the economy out of recession,” notes NAHB Chief Economist David Crowe. “This is particularly encouraging at a time when other parts of the economy have begun to show softness, and is all the more reason that Read the rest of this entry »

Written by Michael Solovay | Discussion: No Comments »

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