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February 2018 RE/MAX National Housing Report

by Elite Asset Management Team

 

Speed of January Sales Felt More Like Spring Selling Season

DENVER – The record speed of January home sales may signal that buyers aren’t waiting around for the typical spring selling season to begin. Despite home sales being down 2.8% year-over-year, the February RE/MAX National Housing Report shows homes sold in a mere 60 days last month, marking the fewest Days on Market of any January in the nine-year history of the report. 
 
Days on Market typically decline each month leading into the heart of the spring and summer buying season in July and start increasing monthly as fall progresses into winter.

“We recently saw the groundhog predict six more weeks of winter, but January housing numbers are telling a different story,” said RE/MAX CEO Adam Contos. “It looks like the spring selling season may have arrived early because home buyers are not slowing down. The speed of this market is on pace with what we saw in the prime of the 2017 selling season.”
 
The Median Sales Price of $224,000 also set a January record — up 6.7% year-over-year. Out of 53 markets, 51 posted gains, marking January as the 22nd consecutive month of year-over-year price increases dating back to April 2016.
 
Closed Transactions 
Of the 53 metro areas surveyed in January 2018, the overall average number of home sales decreased 27.4% compared to December 2017 and decreased 2.8% compared to January 2017. Twenty of the 53 metro areas experienced an increase in sales year-over-year including, Milwaukee, WI, +13.6%, Albuquerque, NM, +12.8%, Kansas City, MO, +12.5%, and Boise, ID, +12%.

Median Sales Price – Median of 53 metro median prices
In January 2018, the median of all 53 metro Median Sales Prices was $224,000, down 4.7% from December 2017 but up 6.7% from January 2017. Billings, MT, was the only metro area to see a year-over-year decrease in Median Sales Price at -6.4%. Eleven metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Boise, ID, +18.7%, Las Vegas, NV, +16.2%, San Francisco, CA, +14% and Orlando, FL, +13.8%. 

Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in January 2018 was 60, up three days from the average in December 2017, and down six days from the January 2017 average. The metro areas with the lowest Days on Market were San Francisco, CA, at 31, Omaha, NE, at 34 and Nashville, TN at 36. The highest Days on Market averages were in Augusta, ME, at 109, Chicago, IL, at 96 and Hartford, CT, at 93. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.
 
Months Supply of Inventory – Average of 53 metro areas
The number of homes for sale in January 2018 was down 4.8% from December 2017, and down 14.8% from January 2017. Based on the rate of home sales in December, the Months Supply of Inventory decreased to 3.4 from December 2017 at 3.7, as well as decreased compared to January 2017 at 3.8. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In January 2018, 49 of the 53 metro areas surveyed reported a months supply at or less than 6.0, which is typically considered a seller’s market. The metro areas that saw a months supply above 6.0, which is typically considered a buyer’s market, were Birmingham, AL, at 8.2, Augusta, ME, at 7.5, Miami, FL, at 7.1 and New Orleans, LA, at 6.8. The markets with the lowest Months Supply of Inventory continued to be in the west with Denver, CO, San Francisco, CA and Seattle, WA at 1.1.
Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood.
And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!
 
Peter Veres
Associate Broker, CRS,ABR,CLHMS,SRES
Elite Asset Management Team - RE/MAX Elite
www.PeteVeres.com
Cell: 505-362-2005
Office: 505-798-1000
Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood. And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help! 

Peter Veres
Associate Broker, CRS,ABR,CLHMS,SRES
Elite Asset Management Team - RE/MAX Elite
www.PeteVeres.com
Cell: 505-362-2005
Office: 505-798-1000

Why Hire a Real Estate Professional? Here are 5 Reasons Why

by Elite Asset Management Team

 

Buying or selling a home is a big decision. It is one of the biggest decisions you’ll be making in your life. It is crucial that you know what you’re doing, but being knowledgeable may not be enough. Getting help from an experienced real estate professional can be the difference between you enjoying your new home or the equity from a sale and losing it all.

With continuous increase in mortgage rates and home prices, buying or selling on your own may not be a wise decision.

Why hire a real estate professional?

State Regulations

In each state, there are varying regulations on the contracts needed for a successful sale. It would mean a lot of paperwork. Your local real estate expert would know these regulations and make sure that everything goes smoothly.

Experience

Buying or selling a home involves a lot of steps. A real estate professional with experience can make sure that all steps are done the right way to get you in your dream home.

Negotiating

There will be a lot of negotiating in the buying or selling of a home. You need someone who can help you get what you want, someone to deal with buyers, sellers, appraisers, inspectors, etc.

What is your property or the property you want really worth?

Knowing this is very important when buying or selling a home. Your home could be worth more than you think. The home you’re buying maybe worth less than the listing price. It could mean losing thousands of dollars if you don’t know what you’re doing.

According to a study by Collateral Analytics

“FSBOs tend to sell for lower prices than comparable home sales, and in many cases below the average differential represented by the prevailing commission rate.”

Up to date

The real estate market is ever changing. You need someone who knows the past, the present and can foresee the future. A good real estate professional knows the market and would tell you what you need to hear and not what you want to hear.

Financial guru Dave Ramsey advises,

“When getting help with money, whether it’s insurance, real estate or investments, you should always look for someone with the heart of a teacher, not the heart of a salesman.”

Meet with a realtor like Pete Veres, CRS – Certified Residential Specialist & ABR – Accredited Buyers and Seller Representative who can help you navigate thru the process and get the job done for you. He can provide you with a Free Market analysis when you are ready. Pete Veres has had over 25 years of Sales & Marketing experience, excellent negotiating skills and a superb track record.

You can contact him by calling or texting him at 505-362-2005 or by emailing him at Pete@nmelite.com.

He has a great website full of the latest information at www.NMElite.com

Here are also some Free Sellers resources. VIP-Seller-Resources

2018 and Mortgage Rates

by Elite Asset Management Team

 

Are you planning on buying a home? One of the most important things to know about is mortgage rates and what’s going to happen to it in 2018. Keep in mind, the higher rate, the higher the monthly payment.

According to Freddie Mac’s U.S. Economic & Housing Marketing Outlook’s chart, in the next 12 months, interest rates are projected to go up steadily.

 

 

How will this affect your mortgage payment?

A half percent increase can significantly increase you monthly payments. It will also depend on the amount of the loan you get.

National home prices have appreciated 7.0% from this time last year and are predicted to be 4.2% higher next year, according to CoreLogic’s latest Home Price Index.

If both scenarios come true, people would be paying more to be able to buy a home.

Meet with a realtor like Pete Veres, CRS – Certified Residential Specialist & ABR – Accredited Buyers Representative who can help you navigate thru the process and get the job done for you. Pete Veres has had over 25 years of Sales & Marketing experience, excellent negotiating skills and a superb track record.

You can contact him by calling or texting him at 505-362-2005 or by emailing him at Pete@nmelite.com.

He has a great website full of the latest information at www.NMElite.com

Major Mistakes Buyers Should Avoid In A Seller’s Market

by Elite Asset Management Team

 

In a seller’s market, it’s crucial to avoid any mistakes as a buyer. You should have an appropriate plan ready to go.

We are now in a seller’s market and it is very important that you are prepared for it when buying a home. The rules have changed on how to place an offer and how to negotiate. Here are some major mistakes you can avoid to make sure you are on the right path to getting your dream home.

Offer not strong enough

In this market offering low is not the best option. With not much inventory available in the market, competition can be fierce. The home you have fallen in love with might be taken away buy another buyer with a stronger offer. According to David Dubin, a New York broker, “In a seller’s market, many buyers do not step up with a strong enough offer,” he also states “There is usually a shortage of inventory, and the competition is usually fierce. I always encourage a buyer to come in with a strong opening offer.” You also want to keep response times shorter and don’t counter too many times as that can allow time for a better offer to come in.

Waiting too long

It’s understandable that you would want to analyse your home purchase and want to be sure of the whole process, but you shouldn’t over analyse. Once you find the home you love, don’t be afraid to make a competitive offer. It is best to get your finances in order and get a preapproval. “Know how much you can truly afford, repair any credit issues, have your down payment in hand, and delay [other] major purchases,” says John Lazenby, president of the Orlando Regional Realtor Association in Florida. You don’t want to lose the home to a more aggressive buyer.

Inexperienced agent

Home buying can be stressful. Getting help from a real estate agent can save you time, money, and make the whole process easier and maybe even stress free. Work with an agent who has a good track record and who has experience. They can most certainly give you a better chance of getting the home you want. Michael Holt, a New York agent explains, “When you are competing against other buyers in a fast-paced market, it is vital to be ‘offer-ready,’” he also says, “Working with a real estate professional saves tons of time and stress, as they know the ins and outs of the process and can provide tremendous insight regarding upcoming inventory.” A CRS, Certified Residential Specialist may be the best agent to use as they are some of the most experienced agents out there.

Not getting Prequalified or preapproved

Getting prequalified is good then get preapproved. Getting preapproved will show sellers that you have you finances in order and that you’re ready and able to buy. Getting prequalified is a good first step to show seller’s how serious you are. “Prequalification is absolutely paramount,” says Teka Klopfenstein, a New York agent. “A buyer has zero advantage if they do not have the cash to purchase without a mortgage and haven’t taken the time to speak with a lender.” Not getting prequalified, she says, “sends a message to the seller that the buyer will lag on getting their ducks in order and aren’t taking their house hunting seriously.”

Unprepared for a bidding war

In a seller’s market, the inventory is low and competition is fierce. You should be prepared for a bidding war. There is a solution that’s presented by broker Michael Holt. “Set your search below your max budget to leave room in case of an over-asking bidding war.” This way, you get an advantage over buyers who have their bids at max.

Not knowing and understanding your mistakes

Like everything that happens in life, learning from your mistakes makes you stronger and better than you were before. In real estate, when your offer gets declined or if you lose a home to another buyer, it’s not the end of the world. With the experience you’ll gain from them, you’ll come back stronger and know what needs to be done to get the home you want.  “You probably have to let a few keepers slip through your fingers, have a couple sleepless nights over it, and then come back with serious intent to lock up the next greatest opportunity in front of you.”, says Stenta who compared the home buying process to dating, particularly for first-time buyers.

Meet with a realtor like Pete Veres, CRS – Certified Residential Specialist & ABR – Accredited Buyers Representative who can help you navigate thru the process and get the job done for you. Pete Veres has had over 25 years of Sales & Marketing experience, excellent negotiating skills and a superb track record.

You can contact him by calling or texting him at 505-362-2005 or by emailing him at Pete@nmelite.com.

He has a great website full of the latest information at www.NMElite.com



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Elite Asset Management
RE/MAX Elite
8300 Carmel Ave. NE Ste. 201
Albuquerque NM 87122
(505)362-2005
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