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May 2018 RE/MAX National Housing Report

by Elite Asset Management Team

Prices Rise 7.8 Percent, But Homes Selling Faster and Faster 

 

 

DENVER – In May, homes sold faster than at virtually any other time in the past decade, according to the latest RE/MAX National Housing Report. Low inventory and high demand in May cut Days on Market to 46, the second-lowest monthly number in the nearly 10-year history of the report.
 
May home sales topped April sales by 14.5%, and were down by 2.8% from May 2017. The median sales price of $251,673 was up 7.8%.
 
By comparison, homes averaged five more days on the market (51) in May 2017, 12 more days (58) in May 2016 and 18 more days (64) in 2015.
 
“Even with low inventory and the Federal Reserve raising interest rates, homes are going from ‘for sale’ to sold 28 percent faster than three years ago,” said RE/MAX CEO Adam Contos.
 
With 11 metro areas increasing the median sales price year-over-year by double digits, May is still a seller’s market, and homebuyers should expect to compete with other buyers when they are ready to make an offer on a home.
 
“Be prepared — that’s my message to potential homebuyers in this summer selling season,” added Contos. “Make sure you are pre-approved with a lender, try to make a clean offer with no contingencies and, if possible, consider offering favorable concessions to the seller such as a flexible closing date. Pairing today’s real estate technology with the guidance of a professional RE/MAX agent, can help you find the right home.”
 
Closed Transactions 
Of the 54 metro areas surveyed in May 2018, the overall average number of home sales increased 14.5% compared to April 2018 and decreased 2.8% compared to May 2017. Sixteen of the 54 metro areas experienced an increase in sales year-over-year, including, Burlington, VT, +14.2%, Boise, ID, +11.3%, Trenton, NJ, +7.7% and Anchorage, AK at +3.8%.
 
Median Sales Price – Median of 54 metro median prices
In May 2018, the median of all 54 metro Median Sales Prices was $251,673, up 2.1% from April 2018 and up 7.8% from May 2017. Three metro areas saw a year-over-year decrease in Median Sales Price: Trenton, NJ, -2.4%, Anchorage, AK, -1.2% and Hartford, CT, -0.7%. Eleven metro areas increased year-over-year by double-digit percentages, with the largest increases seen in San Francisco, CA, +19.3%, Boise, ID, +16.8%, Las Vegas, NV, +16% and Augusta, ME, +14%.
 
Days on Market – Average of 54 metro areas
The average Days on Market for homes sold in May 2018 was 46, down six days from the average in April 2018, and down five days from the May 2017 average. The metro areas with the lowest Days on Market were San Francisco, CA and Seattle, WA, at 19, Denver, CO, at 21 and Salt Lake City, UT, at 25. The highest Days on Market averages were in Augusta, ME, at 115, Hartford, CT, at 83, and New York, NY and Miami, FL at 82. 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 54 metro areas
The number of homes for sale in May 2018 was up 4% from April 2018, and down 9.5% from May 2017. Based on the rate of home sales in May, the Months Supply of Inventory remained unchanged from April 2018 at 2.5, and slightly decreased compared to 2.6 in May 2017. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In May 2018, all 54 metro areas surveyed reported a months supply at or less than 6.0, which is typically considered a seller’s market. The markets with the lowest Months Supply of Inventory are in the west with San Francisco, CA, at 1.0 and Boise, ID, Denver, CO, and Seattle, WA, tied 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

Rent Still Rising According to Reports

by Elite Asset Management Team

 

If you’re renting your home you probably already know that rent has continued to rise since you first started renting. You’re already losing money by renting and not having home equity and with rent continually rising you’ll be losing a lot more in the long run.

From the 2018 first quarter median rent numbers from the Census Bureau, this graph shows rent increases from 1988 until today:

Based on this graph, you can see that rent has steadily risen over the past few decades. With this information you can somehow guess that it will still continue to rise. Consider buying a home. Lock in your monthly housing expense. Start building equity.

Talk to a realtor and find out what your options are. It doesn’t matter if you’re thinking of buying tomorrow or a few years from now, learn as much as you can. There may be options available for you today that might not be there when you finally decide 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

Thinking of Selling Your House On Your Own? It Could Cost You.

by Elite Asset Management Team

 

The current real estate market favors sellers and some homeowners might be thinking of selling their homes on their own which is also known as a For Sale By Owner (FSBO). They think that by going that route, they’ll be saving money by not having to get the services of a real estate agent.

Collateral Analytics made a study and found out that FSBOs don’t actually save any money and in some cases, it has cost them more by not getting the services of a real estate agent and having it listed with them.

In the study, they analyzed home sales in a variety of markets. The data showed that:

“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.”

Why would FSBOs net less money than if they had used an agent?

The study makes several suggestions:

  • “There could be systematic bias on the buyer side as well. FSBO sales might attract more strategic buyers than MLS sales, particularly buyers who rationalize lower-priced bids with the logic that the seller is “saving” a traditional commission. Such buyers might specifically search for and target sellers who are not getting representational assistance from agents.” In other words, ‘bargain lookers’ might shop FSBOs more often.
  • “Experienced agents are experts at ‘staging’ homes for sale” which could bring more money for the home.
  • “Properties listed with a broker that is a member of the local MLS will be listed online with all other participating broker websites, marketing the home to a much larger buyer population. And those MLS properties generally offer compensation to agents who represent buyers, incentivizing them to show and sell the property and again potentially enlarging the buyer pool.” If more buyers see a home, the greater the chances are that there could be a bidding war for the property.

In conclusion:

  1. They achieve lower prices when they go FSBO than similar homes that are sold by realtors who use the MLS,
  2. The data suggests the average price was near 6% lower for FSBO sales of similar properties.

America’s trusted voice on money, Dave Ramsey explains:

“Research has shown that, between mistakes, lack of negotiating skills, pricing errors and general exposure on the market, you’ll cost yourself more than the real estate commission…You’ll come out slightly better and with a lot less hassle if you use a top-shelf agent.”

 

Meet with a realtor like Pete Veres, CRS – Certified Residential Specialist, SRS – Senior Real Estate Specialist who can help you get your home sold. He can provide you with a Free Market analysis when you are ready. Pete Veres has had over 25 years of Sales & Marketing experience and excellent negotiating skills.

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

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

 

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(505)362-2005
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