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July 2016 RE/MAX National Market Update

by Elite Asset Management Team

Home Sales Warm Up With Summer Temps

 

 

DENVER (July 14, 2016 With the market now in the midst of the popular summer selling season, both home sales and prices are rising with the summer temperatures. Homebuyer demand in June kept sales levels above last year’s by 0.7%, with a strong increase of 9.4% over sales in May. The Median Sales Price in June was $229,900, which marks a 2.2% increase over prices seen in June 2015. As year-over-year price increases moderate, there’s a positive impact on home affordability. The number of homes for sale in June fell 15.6% from levels one year ago, making inventory supply a significant challenge, especially in West Coast metros. At the rate of home sales in June, the national Months Supply of Inventory was 3.2, a slight improvement from the 3.0 supply seen in May.
 
“Last year was the best we’d seen in a long time for home sales. So, it’s encouraging that sales this year are remaining above last year’s levels. Moderating prices are a good thing for this market. Homeowners are still seeing improvement in their equity, while there’s less chance of homebuyers being priced out. We have to wait out the ongoing inventory challenges, but the month-over-month stabilization we’re seeing is a very good sign,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder. 
 
“Nationally, home value increases are well within the healthy range. Although, variances across the country can influence owners’ perception. It’s important for homeowners to realize how they perceive their home’s value could vary widely from how an appraiser views it, since it can make or break a home sale or mortgage refinance,” added Bob Walters, Quicken Loans, Chief Economist. 
 
Closed Transactions – Year-over-year change
In the 53 metro areas surveyed in June, the average number of home sales was 0.7% higher than one year ago, and was 9.4% higher than the previous month. Sales are slightly above the strong numbers seen last June and are also above the 6.7% average of month-to-month increases from May to June over the last eight years. Like previous months this year, June home sales continue to be strong in the Northeast. Across the nation, 31 of the 53 metro areas surveyed reported sales higher than one year ago, with six experiencing double-digit increases; Augusta, ME +22.7%, Las Vegas, NV +13.2%, New York, NY +13.1%, Trenton, NJ +11.1%, Cleveland, OH +11.1% and Hartford, CT +10.2%. 
 
Median Sales Price – Median of 53 metro median prices
In June, the median of all 53 metro Median Sales Prices was $229,900, up 3.0% from May, and up 2.2% from the Median Sales Price in June 2015. June is the 53rd consecutive month without a drop in price from the previous year.  In 2015, the monthly average of year-over-year price increase was 7.6%. The 2.2% rise in June appears to be signaling a moderation in price increases, which eases pressure on home affordability. Among the 53 metro areas surveyed in June, only four had a year-over-year drop in Median Sales Price. The remaining 49 metros reported higher prices than one year ago, with seven rising by double-digit percentages; Tampa, FL +14.1%, Orlando, FL +13.9%, Honolulu, HI +13.1%, Portland, OR +12.6%, Denver, CO +11.1% Boise, ID +10.1% and Augusta, ME +10.1%.
 
Days on Market – Average of 53 metro areas
The average Days on Market for all homes sold in June was 54, down 4 days from the average of 58 in both May 2016 and June 2015. June becomes the 39th consecutive month with a Days on Market average of 80 or less. In the three markets with the lowest inventory supply, Seattle, Denver and San Francisco, Days on Market was 25, 23 and 21 respectively. The highest Days on Market averages were seen in Augusta, ME at 143, down from 174 in May, and Des Moines, IA unchanged at 103. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed. 
 
Month’s Supply of Inventory – Average of 53 metro areas
The number of homes for sale in June was just 0.7% lower than in May, but 15.6% lower than in June 2015. Like May, June had a sequential inventory loss of less than 1%. The apparent stabilization of inventory on a month-to-month basis is a positive sign, especially during the summer selling season. Based on the rate of home sales in June, the Months Supply of Inventory was 3.2, which is nearly identical to last month and last year, 3.0 and 3.6 respectively. A 6.0 month supply indicates a market balanced equally between buyers and sellers. The number of metros with a Months Supply of Inventory below 2.0 may also be stabilizing at 8, down from 10 in May. The eight metros with less than a 2-month supply include Seattle, WA 1.2, Denver, CO 1.3, San Francisco, CA 1.3, Portland, OR 1.5, Boston, MA 1.5, Omaha, NE 1.8, Dallas-Ft. Worth, TX 1.9 and San Diego, CA 1.9 

 

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!


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"#1 RE/MAX Elite TeamRE/MAX Elite

www.PeteVeres.com

Cell: 505-362-2005

Office: 505-798-1000

 


10 Tips to Help Sell Your Home Fast

by Elite Asset Management Team

Pricing it right

          Setting the proper price at the very beginning is extremely important for a quick sale. Pricing your home too high may take too long for your home to sell. If you’re thinking of pricing your home high then lowering it when it fails to sell will cost you time and money. Many buyers and their agents may shy away just by looking at the price. The activity that your house is going to get in the first 30 days of it being on the market is the best you’re going to see so to get more people interested, the price has to be market specific.. Always get your agent to do a formal market analysis and benchmark your home with specific comparables.

 

 

Curb appeal matters

          The first thing buyers will see is how your house looks from the outside. A good looking house will always get buyers interested. You don’t have to spend a fortune to make your home look good. A few simple ways you could enhance your home’s curb appeal is by painting the front door, adding some flowers or replacing the mailbox. Make sure the rest of the paint looks good, add outdoor lighting fixtures and most important keep it clean.

 



Updates

          One of the services Pete Veres provide his clients is a free in home consultation to see what enhancements can be done to your home for the least amount to maximize your return. Adding new fixtures, repainting the interior and keeping it modern or attuned to what’s in style will help you sell your home fast. If you’re planning on updating, it’s best to set a budget and make sure you don’t overspend on items that are too expensive. Research or ask your realtor if the updates you’re planning on adding will be a wise decision. You may lose money if you spend too much or you may get more and it all depends on what updates and if they will increase your home’s value. Pete Veres says spend wisely for the desired updates.

 


 

Clean and clear

          Buyers always envision themselves living in a home they look at. Having a clean home matters a lot. Clear out any knickknacks or any other items that may distract potential buyers. It is also wise for you to depersonalize your home. Removing family pictures, clutter any personal items may help the buyers envision living in it better. Be sure to clean every nook and cranny as buyers can be meticulous. Also make sure the home smells fresh and clean.

 


 

 Staging

          One of the best, proven methods to faster sales is a process known as “staging.” Staging uses design and conceptualization techniques. The objective is to have potential buyers walk in and envision the property as their home. They can see themselves living and entertaining there. It’s all about creating a space that makes buyers connect emotionally to it. They should feel as if they were the owner, not a guest. As a seller, In order to do this effectively, you need to make your house as impersonal and attractive as possible to stimulate the buyer’s visual acuity. Some sellers don’t want to invest in staging but it can help sell your home fast and for top dollar.

 

Be flexible on showings

          One of the best things you could do is to be flexible when it comes to showings. Make it very easy for people to view your home. Be ready for early morning, late night and weekend showings. Some showings might also be on short notice. It is also wise for you not to be there so that buyers won’t feel rushed and would really get a feel for the home. They can also discuss freely with their realtor about what they like and dislike about the home. These opinions from buyers, positive and negative, can really help you find out what you need to do to get your home sold faster.

 

No pets

            Everyone loves their pets. They are a part of the family. But when it comes to selling your home, it is wise to remove them when there are showings. Remove their paraphernalia as well. The home should look as if there hasn’t been a pet in there at all. Make sure all pet orders are gone.

 


 

Your home advertised online

          You have to be sure that your home is listed almost everywhere online. Your realtor can help you with this. Almost all realtors advertise their listings online like Zillow, Trulia and Realtor.com. Social media is another place realtors use to advertise your listing. With the popularity of Facebook, Twitter, Instagram and other social media sites, it’s quite easy for realtors to reach people and show your home.


 

Excellent photos

          Today, everybody seems to be online. The most popular place buyers look for homes is online. The first things they will see when they check out your listing are the pictures. The pictures have to look excellent. Buyers who look online would want to see your home if the pictures are great. Show the best features of your home. There are other media you could use like a 3d virtual tour of your home where buyers can see your home as if they were there by using their mouse to look and walk around. Make sure your agent hires a professional photographer. It’s amazing that some agents use their smartphone to take pictures and use those to market their listings.

 


 

Neighborhood

          Your listing should also include information about what’s in the neighborhood. Where’s the nearest hospital? Any good restaurants near your home? Where’s the nearest school? What are the available activities in the area? These are also very important for buyers as some of them make their decision based on this info.

 


 

These tips can help you sell your home fast. You don’t need to follow all of them. Follow the tips that you think can help you. If you need help selling your home, I’m here to help. Pete Veres, CRS – Certified Residential Specialist can help get your home sold quickly in a timely manner. www.peteveres.com

 

 

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