Archive for November 2013

Survey Details 2013’s Typical Home Buyer, Seller

November 6, 2013 Housing Market Comments Off on Survey Details 2013’s Typical Home Buyer, Seller

Among recent home buyers, 80 percent said they believe their home is a good investment, according to the 2013 National Association of Realtors Profile of Home Buyers and Sellers. The survey, which polled nearly 150,000 recent buyers and sellers, aimed to evaluate the demographics, preferences, motivations, and experiences of people who participated in a real-estate transaction between July 2012 and June 2013. According to the results, the number of first-time home buyers slipped from 39 percent in the 2012 study to 38 percent this year. The median age of first-time buyers was 31 and their median income was $67,400. Among repeat buyers, the typical buyer was 52 years old and earned $96,000. Nearly 90 percent of all buyers financed their home – with 95 percent of entry-level buyers using a fixed rate mortgage. 92 percent of respondents said they used the Internet to search for a home. The survey also found that the typical seller was 53 years old and moved a median distance of 18 miles. Homes for sale were typically on the market for 5 weeks, down from 11 weeks in last year’s survey. More here.

For-Sale Inventory Remains Near Highs For Year

November 5, 2013 Housing Market Comments Off on For-Sale Inventory Remains Near Highs For Year

The fewer homes there are available for sale, the higher home prices will be. So far this year, tightening for-sale inventory has contributed significantly to the double-digit price increases seen in markets across the country. But, according to a new report from Realtor.com, there is evidence that inventory levels are beginning to rebound. In September, there were 1.94 million homes listed for sale across the country and, though that represents a slight decline from the month before, it is the third highest level seen this year. And, while for-sale inventory typically slows down following the summer sales season, this year’s dip was lower than usual. Also in the report, nine of the top 30 metro areas saw year-over-year increases in the number of homes available for sale. More here.

What Continued Price Growth Means For The Market

November 4, 2013 Housing Market Comments Off on What Continued Price Growth Means For The Market

After a year of consistent gains, home price growth seemed to slow over the summer months. But, according to a new report from DataQuick, prices rebounded significantly in September with increases seen in all 42 included counties on a monthly, quarterly, and yearly basis. DataQuick’s monthly Property Intelligence Report found all of its reporting markets experienced growth in excess of their long-term average. Gordon Crawford, Ph.D., vice president of analytics for the company, said the immediate impact of the gains would be an increase in home price listings and overall sales as homeowners with negative equity are gradually swept toward a position of positive equity. Crawford also expects a decrease in foreclosures and increases in demand for home equity lines of credit. More here.

Older Homes Offer Bargains For Buyers

November 1, 2013 Housing Market Comments Off on Older Homes Offer Bargains For Buyers

More than 70 percent of U.S. single family homes were built before 1990, according to new research from RealtyTrac. That means fewer homes available for sale that are less than 20 years old but also better deals for potential buyers. Jake Adger, chief economist at RealtyTrac, said the higher percentage of homes that are at least 20 years old is eye-opening but also an opportunity for buyers. According to Adger, buyers willing to take on an older home in need of some rehab will likely be able to purchase it at a lower price point and with less competition. This year, 60 percent of home sales have been houses built before 1990. Those homes sold for an average price of $233,221. Homes built after 1990 sold for an average of $256,292. More here and here.

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