Who’s Buying and Selling?

The median time on market for all homes was 74 days in February, which is 24 percent below 97 days in February 2012. Short sales were on the market for a median of 101 days, while foreclosures typically sold in 52 days and non-distressed homes took 77 days. One out of three homes sold in February was on the market for less than a month.
bench
Lobby at Montebello
First-time buyers accounted for 30 percent of purchases in February, unchanged from January; they were 32 percent in February 2012. All-cash sales were at 32 percent of transactions in February, up from 28 percent in January; they were 33 percent in February 2012. Investors, who account for most cash sales, purchased 22 percent of homes in February, up from 19 percent in January; they were 23 percent in February 2012. “There was an upward bump in the shares of investor and all-cash closed purchases in February. These sales result from purchase offers during the holidays when shopping activity by traditional home buyers slows, but investors, who typically pay cash, remained active,” Yun said. “This is a seasonal pattern, but we’re now seeing a general increase in buyer traffic, which is 25 percent above a year ago.” Single-family home sales slipped 0.2 percent to a seasonally adjusted annual rate of 4.36 million in February from an upwardly revised 4.37 million in January, but are 8.7 percent above the 4.01 million-unit pace in February 2012. The median existing single-family home price was $173,800 in February, which is 11.3 percent higher than a year ago. Existing condominium and co-op sales rose 8.8 percent to an annualized rate of 620,000 in February from 570,000 in January, and are 21.6 percent above the 510,000-unit level a year ago. The median existing condo price was $172,500 in February, up 13.9 percent from February 2012.
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Homebuilding Soars to Highest Level in 4 Years

Housing starts surged in February as well as future permits for future construction to the highest levels since 2008 -- a sign that the new-home market is picking up steam just in time for the spring buying season, the Commerce Department reported Tuesday. Overall housing starts rose 0.8 percent in February to a 917,000 annual rate. Single-family housing starts, which make up the biggest bulk of that total, reached their highest level since June 2008. Meanwhile, multifamily starts rose 1.4 percent in February to 299,000 units. "Demand for new homes and apartments is definitely rising as the spring buying season approaches and more young people move out on their own," said Rick Judson, chairman of the National Association of Home Builders. "Builders are responding to this improved demand by putting more crews back to work and pulling more permits for future construction, though this positive activity is being constrained  by continuing issues with appraisals and credit availability for both builders and buyers, and also by newly arising challenges such as lot shortages and increased costs for labor and materials." While housing starts have shown a big improvement in the past year, economists say that homebuilding is still less than half of what it was during its prerecession peak and is near levels in the early 1990s. Source: National Association of Home Builders and “Housing Starts at Highest Level Since 2008,” Reuters (March 19, 2013)

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2013 Home Buying Season Kicks Off Early

Home prices are rising, the number of homes for-sale is showing a slight increase, and homes are selling faster—all signs that spring is in the air in real estate, according to the latest MLS data released by Realtor.com®. Nationwide, median list prices continue to tick up, reaching $189,900 in February. Inventories last month increased 1.15 percent month-over-month, after recently hitting record lows. Also, homes are selling faster with the median age of inventory at 98 days, a 9.26 percent drop from the previous month. “As we enter the busiest time of the year for home buyers and sellers, our latest housing trend data shows just how competitive the market is with a significant housing recovery well underway,” says Steve Berkowitz, chief executive officer of Move Inc. “Looking ahead, we can expect the amount of inventory to increase this spring along with higher list prices as sellers become more comfortable with the market conditions.” Median list prices were up 5 percent or more in 51 markets on a year-over-year basis, according to realtor.com®. California markets are seeing some of the highest increases in list prices as well as some of the largest declines in for-sale inventory. Other top performing markets include Phoenix, Seattle, and Denver, according to realtor.com®. “However, many smaller industrialized markets in the Midwest and the Northeast registered year-over-year price declines, as did Philadelphia, Chicago, and New York City,” Lexie Puckett reports in a recent realtor.com® blog post. “While the number of markets experiencing year-over-year list price declines had been increasing, this pattern appears to be turning around as home list prices increased in 78 markets last month on a year-over-year basis and declined in 39.” Source: “Spring Home Buying Season Starts Early According to Realtor.com’s February Trend Data,” RISMedia (March 18, 2013)

Survey: Americans Dream Big About Home Ownership

Eighty-seven percent of Americans recently surveyed say that owning a home is something they dream about, according to a survey by JPMorgan Chase. "Owning a home is at the heart of most Americans' dreams," says Kevin Watters, CEO of mortgage banking at JPMorgan Chase. "And people are saving as much as possible to achieve home ownership." Sixty-six percent of Americans surveyed say that they believe home ownership is a good financial investment. Seventy-five percent say it’s a crucial part of raising a family. First-time home buyers are getting more optimistic about being able to achieve home ownership too. The number of potential first-time home buyers who say they are optimistic about being able to put money down on a home over the next six months doubled in the last six months, compared to previous survey results. "First-time home buyers are crucial to the housing market and the overall economy—and to their communities," says Watters. "As families buy their first home, they are investing in their communities and enable other families to move up. That will eventually spur more new construction, generating additional jobs." Source: “Survey shows homeownership is still the American Dream,” HousingWire (March 15, 2013)
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    Julie Nesbitt knows the back trails and by-ways of Northern Virginia real estate.

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  • REDUCED: 7202 Churchill Rd, McLean

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Demand Soars as Homes Are Selling Faster

Homes are selling faster as buyer demand picks up, leaving a very low supply of homes  left for sale, according to the latest February MLS data figures from Realtor.com. Homes in February sold faster than in any February since 2007, according to the site.
Julie Nesbitt
Julie sold another!
In February, homes were on the market for a median of 98 days—that’s down from 123 days in February 2011. In some markets, homes are spending even less than a month listed for sale, most notably in places like California. For example, in Oakland, Calif., homes spent a median number of 14 days on the market in February before they were either sold or removed from the market for other reasons, according to the Realtor.com data. Sacramento’s median number of days on the market was 21. A total of eight metros in the top 10 for fastest selling times were in California, with only Denver (median 28 days) and Seattle (median 33 days) rounding out the list. The median number of days on the market was also less than two months in places such as Phoenix, Washington, D.C., Detroit, Minneapolis, Atlanta, Dallas, Orlando and Fort Lauderdale. With home sales picking up pace, buyers and sellers are less likely to see price reductions on homes and to see more multiple offer situations, Curt Beardsley, vice president with Move, which operates Realtor.com told USA Today. Source: “Homes selling faster as buyers outpace supply,” USA Today (March 17, 2013)
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Seller’s Market Emerges This Spring: Are You Ready?

The inventory of homes for sale has reached its lowest level since 1999, which is helping home prices to rise in many markets, says Lawrence Yun, the National Association of REALTORS®’ chief economist. “Buyer traffic is continuing to pick up, while seller traffic is holding steady," Yun says. "In fact, buyer traffic is 40 percent above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly. We've transitioned into a seller's market in much of the country.” The National Association of REALTORS® is projecting a seasonal rise of inventory this spring, “but it may be insufficient to avoid more frequent incidences of multiple bidding and faster-than-normal price growth,” Yun says. While the housing recovery is taking hold, more buyers and sellers are realizing they are in a better place this year than last year. Super low mortgage rates are keeping home prices affordable, despite recent price gains. However, some housing experts are concerned that several factors could still threaten housing’s recovery this spring--mainly the economy and threats over a new recession that may be looming. Also, unemployment remains high, which can cause home owners to fall into foreclosure and could increase foreclosure rates, which can bring overall home prices down. Source: “Will housing market's revival last?” Sarasota Herald-Tribune (March 9, 2013)
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    Julie Nesbitt
    Julie Nesbitt knows the back trails and by-ways of Northern Virginia real estate.

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  • REDUCED: 7202 Churchill Rd, McLean

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Existing-Home Sales Up Again in January

The uptrend in existing-home sales continues, with January sales rising for the third consecutive month with a pace that is now above levels a year ago, according to the NATIONAL ASSOCIATION OF REALTORS®. Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 2.7 percent to a seasonally adjusted annual rate of 5.36 million in January from a downwardly revised 5.22 million in December, and are 5.3 percent above the 5.09 million level in January 2010. This is the first time in seven months that sales activity was higher than a year earlier. Lawrence Yun, NAR chief economist, said the improvement is good but could be better. “The uptrend in home sales is consistent with improvements in the economy and jobs, which are helping boost consumer confidence,” Yun said. “The extremely favorable housing affordability conditions are a big factor, but buyers have been constrained by unnecessarily tight credit. As a result, there are abnormally high levels of all-cash purchases, along with rising investor activity.” A parallel NAR practitioner survey shows first-time buyers purchased 29 percent of homes in January, down from 33 percent in December and 40 percent in January 2010 when an extended tax credit was in place. Investors accounted for 23 percent of purchases in January, up from 20 percent in December and 17 percent in January 2010; the balance of sales were to repeat buyers. All-cash sales rose to 32 percent in January from 29 percent in December and 26 percent in January 2010. “Increases in all-cash transactions, the investor market share and distressed home sales all go hand-in-hand. With tight credit standards, it’s not surprising to see so much activity where cash is king and investors are taking advantage of conditions to purchase undervalued homes,” Yun said. All-cash purchases are at the highest level since NAR started measuring these purchases monthly in October 2008, when they accounted for 15 percent of the market. The average of all-cash deals was 20 percent in 2009, rising to 28 percent last year. The national median existing-home price for all housing types was $158,800 in January, down 3.7 percent from January 2010. Distressed homes edged up to a 37 percent market share in January from 36 percent in December; it was 38 percent in January 2010. NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said the median price is being dampened by unusual market factors. “Unprecedented levels of all-cash purchases, primarily of distressed homes sold at deep discounts, undoubtedly pulls the median price downward,” Phipps said. “Given the levels of inventory we see today, we believe that traditional homes in good condition have held their value.” Total housing inventory at the end of January fell 5.1 percent to 3.38 million existing homes available for sale, which represents a 7.6-month supply at the current sales pace, down from an 8.2-month supply in December. The inventory supply is at the lowest level since December 2009 when there was a 7.3-month supply. According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.76 percent in January from 4.71 percent in December; the rate was 5.03 percent in January 2010. Single-family home sales rose 2.4 percent to a seasonally adjusted annual rate of 4.69 million in January from 4.58 million in December, and are 4.9 percent higher than the 4.47 million level in January 2010. The median existing single-family home price was $159,400 in January, down 2.7 percent from a year ago. Existing condominium and co-op sales increased 4.7 percent to a seasonally adjusted annual rate of 670,000 in January from 640,000 in December, and are 7.9 percent above the 621,000-unit pace one year ago. The median existing condo price was $154,900 in January, which is 10.2 percent below January 2010. Regional Sales Northeast: Regionally, existing-home sales in the Northeast fell 4.6 percent to an annual pace of 830,000 in January from a spike in December and are 1.2 percent below January 2010. The median price in the Northeast was $236,500, which is 4.0 percent below a year ago. Midwest :"Existing-home sales in the Midwest rose 1.8 percent in January to a level of 1.14 million and are 3.6 percent above a year ago. The median price in the Midwest was $126,300, which is 3.2 percent below January 2010. South: In the South, existing-home sales increased 3.6 percent to an annual pace of 2.02 million in January and are 8.0 percent higher than January 2010. The median price in the South was $136,600, down 2.1 percent from a year ago. West: Existing-home sales in the West rose 7.9 percent to an annual level of 1.37 million in January and are 7.0 percent above January 2010. The median price in the West was $193,200, down 5.7 percent from a year ago. — NAR
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Is Luxury Making a Comeback?

Uber-rich Americans are spending again, on everything from fancy cars to second homes. "Personal embracement of luxury is now back to (pre-recession) 2007 levels," marketing specialist Jim Taylor, author of “Selling to the New Elite,” told USA Today. "We're seeing that in cars, private jet usage and finally, in high-end real estate. There's a real change in the way people feel about money. They're making purchases they put off during the recession." For example, second-home markets are on the rise: Vacation homes in Cape Cod, Mass., for example, increased 9 percent in 2010. In Palm Beach, Fla., home sales increased nearly 40 percent, and in Hilton Head, S.C., home sales were up nearly 14 percent. Luxury home sales in Southern California are also beginning to pick up, analysts say. "We're starting to see movement," says Madison Hildebrand, a real estate professional who specializes in selling homes in Southern California, and also star of the Bravo's “Million Dollar Listing” reality show. "People are more confident." Analysts also note that when the wealthy start buying, it often has a trickle down effect among middle and upper-income shoppers too. Source: “For the Wealthy, Luxury is Back,” USA Today (Feb. 20, 2011)
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Housing Starts Rise in September

Spending on construction rose 0.5 percent in September with home building and government projects leading the way, the U.S. Commerce Department reported Monday. Spending on home building rose 1.8 percent, but the increase was offset by spending on commercial construction, which dropped 1.6 percent. Overall, non-residential construction was at the lowest level since January 2005. Housing starts rose 0.3 percent in September, the Commerce Department said, to a seasonally adjusted annual rate of 610,000 units – still low, but improving. Source: Bloomberg, Courtney Schlisserman (11/01/2010)
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5 Traits of Today’s Home Buyers

A survey by American Lives, a consumer research firm in California, conducted a study for the trade magazine Builder to answer that question. Here are their conclusions:
  • They are young. Most are under 45. Half said they had annual household incomes of $75,000 or less. Two-thirds are married.
  • They are frugal. They consistently told surveyors they were eager to live a simple lifestyle.
  • They are concerned about their financial future. About 70 percent said the economy is “not so good” with 27 percent saying it was getting worse and 27 percent saying it was getting better, and two-thirds saying it would get better in a year. Some 55 percent said they were concerned that they might lose their jobs.
  • They see themselves as energy efficient but not necessarily “green.” About 32 percent said they’d pay extra for energy-efficient features but only 16 percent said they’d pay extra for recycled or renewable construction materials.
  • Neighborhood is important. Ninety-five percent said they thought the community was as important as the home itself. Seventy-nine percent wanted the most square footage they could afford, but 69 percent said they’d consider a smaller home in the right neighborhood.
Source: Inman News, Mary Umberger (10/27/2010)