Home Sales and Home Prices for April, 2013

Home Sales and Home Prices April 2013 in the Triangle NC

Things are really picking up.  Here in the Triangle area of North Carolina, we continue to see home sales and home prices trending upwards and inventory trending downward as we slowly continue our march toward a sellers market.  Here are the numbers:

Average Number of Days on Market:  Sellers are more willing to price homes based on market value, rather than conjecture.  This means that homes are moving more quickly. 

Average Sale Price:  Going up!

 Number of closed sales:  Going up!

 Can I say, “Wow!!”?  Well, it’s my blog and I’m going to.  You can, too!

Now that we’ve looked at the numbers for year over year in the Triangle area, let’s compare numbers from March, 2013 to April 2013:

• Showings up 2%.  This may not sound like much, but consider that historically March has the highest number of showings in our area.  April topped that.
• Pending sales up 12%
• Closed sales up 16%

Closed prices vs asking price:  We all know the old adage, “Your home is only really worth what someone is willing to pay for it”.  So, how are actual sales prices comparing to asking prices?

• March, 2013:  66% of homes sold at or above asking price
• April, 2013:  70% of homes sold at or above asking price

In April, 2010, 58% of home sellers had to drop their asking price; in April, 2011, only 35% had to drop price.  Note:  Historic norm is 30% -- it is never zero.   There are always some homes that require price adjustments for various reasons.

Homes are now selling at 96% of asking price.  If you want to low-ball your offer, be prepared to be turned away and lose the home as it’s snatched up by someone else who understands the true value.

Here is this month’s take away:

• If you’ve been sitting on the sidelines, waiting for a sign to sell your home, consider this your sign. 
• Likewise, if you’re still waiting to buy that 4-bedroom, with bonus, and all updated home under $300K, your days are numbered.  Even foreclosures  and short sales are being priced close to market value.

Oh, and by the way, we are now at 5.2 months supply of homes.  Anything under a 6-month supply is considered a sellers market.  

Put down that lemonade and get off that porch rocker – it’s time to call the SMART REALTOR for all the information and help you need to get your home sold.  

BE SAVVY...CALL THE SMART REALTOR

Elizabeth Scott, Realtor®, Broker
e-PRO, Strategic Pricing Specialist

Fathom Realty NC, LLC      
Phone: 919.306.9699
TheSmartRealtorNC@gmail.com

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5 HOME SELLER TRENDS - SPRING 2013

5 Home Seller Trends -- Spring 2013

It’s all good news!  Homeowners who endured years of declining home values will discover that the game has changed in their favor.

With low mortgage rates and home prices gaining momentum, an increasing number of buyers are out and buying this spring. The good news for sellers: The inventory of homes for sale is shrinking, so they have less competition and more control of the situation. 

FACT:  Recent month-over-month homes sales in the Triangle increased 3.85%

  

As more distressed homeowners regain equity in the coming months, many with high-interest loans will be able to refinance and perhaps cash out some equity. If you fell behind on your mortgage payments, you might get a second chance to modify your loan.

Homebuyers are losing bargaining power as the market shifts in favor of sellers. But home prices remain attractive for the most part, and low mortgage rates should stay on their side for a little longer.

Here are five selling trends you should expect to see this spring.

1: Fewer Home Options, Higher Prices and Bidding Wars

·   Demand -- from homebuyers is growing faster than the supply of homes for sale, according to data from the National Association of Realtors.

·   Competition -- Buyers are encountering bidding wars in the Triangle – I have negotiated several in the past month alone! 

2: Loan Modifications Made Easier -- For Some

·   Homeowners who are behind on their mortgages may get a hassle-free opportunity to reduce their monthly payments.  The Federal Housing Finance Agency will require mortgage servicers to offer a streamlined modification program to borrowers with loans owned or guaranteed by Fannie Mae and Freddie Mac, starting in July. The offers will be sent to homeowners who are at least 90 days behind on their loans but no more than two years behind. To qualify, borrowers must owe at least 80% of the home's value.

For more information on these loans:  http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/nsc/faqlm

3: Equity Loans and Cash-Out Refis Are Back -- Sort Of

·   Nationwide, about 1.7 million homeowners regained equity in their homes last year, and an additional 1.8 million are close to it, according to a recent study by CoreLogic. All they need is home values to go up by another 5%.

·   Home as ATM: Lenders remain somewhat reluctant because these types of loans contributed to the mortgage meltdown as homeowners turned their homes into ATMs. But borrowers who have good credit scores and sufficient equity should be able to find lenders willing to do cash-out refis and home equity loans this spring.

4: Mortgage Rates Rise at a Snail's Pace

·   Mortgage rates are expected to creep up this spring but should remain low.  This will continue to bring more buyers out.

·   Up just a little: The Mortgage Bankers Association estimates the 30-year fixed rate will reach 3.9% by the end of the first quarter this year. 

5: Short Sales and Foreclosures

·       Sellers are more willing to venture into this territory in order to corral their finances and move forward with their lives.

·   Shadow inventory: I’m sure you’ve heard this term – the ominous, looming & dooming glut of distressed homes that were going to flood the market and ruin it for everyone. 

***NEVER HAPPENED – NOT GOING TO HAPPEN***

·   These types of homes currently on the market are priced accurately – there is no acceptance of bids thousands less than asking.

I have an excellent team of lenders and attorneys who are expert in short sales and foreclosures.  My clients have been surprised at the wonderful help & support they received.  If you would like to explore any of these options, give me a call. 

THINKING OF SELLING?  Now’s the time!  I’ll be happy to meet with you and show you what’s going on in your neighborhood.  Together we will develop a successful strategy to help you sell quickly and for a great price.

BE SAVVY...CALL THE SMART REALTOR

Elizabeth Scott, Realtor®, Broker

e-PRO, Strategic Pricing Specialist

Fathom Realty NC, LLC      
Phone: 919.306.9699
TheSmartRealtorNC@gmail.com

Search for Homes Now

Great Info on our Local Real Estate Market

My LinkedIn Profile