Real Estate Outlook: Sales Rise

Real Estate Outlook: Sales Rise
The latest quarterly report from the National Association of Realtors shows that many metro areas are now seeing more balanced conditions. Lawrence Yun, NAR chief economist, said the figures of this report reflect greater home sales activity at lower price points. "Sales have risen strongly in lower price ranges from one year ago, while sales at the upper end remain sluggish," he said. He continued that "more importantly, we're seeing a consistent trend of declining inventory, which means supply and demand conditions are becoming more balanced in more areas, which will help stabilize home prices."
Read article - Realty Times

Mom and pop investors snapping up homes

Mom and pop investors snapping up homes
Mom and pop investors are snapping up homes and condos to rent out all over the country. They're capitalizing on a confluence of events: affordable prices, rising rents and strong rental demand. A typical plan? Buy cheap. Collect rents to cover costs. Cash out - one day - when home prices recover. In a recent paper, the Federal Reserve noted that "small investors" are buying foreclosed homes and converting them to rentals. It also said that larger investors were struggling to do so, in part because of tight financing and their inability to buy enough properties in the same area to make it worthwhile.
Read article - USA Today

Good news!

6 'Turnaround Towns' in Real Estate - Phoenix #2
While Florida cities are expected to see some of the biggest recoveries in housing prices in the coming months, the Phoenix housing market was ranked #2 in a new report by Realtor.com revealing the top turnaround towns. In Phoenix, homes sold 27% faster in the fourth quarter compared to the same period in 2010.
Read article - Realtor Magazine

1/27/2012 low rates

Fed Vows to Keep Rates Low Until 2014 - The Federal Reserve announced that short-term interest rates will likely stay near zero for nearly three more years, a move that is expected to spillover to long-term mortgage rates for home buyers and home owners. In August, the Fed had made a rare move to say it would keep rates near zero until at least mid-2013. The Fed said Wednesday that the economy still needs more help and it will now extend that period to 2014. Read article:
http://realtormag.realtor.org/daily-news/2012/01/26/fed-vows-keep-rates-low-until-2014

1/20/2012

Foreclosures dropped in Valley in 2011, but still higher than normal - One of the better developments in the year-end findings was that foreclosures dropped to 35,855, down from 41,625 in 2010, according to the W. P. Carey School of Business at Arizona State University. That translated to foreclosures representing 34% of transactions - down from 39% in 2010. However, foreclosures account for less than 5% of transactions in a typical year. Read article:
http://www.eastvalleytribune.com/local/apache_junction/article_20b65acc-42f0-11e1-9ebf-001871e3ce6c.html

30-year Fixed-rate Mortgage Averages 3.88 Percent - In Freddie Mac's results of its Primary Mortgage Market Survey® the average mortgage rates changing little amid mixed economic data. Regardless, the 30-year fixed-rate mortgage (FRM) averaged 3.88% with an average 0.8 point for the week ending January 19, 2012, down from last week when it averaged 3.89%. Last year at this time, the 30-year FRM averaged 4.74%. Read article:
http://realtytimes.com/rtpages/20120120_freddierates.htm

Housing market on the mend!!!!!!!

Is housing glut over? Experts predict housing shortage by spring - Real estate experts predict the Valley’s years-long housing glut is reaching its end and, as early as this spring, could stun home buyers by transforming into a shortage. The crunch is expected to be more pronounced in the East Valley, where some subdivisions are approaching build-out and other builders are raising prices. About 58,000 homes were on the market by late 2007. The long-term average is about 33,000 homes listed at any given time. That’s down to 25,000 now or 19,000 when accounting for homes that have deals pending. Read article:
http://www.eastvalleytribune.com/local/mesa/article_b7ed8380-4164-11e1-9ac3-0019bb2963f4.html



Optimism Builds in Housing Market - Several recent indicators for the real estate industry are pointing to a market that is on the mend and entering recovery mode. Housing experts’ predictions for the new year tend to center around a market stabilizing before entering a gradual, albeit very slow, recovery. However, the tone is more upbeat than it has been in years for the housing market. Existing home sales are expected to increase 12% this year, following a 2% jump last year, Moody’s Analytics predicts. Read article:
http://realtormag.realtor.org/daily-news/2012/01/17/optimism-builds-in-housing-market

Thinking of selliing your home? Here are some tips!!!

Top 10 Tips for Sellers - This article covers ten tips to get you on your way to getting your home sold.
1. Hire a Professional. This is no time to be navigating the rough waters of the real estate market on your own.
2. Fully Disclose. Are you selling because your current home needs more work than you can handle?
3. Be Realistic about Pricing. It is much wiser to price a home correctly from the start of the selling process than to have an overpriced home sit on the market for months only to have to do a price reduction.
Read article:
http://realtytimes.com/rtpages/20120111_sellertips.htm