Profile cover photo
Profile photo
Steve Lemack
Steve Lemack's posts

Post has attachment

Post has attachment

Post has attachment
Home sales bounced back in June and the median sale price continued its steady climb, indicating the summer selling season is off to a good start, according to new housing statistics from the Greater San Diego Association of Realtors.  Sales of previously owned single-family homes rose 14 percent from last month and sales of previously owned condominiums/townhomes jumped 16 percent.

The median price of single-family resale home moved past $525,000, an increase of 5 percent from May. Although the median price of condos/townhomes was unchanged in June, the combined median sale price of all resale properties in San Diego County is more than 9 percent higher than a year ago.
#realestateagency   #realestateagent   #realtor  

Post has attachment
We will showcase your home and sell it for Top Dollar. You'll Save THOUSANDS of Dollars in Commission with our List for Less - only 3.99% commission plan.*
#sandiegorealestateagent   #realestateagent   #realtor  

Housing Market Reaching Equilibrium

Home prices have already begun moderating over the past year and appreciation likely will continue to gradually slow over the next two years, according to a forecast of 31 analysts recently surveyed by Reuters. Analysts predict home prices to rise 7.5 percent this year and then curtail to 4 percent by 2016. 

That marks a sharp slowdown from the double-digit increases reported last year. Analysts surveyed by Reuters say they expect prices to slow in the coming months due to tight lending standards, slow wage growth, and a lack of first-time buyers. 

"Growth would be more robust if we saw more first-time homebuyers in the market," says David Nice, economist at Mesirow Financial. "That would put the housing market on a sustainable growth trajectory."

Analysts surveyed expect existing home sales to reach a 4.75 million annual rate in the second quarter of this year and rise to 5.10 million in the first quarter of 2015. 

"We are seeing a state of equilibrium," says Mark Goldman, a real estate expert at San Diego State University in California. "I don't see any symptoms that would cause housing prices to go up or down significantly."

Source: “U.S. House Price Gains Seen Moderating Over Next Few Years: Poll,” Reuters (May 30, 2014)
#realestate #realtor #homesforsale #realestateagent 

The Most Stable Housing Markets

The energy boom states continue to have some of the most-improved housing markets, with North Dakota and Wyoming leading the pack, according to Freddie Mac’s latest Multi-Indicator Market Index (MiMi), which guages the nation's housing stability by measuring 50 metros. 

Overall, the U.S. housing market was mostly flat in March, but a few metros saw gains that brought them back to more normal historical averages, according to Freddie Mac's index. 

"Less than half of the housing markets MiMi covers are showing an improving trend, whereas at this same time last year, more than 90 percent of these same markets were headed in the right direction," says Frank Nothaft, Freddie Mac's chief economist. "We're hopeful that many of these markets that have stalled will start moving again now that mortgage rates have eased over the past month and the spring home-buying season is upon us. House-price gains are a double-edged sword at this stage of the recovery: They help those hard-hit markets where prices are still low and many home owners are underwater, but in areas where supply is constrained, they're creating an imbalance and pricing out many first-time home buyers."

Ten of the 50 states, plus the District of Columbia, are considered in their stable range. The states that ranked in the top 5 as being most stable are: 

North Dakota 
District of Columbia 
Meanwhile, the five most-improved states month-over-month are: 

Rhode Island
South Carolina
The five most-improved metro areas month-over-month are:

Cincinnati, Ohio
Columbus, Ohio
Riverside, Calif.
San Antonio
Source: Freddie Mac
#realestate   #realestateagent   #homesforsale  

Report: Home-Price Growth Slows Way Down

Median home-sale prices rose 6.1 percent year-over-year in April, a fraction of the 16.4 percent year-over-year pace last year, according to brokerage ZipRealty’s latest report. 

The median sales price in the 24 metros that ZipRealty tracks averaged $277,627 in April. 

The housing markets that were seeing some of the largest median home-price growth in April year-over-year were: 

Sacramento, Calf.: 20%
Las Vegas: 17%
Orlando, Fla., and Los Angeles: 13%
Chicago: 10%
Portland, Ore.: 9%
Meanwhile, "we're seeing much bigger increases in inventory in several attractive markets, such as Phoenix, Sacramento, San Diego, Orange County, and Las Vegas," says ZipRealty CEO Lanny Baker. "This is encouraging news, considering that housing inventory in these western markets was so much tighter last year and made things difficult for home buyers who faced few options in a red-hot seller's market. Hopefully, these new for sale inventory opportunities will enable more buyers to jump off the sidelines and back onto the playing field this spring.”  

ZipRealty reports that inventories grew by the largest amounts by the end of April year-over-year in the following markets: 

Phoenix: 55%
Sacramento: 42%
San Diego: 38%
Orange County: 27%
Las Vegas: 26%
Source: ZipRealty
#realestate   #realtors   #realestateagency  

Mortgage Rates Fall to 7-Month Low

Fixed-rate mortgages moved lower this week, reaching new lows for the year, Freddie Mac reports in its weekly mortgage market survey. It is the fourth consecutive week that mortgage rates have dropped.

According to Freddie Mac, mortgage rates reached the following national average for the week ending May 22:

30-year fixed-rate mortgages: averaged 4.14 percent, with an average 0.6 point, dropping from last week’s 4.20 percent. Last year at this time, 30-year rates averaged 3.59 percent.
15-year fixed-rate mortgages: averaged 3.25 percent, with an average 0.5 point, dropping from last week’s 3.29 percent average. A year ago, 15-year rates averaged 2.77 percent.
5-year hybrid adjustable-rate mortgages: averaged 2.96 percent, with an average 0.4 point, falling from last week’s 3.01 percent average. A year ago, 5-year ARMs averaged 2.63 percent.
1-year ARMs: averaged 2.43 percent, with an average 0.4 point, holding the same average as last week. A year ago, 1-year ARMs averaged 2.55 percent.
Source: Freddie Mac
#realtor #realestateagent #realestate 

Survey Reveals What’s Hot and Not in Home Features

What are some of the most popular home features luring home buyers? The real estate brokerage Redfin surveyed 435 of its real estate professionals across the country to find out what the biggest real estate trends are with home features.

According to the survey, real estate professionals identified the following features as the most popular among home buyers:

•    Open floor plans
•    Move-in-ready homes
•    Granite in areas such as bathrooms or kitchens
•    Upgraded windows
•    Locations near public transportation
•    Energy-saving appliances
•    Large closets
•    Updated lighting fixtures
•    Two-story home with a bedroom on the main floor
•    Wood floors

The survey revealed the following home features are not popular with home buyers:

•    Popcorn ceilings
•    Carpet
•    Lack of parking
•    Small kitchens and bathrooms
•    Minimal amount of natural light
•    Dated homes
•    Wallpaper
•    Low ceilings
•    Limited storage space
•    Loud location on a busy street

Source: “Real Estate Trends: Redfin Agents Tell Us What’s HOT and What’s NOT,” Redfin Blog (May 13, 2014)

Post has attachment
Wait while more posts are being loaded