Real Estate Market

Market Trends: July 2017

Housing Report

Note: National Association of Realtors® (NAR) data below is from May (most current national data)

 

National Association of Realtors® (NAR) data show a comeback in sales of existing homes in May after a decline in April. Meanwhile, low inventory levels helped boost the median sales price to a new high and shortened the median number of days a home is on the market to a new low. All major regions except for the Midwest saw an increase in sales in May.

 

Total sales of existing homes sales (transactions for single-family homes, townhomes, condominiums and co-ops), grew 1.1% to an annual rate of 5.62 million in May, up from 5.56 million in April. Last month's sales velocity is 2.7% higher than one year ago.

 

Existing Home Sales By Region

 

NAR's chief economist, Lawrence Yun, said sales action grew in May as more buyers surmounted the difficult market conditions seen in many areas. "The job market in most of the country is healthy and the recent downward trend in mortgage rates continues to keep buyer interest at a robust level," Yun said. The economist added, "Those able to close on a home last month are probably feeling both happy and relieved. Listings in the affordable price range are scarce, homes are coming off the market at an extremely fast pace and the prevalence of multiple offers in some markets are pushing prices higher."

 

Housing Data Takeaways

  • May's median price for existing US homes (all housing types) was $252,800. This outpaces last June ($247,600) as the new highest median sales price, representing a rise of 5.8 percent from May 2016 ($238,900) and marks 63 consecutive months of year-over-year gains.

  • Total US housing inventory at May's end rose 2.1% to 1.96 million existing homes available for sale, however, this is 8.4% below one year ago (2.14 million) and has dropped year-over-year for 24 straight months.  

  • Nationally, properties remained on the market for 27 days in May, down from 29 days in April and from 32 days at the same time last year. This is the shortest timeframe since NAR began tracking in May 2011.

  • Freddie Mac data indicates the average commitment rate for a 30-year, conventional, fixed-rate mortgage fell for the second month in a row, to 4.01% in May from 4.05% in April. For all of 2016, the average commitment rate was 3.65%.

  • First-time buyers drove 33% of May's US sales, down from 34% in April but above 30% a year ago. NAR's Profile of Home Buyers and Sellers for 2016 showed the annual share of first-time buyers was 35 percent.

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Whittier Housing Market Statistics

Median Home Price: $549,945

3 Bedrooms/2 Bathrooms

Average Square Footage: 1,569

Price per Square Foot:  $363

Number of Homes on the Market: 162

 

The Price is Right...Or is it?

If you are planning to put your home on the market -- especially if you live in a place where prices are rising and buyers are competing for homes -- it can be tempting to list your property at a high price hoping that you'll actually get it. After all, it can work with cars, why not with homes?

 

You may want to think twice -- resales of homes and automobiles are very different things.

 

Experienced Realtors who have been through dozens, scores, or even hundreds of transactions, will advise you to price your home appropriately from the outset because it's pivotal to seeing the home sold quickly and at the best price. Research backs up what experienced Realtors already know: overpricing your home and then lowering the price a few times most often leads to a final sales price significantly below what you originally should have asked for it.

 

And, to make matters worse, the longer a home remains on the market, the deeper the discount is likely to be off the original price. Ouch!

 

How to price your home correctly

 

Many homeowners seek to price their home based on factors like the price they paid for it, the balance that they currently owe, or simply on the profit they need to buy another house or to meet their financial goals. These motivations are perfectly understandable but in reality the value of your home is what the market will bear. Here's the problem: If a property is overpriced, some potential buyers will avoid looking at it at all (and having no one show up to see it is a pretty clear message from the market). Others may view the home but walk away without making an offer.

 

So, what can you do? Choose a Realtor who can provide you with the best comparative market analysis (CMA) and who understands your local area intimately. Some agents may attempt to woo you with an inflated price -- it probably happens every day somewhere -- but in the end the market will speak clearly, and choosing an experienced Realtor who understands the importance of market-driven pricing will end up being a choice you won't regret.

 

Your Realtor's CMA should include sales prices for similar properties nearby that have sold recently, prices for currently listed homes (these will be your competition), and prices of homes that were taken off the market because they didn’t sell. Look for a Realtor with demonstrated experience who can factor in a range of local market issues to produce that all-important first price.

 

If the price is right from the beginning, it usually means not only a faster sale, it typically means more money in your pocket.

 

Fun Whittier Community Events All July!

Whittier is the place to be this July! There are incredible community events planned all month long in this beautiful Southern California city. With live music, art walks, family activities, and delicious food, there is truly something for everyone planned. Mark your calendars with these amazing events so you do not miss out on any of the fun!

 

Concerts in the Park

Dates: Thursdays, July 6th | July 13th | July 20th | July 27th

Time: 7:00 pm

Location: Parnell Park (15390 Lambert Road)

Cost: FREE Admission!

Bring your blanket or lawn chair and find the perfect spot in the park. Dance the evening away to fantastic live music and enjoy delicious food and beverages from local vendors.

Music Lineup

  • July 6th | Smooth (Santana Tribute)

  • July 13th | Hard Days Night (Beatles Tribute)

  • July 20th | Swing Cats (Big Band)

  • July 27th | Centerfold (80’s)

 

Concerts in the Park

Dates: Mondays, July 10th | July 17th | July 24th | July 31st

Time: 7:00 pm

Location: Central Park (6532 Friends Avenue)

Cost: FREE Admission!

Want even more live music during the week? Central Park also hosts Concerts in the Park every week! Whatever your music preference, you will find the perfect band to enjoy!

Music Lineup

  • July 10th | Woodie & The Long Boards (Beach Boys Tribute)

  • July 17th | Cold Duck (Top 40’s)

  • July 24th | Jonny Walker & The Whiskey Shooters (Country)

  • July 31st | Upstream (Reggae)

 

Art Stroll Uptown

Date: Wednesday, July 12th

Time: 5:00 pm - 9:00 pm

Location: Historic Uptown Whittier

Cost: FREE Admission!

Check out incredible artists at participating businesses throughout Uptown Whittier. There will be light refreshments served throughout the evening. Meet with the talented artists. Try your luck by purchasing some raffle tickets to win beautiful works of art.

 

City of Whittier Walk & Roll

Date: Sunday, July 16th

Time: 10:00 am - 2:00 pm

Location: Mar Vista, Uptown Whittier, & Greenway Trail | View the Route HERE!

Cost: FREE Admission!

Explore the streets of Whittier on foot or bike when they are closed down to all cars! This fun event creates a safe space for families to enjoy all Whittier has to offer and be active. There will also be activity zones and music throughout the day.

 

 

The Domis Team cannot wait to see you and your family all month long at these events in Whittier!

 

Image Credit: Whittier Area Chamber of Commerce  

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Photo of Linda & Tim Domis - The Domis Team Real Estate
Linda & Tim Domis - The Domis Team
Keller Williams Realty
16310 E. Whittier Blvd. Suite F
Whittier CA 90603
Cell: 562-884-5373
Cell:562.201.3598
Fax: 562.902.5158
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