Real Estate Market

Market Trends: December 2018

National Real Estate Overview

Note: October 2018 data below are the most recent released by the National Association of Realtors.

Existing-home sales increased in October after six straight months of decreases, according to the National Association of Realtors®. Three of four major U.S. regions saw gains in sales activity last month.

Total existing-home sales (transactions including single-family homes, townhomes, condominiums and co-ops) increased 1.4 percent from September to a seasonally adjusted rate of 5.22 million in October. Sales are now down 5.1 percent from a year ago (5.5 million in October 2017).

National Association of Realtors October 2018 DataNAR's chief economist, Lawrence Yun says increasing housing inventory has brought more buyers to the market. “After six consecutive months of decline, buyers are finally stepping back into the housing market,” he said. “Gains in the Northeast, South and West – a reversal from last month’s steep decline or plateau in all regions – helped overall sales activity rise for the first time since March 2018.”

The median existing-home price for all housing types in October was $255,400, up 3.8 percent from October 2017 ($246,000). October’s price increase marks the 80th straight month of year-over-year gains.

Total housing inventory at the end of October decreased from 1.88 million in September to 1.85 million existing homes available for sale, but that represents an increase from 1.80 million a year ago. Unsold inventory is at a 4.3-month supply at the current sales pace, down from 4.4 last month and up from 3.9 months a year ago.

Properties typically stayed on the market for 33 days in October, up from 32 days in September but down from 34 days a year ago. Forty-six percent of homes sold in October were on the market for less than a month.

Per Freddie Mac data, the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased to 4.83 percent in October from 4.63 percent in September. The average commitment rate for all of 2017 was 3.99 percent.

First-time buyers were responsible for 31 percent of sales in October, down from last month and a year ago (32 percent).

Find the Right Coverage

 

When purchasing a home, you will need to acquire homeowners insurance. In fact, all lenders will require a policy to be in force prior to funding the loan. Make sure you have enough coverage should anything happen. Policies refer to "replacement costs" that may not cover everything. You should ask your insurance agent a lot of "what if" questions. The deductible amount also plays a big part in setting your premium. Higher deductibles lower the number of claims, and reduce your insurance costs.

Check with your insurance agent for more information on these issues and others. If you don't have an insurance agent, we have access to several top-notch agents to whom we can refer you with confidence.

 

Reasons To Sell This Holiday Season!

 

The holidays are right around the corner. As you tie bows around your presents, the last thing on your mind is probably selling your home. However, fight the urge to take it off of the market! In fact, now is a great time to sell your Whittier Area home! Here are the top reasons why you should sell this holiday season!

 

1. Top Listing!

Other homeowners will take their homes off the market during the holiday season because they don't want to deal with the stress of it. With less competition, your home will move to the top of the listings. This means that buyers that are actively searching are more likely to find your property during this time of year!

2. Time To Strategize!

If your home has been on the market for a while with no results, you might be feeling like now is the time for a break. But, instead of taking your home off the market, you should take this period to look at your selling strategy. That might mean adjusting our home's listing price or making small improvements that will make the home more desirable!

3. Faster Lending!

Lenders are also experiencing a slower period during the holiday season. Before the home market amps up in the spring, buyers can get loans processed and approved faster in December. What does this mean for you the seller? The closing process will move along much quicker!

4. Families Looking To Settle!

Buyers with children use the winter break from school to find a new home. They want to be settled in before school resumes in January. This means that they are highly motivated to find a property as quickly as possible during this month.

5. Other Buyers Are Serious!

Along with families, other buyers that are actively looking for homes during this time are serious are buying. They want to find the perfect home and move in as quickly as possible. You can rest assured that any buyers that view your home during this time aren't just casually looking. This puts the negotiating power into your hands!

6. Staging Is Done For You!

The festive ambiance in your home during the holiday season creates a homey feel for buyers that view it. The beautiful decor and smell of homebaked goods will help make your home all the more appealing to them and help take care of many of the staging strategies for you! Just be smart with your decor! You don't want it to distract from the features of your home and it should also be simple enough to allow buyers to envision themselves within the home.


 

Ready to Sell Your Whittier Home This Holiday Season? Give The Domis Team a call today or visit our website at http://www.whittierhomes.com/.


Information Source: Realtor.com®

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