Real Estate Market

Market Trends: November 2017

Housing Report

Note: September data below is the most recent available from the National Association of Realtors®.

 

Data from the National Association of Realtors® (NAR) shows that -- following three consecutive months of dips -- sales of existing homes rose slightly in September, but continuing inventory shortages and recent hurricanes put a damper on activity, causing sales to retreat on an annual basis.

 

Total existing-home sales (transactions for single-family homes, townhomes, condominiums and co-ops) climbed 0.7% to a seasonally adjusted annual rate of 5.39 million in September from August's 5.35 million. Last month's sales pace is 1.5% slower than a year ago.

Existing Home Sales By Region

NAR's chief economist, Lawrence Yun, said closings registered a small gain in September, but fell on an annual basis for the first time in over a year. “Home sales in recent months remain at their lowest level of the year and are unable to break through, despite considerable buyer interest in most parts of the country,” Yun said. He added, “Realtors® this fall continue to say the primary impediments stifling sales growth are the same as they have been all year: not enough listings – especially at the lower end of the market – and fast-rising prices that are straining the budgets of prospective buyers.”

 

Housing Data Takeaways

  • September's median price for existing homes (all housing types) was $245,100, up 4.2% over September 2016 ($235,200). September's price rise marks the 67th consecutive month of year-over-year gains.

  • U.S. total housing inventory at the end of September grew 1.6% to 1.90 million existing homes available for sale, but remains 6.4% lower than 2016 (2.03 million) and has dropped year-over-year for 28 straight months. Unsold inventory sits at a 4.2-month supply at the current sales pace, a dip from 4.5 months in 2016.

  • Nationally, first-time buyers drove 29 percent of sales in September, down from 31% in August, and 34% a year ago. NAR data shows that 2016's annual share of first-time buyers was 35 percent.

  • According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage dipped to 3.81% in September from 3.88% in August and is the lowest since November 2016 (3.77%). The average commitment rate for all of 2016 was 3.65%.

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Whittier Housing Market Statistics

Median Home Price: $552,500

3 Bedrooms/2 Bathrooms

Average Square Footage: 1,561

Price per Square Foot:  $374

Number of Homes on the Market: 210

 

The Right Mortgage for You

Mortgage Approved form from LiveWellSimply.comShopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage - whether it's a home purchase, a refinancing, or a home equity loan - is a product, just like a car, so the price and terms may be negotiable. You'll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars.

 


The US Department of Housing and Urban Development offers a free brochure to help guide you through this process. Download a free copy today, and please contact us for a list of preferred mortgage professionals in our area.

 

 

Reasons To Stage Your Home!

One of the most effective tools you can use to sell your Southern California home is Home Staging! Home staging is the art of temporarily decorating your home in order to sell it within the market. This essential step in the selling process helps set your home apart from the competition, creates a strong first impression, and taps into the psychology of buyers. It ensures that your home looks its very best and allows buyers to visualize themselves within the space. Since staging does require some capital, sellers often question the benefits of it. We get it! You want a high return on your investment. Studies have shown that staged homes sell faster and go for a higher dollar value. Still do not believe us? The proof is in the statistics!

 

 

The National Association of REALTORS® released their Profile of Home Staging earlier this year and found these key findings!

  • Improved the buyer's opinion of a home by 49%

  • Enabled buyers to visualize themselves in the home by 77%

  • 40% of buyers were more willing to look at a staged home they found online, especially if it is decorated to the buyers' taste

  • Buyers and Sellers found the most important rooms to be staged (in order) are the living room, master bedroom, kitchen, and dining room

  • In general, the dollar value of homes increased 1% to 5% through staging, with some sellers seeing a 6% to 10% increase

  • 39% of realtors representing sellers stated that homes moved off the market faster once staged

 

Ready to stage your home?! There are 5 simple areas to focus on to help make your home look like it was staged by a pro!

 

  • Use light, neutral colors to open up the space and brighten it up.

  • Finish home improvement projects and deep clean the entire home. M

  • Clear away unnecessary items. You do not want to have distracting clutter. Also, remove personal items that make it more difficult for buyers to visualize the home as theirs.

  • Add flowers and candles to create a homey, inviting atmosphere.

  • Place furniture in areas that make rooms look bigger and draw the eye to architectural features. Remove excess pieces.

 

For more helpful Home Selling Tips, visit our website at http://lindadomis.com/.

 

Data Credit: National Association of REALTORS®

 
 

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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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