January 2024 Market Update

March 21, 2024/in Uncategorized/by Brian Bemo

<p>
<span style=”font-family:arial,helvetica,sans-serif;”><span style=”font-size:10pt;”><em><strong>Note: Data below from January 2024 is the most recent from the National Association of Realtors.</strong></em></span></span></p>
<p>
<span style=”font-size:14pt;”><span style=”font-family:arial,helvetica,sans-serif;”>Existing-home sales grew in January, according to the National Association of REALTORS®. Among the four major U.S. regions, sales accelerated in the Midwest, South and West, and remained steady in the Northeast. Year-over-year, sales improved in the West, and decreased in the Northeast, Midwest and South.</span></span></p>
<p>
<span style=”font-size:14pt;”><span style=”font-family:arial,helvetica,sans-serif;”>Total existing home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops - elevated 3.1% from December to a seasonally adjusted annual rate of 4.00 million in January. Year-over-year, sales slipped 1.7% (down from 4.07 million in January 2023).</span></span><br />
<br />
<span style=”font-size:14pt;”><span style=”font-family:arial,helvetica,sans-serif;”><img alt=”NAR January 2024 Existing Home Sales Report Infographic” src=”https://www.ihomefinder.com/wp-content/uploads/2024/03/2024-01-existing-home-sales-housing-snapshot-infographic-02-22-2024-1000w-1500h.png” style=”float: right; margin: 4px 10px; height: 321px; width: 214px;” />"While home sales remain sizably lower than a couple of years ago, January's monthly gain is the start of more supply and demand," said NAR Chief Economist Lawrence Yun. "Listings were modestly higher, and home buyers are taking advantage of lower mortgage rates compared to late last year."</span></span></p>
<div>
<span style=”font-size:14pt;”><span style=”font-family:arial,helvetica,sans-serif;”>Total housing inventory registered at the end of January was 1.01 million units, up 2.0% from December and 3.1% from one year ago (980,000). Unsold inventory sits at a 3.0-month supply at the current sales pace, down from 3.1 months in December but up from 2.9 months in January 2023.</span></span></div>
<div>
 </div>
<div>
<span style=”font-size:14pt;”><span style=”font-family:arial,helvetica,sans-serif;”>The median existing-home price for all housing types in January was $379,100, an increase of 5.1% from one year ago ($360,800). All four U.S. regions posted price increases.</span></span></div>
<div>
 </div>
<div>
<span style=”font-size:14pt;”><span style=”font-family:arial,helvetica,sans-serif;”>"The median home price reached an all-time high for the month of January," Yun added. "Multiple offers are common on mid-priced homes, and many homes were still sold within a month. The elevated share of cash deals – 32% – indicated a market full of multiple offers and propelled by record-high housing wealth."</span></span></div>
<div>
 </div>
<div>
<span style=”font-size:14pt;”><span style=”font-family:arial,helvetica,sans-serif;”>According to the REALTORS® Confidence Index, properties typically remained on the market for 36 days in January, up from 29 days in December and 33 days in January 2023.</span></span></div>
<div>
 </div>
<div>
<span style=”font-size:14pt;”><span style=”font-family:arial,helvetica,sans-serif;”>First-time buyers were responsible for 28% of sales in January, down from 29% in December and 31% in January 2023. NAR's 2023 Profile of Home Buyers and Sellers – released in November 20234 – found that the annual share of first-time buyers was 32%.</span></span></div>
<div>
 </div>
<div>
<span style=”font-size:14pt;”><span style=”font-family:arial,helvetica,sans-serif;”>All-cash sales accounted for 32% of transactions in January, up from 29% in both December and one year ago.</span></span><br />
 </div>
<div>
<span style=”font-size:14pt;”><span style=”font-family:arial,helvetica,sans-serif;”>Individual investors or second-home buyers, who make up many cash sales, purchased 17% of homes in January, up from 16% in December and January 2023.</span></span></div>
<div>
 </div>
<div>
<span style=”font-size:16pt;”><span style=”font-size:14pt;”><span style=”font-family:arial,helvetica,sans-serif;”>According to Freddie Mac, the <a href=”https://www.freddiemac.com/pmms” target=”_blank”>30-year fixed-rate mortgage</a> averaged </span></span></span><span style=”font-size:14pt;”><span style=”font-family:arial,helvetica,sans-serif;”>6.77% as of February 15. That's up from 6.64% the previous week and 6.32% one year ago.</span></span></div>
<div>
 </div>
<div>
<div>
 </div>
<div>
<span style=”font-family:arial,helvetica,sans-serif;”><span style=”font-size:14pt;”><strong>Regional Breakdown</strong></span></span></div>
<div>
 </div>
<div>
<div>
<span style=”font-size:14pt;”><span style=”font-family:arial,helvetica,sans-serif;”>At 480,000 units, existing-home sales in the Northeast were unchanged from December but down 5.9% from January 2023. The median price in the Northeast was $434,300, up 10.1% from the prior year.</span></span></div>
<div>
 </div>
<div>
<span style=”font-size:14pt;”><span style=”font-family:arial,helvetica,sans-serif;”>In the Midwest, existing-home sales increased 2.2% from one month ago to an annual rate of 950,000 in January, down 3.1% from last year. The median price in the Midwest was $271,700, up 7.6% from January 2023.</span></span></div>
<div>
 </div>
<div>
<span style=”font-size:14pt;”><span style=”font-family:arial,helvetica,sans-serif;”>Existing-home sales in the South rose 4.0% from December to an annual rate of 1.84 million in January, a decline of 1.6% from the previous year. The median price in the South was $345,100, up 4.1% from one year ago.</span></span></div>
<div>
 </div>
<div>
<span style=”font-size:14pt;”><span style=”font-family:arial,helvetica,sans-serif;”>In the West, existing-home sales elevated 4.3% from a month ago to an annual rate of 730,000 in January and grew 2.8% from one year earlier. The median price in the West was $572,100, up 6.3% from January 2023.</span></span></div>
<div>
 </div>
</div>
</div>
<p>
 </p>

The Latest Trends in Housing [INFOGRAPHIC]

March 18, 2024/in Uncategorized/by Brian Bemo

Some Highlights

With the number of new listings going up and average days on market going down, buyers may have more options, but will still want to move fast.
For sellers, inventory is still low and houses are selling fast, meaning your house should stand out and may get multiple offers if you price it right.
If you want to know more about what’s happening in our area, let’s connect.

Why Access Is So Important When Selling Your House

March 9, 2024/in Uncategorized/by Brian Bemo

If you’re gearing up to sell your house this spring, one of the early conversations you’ll have with your agent is about how much access you want to give buyers. And you may not realize just how important it is to make your house easy to tour.

Spring is the peak homebuying season, so opening up your house to as many showings as possible can really help you capitalize on all the extra buyer activity we see at this time of year.

Since buyer competition ramps up in the spring, buyers are going to want to move fast to see your house once they find your listing. And, if they see it and fall in love with it at a time they know they’re competing with other buyers, you may be more likely to get the offer you’re looking for on your home.

It’s understandable you want to keep the disruptions to your own schedule to a minimum, and you may be stressed about having to keep it clean, but it’s worth it. As an article from Investopedia explains:

“If someone wants to view your house, you need to accommodate them, even if it inconveniences you. Clean and tidy the house before every single visit. A buyer won’t know or care if your house was clean last week. It’s a lot of work, but stay focused on the prize.”

To figure out what’s best for you, your agent will walk you through options like the ones below. This list breaks things down, starting with what’s most convenient for buyers and getting less buyer-focused as the list goes on:

Lockbox on the Door – A key is available via a lockbox, which makes it easy for agents to show the home to potential buyers. This gives the most flexibility because the key is on-site and convenient.
Providing a Key to the Home – An agent would have to stop by an office to pick up the key with this option. This is still pretty convenient for showings, but not quite as simple.
Open Access with a Phone Call – You allow a showing with just a phone call’s notice, which can be great for someone who sees your house while driving by.
By Appointment Only – This gives you a more advanced warning so you can get the house tidied up and be sure you have somewhere else you can go in the meantime. But it’s also a bit more restrictive.
Limited Access – You might go this route if you only want to have your house available on specific days or at certain times of day. But realize this is the most difficult and least flexible of the choices.

As an article from U.S. News Real Estate says:

“Buyers like to see homes on their schedule, which often means evenings and weekends. Plus, they want to be able to tour a home soon after they find it online, especially if they’re competing with other buyers. If your home can be shown with little or no notice, more prospective buyers will see it. If you require 24 hours’ notice, they may choose to skip your home altogether.”

Your agent is going to help you find the right path forward based on your schedule and what’s working for other sellers in your area. And if you’ve got a hardline on granting buyers more access or have interested out of town buyers that just can’t be there in person, your agent will get creative and help you explore other options like video tours, virtual showings, and more.

Bottom Line

When it comes to selling your house, you want to be sure to get as much buyer activity as you can. Let’s connect to talk about which level of access helps make that possible.