MARKET WATCH - May 2013
||30-Yr Mortg Rate
||Days on Market
|MAY 2013 = 75%||MAY 2013 = 401||MAY 2013 = 300||MAY 2013 = 3.500%||APR 2013 = 86|
|APR 2013 = 55%||APR 2013 = 385||APR 2013 = 213||APR 2013 = 3.375%||MAR 2013 = 88|
|MAR 2013 = 43%||MAR 2013 = 396||MAR 2013 = 171||MAR 2013 = 3.5%||FEB 2013 = 92|
|*data updated by the 10th of every month.|
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The May 1st Demand Rate of 75% is the highest rate of demand in at least 3 years. There have been approximately 10% more existing single family home sales in the first 4 months of 2013, as compared to 2012. While demand and sales are up, it does not appear to be consistent across all price ranges, neighborhoods and property types. The increase in the Demand Rate is solely based on fewer Active Listings (Sellers) available (15% fewer active listings than last year). The number of Pending Listings (Buyers) is nearly identical to last year. If listings are not priced correctly, they are not selling. The pre-recession days of indiscriminate buying are clearly over.
Active Sellers… Avoid Having a Preconceived notion of your property's value.
Properties (like all other products) will sell for market value. Market value is what buyers are willing to pay. This month’s Demand Rate of 75% is the highest rate of demand in over 3 years. If your property is not selling under these conditions, price reductions must be implemented.
Active Buyers… More Cash Available = Stronger Negotiating Position
At a minimum, every buyers goal should be a Credit Score above 740 and having a minimum of 5% cash down payment (of the properties purchase price) and an additional 5% (of purchase price) for your purchase closing costs. Additionally, buyers with a 20% cash down payment receive the added benefit of not having to pay monthly mortgage insurance premiums.
Need to know
Home ownership is not a spectator sport. We must pay attention and get our hands dirty if we want to build and maintain value. Here is a vital Home Ownership Fundamental (AKA “Honey Do- List” )
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