14,027 Houses Sell Every Day in the U.S.!!

There are some homeowners that might consider waiting for the spring to sell their house thinking that no one buys a home during the winter months. What we should understand is that homes sell EVERY DAY. As a matter of fact, according to the latest Existing Homes Sales Report from the National Association of Realtors, on average14,027 homes sell daily in this country.

It is true that more houses sell in the spring than the winter in most markets.  However, it is also true that there will be more competition as many sellers wait to the spring to put their house on the market.

Thousands of homes sell each and every day in this country. Don’t be afraid to put your house on the market this winter.

 

Clients’ Cash Deposits Can Delay Closing

DAILY REAL ESTATE NEWS | TUESDAY, NOVEMBER 19, 2013

Home buyers who make cash deposits to their checking accounts that don't come from payroll checks or income tax refunds during the processing of a mortgage likely will face delays in closing, lending experts warn. That's because lenders are required to investigate possible suspicious activity for deposits that are not documented or cannot be explained, slowing down the process.

Scott Sheldon, a senior loan officer with Sonoma County Mortgages, told Credit.com only money that can be adequately "sourced" can be used in the mortgage transaction.

"If you are self-employed and show cash deposits, that's OK — so long as you claim those monies as income on your tax return and you 'show' income from a filing standpoint," Sheldon says.

For example, if borrowers receive money from parents or family members, they will need to document and explain that deposited check to lenders. Sheldon says that buyers may want to avoid making deposits that will need to be explained at least 60 days prior to closing.

 

5 Reasons to Sell Before Spring

KCM Blog presents 5 reasons to sell before spring.

Many sellers feel that the spring is the best time to place their home on the market as buyer demand increases at that time of year. However, the fall and winter have their own advantages. Here are five reasons to sell now.

Only Serious Buyers Are Out

At this time of year, only those purchasers who are serious about buying a home will be in the marketplace. You and your family will not be bothered and inconvenienced by mere 'lookers'. The lookers are at the mall or online doing their holiday shopping.

There Is Far Less Competition

Housing supply always shrinks dramatically at this time of year. The choices for buyers will be limited. Don't wait until the spring when all the other potential sellers in your market will put their homes up for sale.

The Process Will Be Quicker

One of the biggest challenges of the 2013 housing market has been the length of time it takes from contract to closing. Banks have been inundated with both purchase and refinancing loan requests. Both of these will slow in the winter cutting timelines and the frustration these delays cause both buyers and sellers.

There Will Never Be a Better Time to Move-Up

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by over 25% from now to 2018. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30 year housing expense with historically low interest rates right now. There is no guarantee rates will remain at these levels in years to come.

It's Time to Move On with Your Life

Look at the reason you decided to sell in the first place and decide whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

You already know the answers to the questions we just asked. You have the power to take back control of the situation by pricing your home to guarantee it sells. The time has come for you and your family to move on and start living the life you desire. That is what is truly important.

 

Treasure Valley distressed properties reach post-recession low

Home sale prices are increasing in the Treasure Valley in part because of the decline in distressed properties.

Distressed properties — homes in the process of foreclosure or short sale — made up 59 percent of Ada and Canyon county home sales in January 2011, according to statistics kept by the Ada County Association of Realtors. That dropped to 10 percent in October.

Marc Lebowitz, president of the association, said the decline is partially due to the federal government’s Home Affordable Refinance Programs that have helped homeowners avoid short-selling their homes for less than they owe on their mortgages.

“This is a combination of the intrinsic strength of our market and some supportive federal policy that have made this picture a lot brighter,” Lebowitz said.

Distressed properties typically sell for far less than market value, Lebowitz said. The reduction in the inventory of distressed homes is one of the reasons median home prices have increased 20.5 percent in Ada County to $214,000 and 19.7 percent in Canyon County to $130,500 since October 2012.

Brad Barker, president of the Boise real estate agency Group One, said the local market has recovered from the recession.

“We have to be approaching or maybe even have reached a normal market now,” Barker said.

Some areas in the country should still be concerned about a “shadow inventory” of distressed properties, meaning homes that are in the process of foreclosure but don’t yet show up in the stats, Barker said. That’s only the case in states that have a judicial foreclosure process, which Idaho does not, he said.

“There isn’t anything hung up in the courts, because we don’t use the courts,” he said.

Read more here: http://www.idahostatesman.com/2013/11/21/2882660/treasure-valley-distressed-properties.html#storylink=cpy

 

 

Properties Sold in Ada and Canyon Counties

Sales UP in Ada and Canyon Counties

My thanks to Hennessey Appraisals for the above graphs.

Where are Prices Headed?

A few days ago I published the median price predictions for Ada County for this year. Today will be national predictions for the next 5 years.

Today, many real estate conversations center on housing prices and where they may be headed. That is why we like the Home Price Expectation Survey. Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts and investment & market strategists about where prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.

The results of their latest survey

The latest survey was released last week. Here are the results:

• Home values will appreciate by 4.3% in 2014.


• The average annual appreciation will be 4.2% over the next 5 years


• The cumulative appreciation will be 28% by 2018.


• Even the experts making up the most bearish quartile of the survey still are projecting a cumulative appreciation of over 16.8% by 2018.