Home By Design Magazine
May 3, 2010
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New Facts From the National Association of REALTORS
February 17, 2010
National Market Trends
As expected, the National Association of Realtors (NAR) reported a decline in existing home sales at the end of 2009, as first time buyers rushed to beat the tax credit deadline and close their transactions by November 30. Although Existing home sales fell by 16.7 percent in December, sales remained brisk enough to break the 5 million unit mark, bringing total the number of existing homes sales up to 5,156,000 for all of 2009. The 2009 sales figures were almost 5 percent higher than the year before, creating first year-over-year sales gain since 2005.
Chief NAR economist Lawrence Yun remains cautiously optimistic about the national housing market. “It’s significant that home sales remain above year-ago levels, but the market is going through a period of swings driven by the tax credit,” he said. ‘We’ll likely have another surge in the spring as home buyers take advantage of the extended and expanded tax credit. By early summer the overall market should benefit from more balanced inventory, and sales are on track to rise again in 2010. However, the job market remains a concern and could dampen the housing recovery – job creation is key to a continued recovery in the second half of the year.”
Great Opportunity for Home Buyers
Historically low interest rates and the extended federal tax credit have helped millions of buyers take advantage of one of the best buyers markets in history. Market conditions have improved considerably with the help of these stabilizing forces.
Increased demand has shrunk inventory while slightly raising homes prices. The national median existing home price rose to $178,300 in December, up 1.5 percent over 2008 prices. The increase was attributed in part to an increase in mid- to upper-priced homes.
The reduction of housing inventory has brought stability to many parts of the country, creating more competition for available homes, and multiple offers in some areas.
Linda Cone Named 2009 Salesperson of the Year
February 2, 2010
I am very pleased and honored to be awarded the 2009 Kansas City Regional Association of Realtors Salesperson of the Year award. My winning is due to great people I work with, like Ana Royal, and great customers like you! So thank you for your past support and future referrals and business.
I found out when I was vacationing in Maui last week with my family. My son Kris took a video of the announcement by my broker, Catherine Clark. Just play the video below to see more (Hawaii was awesome, by the way…especially since it was in the 20′s and snowy in Kansas City!).
FHA Major Lending Changes
February 2, 2010
The FHA (Federal Housing Administration), one of the federally backed mortgage insurers, announced some major changes on Jan. 20. The FHA will raise the minimum down payment for its least credit-worthy borrowers. Going forward, borrowers with credit-rating scores below 580 will be required to put down at least 10 percent. Those with a credit score above 580 will be able to continue to put down only 3.5 percent. The changes are intended to shore up the agency’s finances.
The FHA also will increase its upfront mortgage insurance premium from 1.75 percent to 2.25 percent. The agency is expected to seek congressional approval to raise annual mortgage insurance premiums, paid by borrowers over the life of the loan, above the current 0.55 percent maximum. The amount it will seek has yet to be announced.
Click here to see a summary of all changes from the National Association of Realtors.
2009 Home Buyer Survey
December 24, 2009
The National Association of Realtors has recently released the 2009 Profile of Home Buyers and Sellers. The report compiles the results of 9,138 surveys returned by buyers and sellers who sold or purchased a home between July 2008 and June 2009. The surveys were sent to buyers and sellers based on deed transfers and other public records. The complete report is available for purchase at www.realtor.org . Here are some highlights I found interesting:
•· 47% of all buyers were first time buyers.
•· 62% of first time buyers reported that the primary reason for buying a home was the desire to be a homeowner, 35% of all buyers reported that as the number 1 reason.
•· The median age of all buyers was 39, same as last year.
•· 83% of all first time buyers are under the age 44.
•· 62% of all buyers are under age 44.
•· 90% of all buyers used the internet to search.
•· 84% of buyers reported the photos to be the most useful information.
•· The number one action taken after viewing a home online was to drive by or visit the home.
•· 66% of buyers reported that they used a print ad to search, but between 84% to 90% (depending on the print medium) reported that those sources were “not useful“.
•· 36% of buyers found the home they purchased through an agent, 36% found the home they purchased online, less than 3%found the home they purchased in a print ad.
•· 77% of buyers purchased their home with an agent.
•· 85% of sellers sold their home with an agent.
•· 39% of the mortgages were FHA loans.
•· 87% of buyers viewed real estate as a good investment.
