Tag Archives: South Salem Homes

May home sales up 4.2%; median price up 15.4% | South Salem Real Estate

Existing home sales improved in May but the supply of homes for sale remains tight — which isn’t good news for buyers, the National Association of Realtors said Thursday.

Total existing home sales increased 4.2% to a seasonally adjusted annual rate of 5.18 million in May from 4.97 million in April, NAR said. That’s the highest rate since November 2009 and almost 13% above year-ago levels.

The inventory of homes for sale, meanwhile, dipped to a 5.1 month supply, down from 5.2 months in April. That means all the homes would sell in that time frame if no new supply was added and sales continued at May’s pace. Realtors consider a 6-month supply to be a balanced market between buyers and sellers.

Total housing inventory at the end of May was up 3.3% to 2.22 million existing homes for sale.

Despite last month’s “nice” gain in homes for sale, the supply is unlikely to grow unless home building ramps up by an additional 50%, says Lawrence Yun, NAR chief economist.

Homes are also selling fast. The median time on market for all homes was 41 days in May, down from 46 in April.

Nationwide, 45% of all homes sold in May were on the market for less than a month, NAR says.

Single-family home sales rose 5% in May to a seasonally adjusted annual rate of 4.6 million and are almost 13% above the year ago pace.

 

May home sales up 4.2%; median price up 15.4%.

S&P expects home prices to keep rising | South Salem Real Estate

Surging home prices throughout the country have spurred talk of a housing bubble, as many markets are still recovering from the last bubble bursting in 2007.

But Standard & Poor’s Ratings Services states that, although double-digit gains are ultimately unsustainable, we may not have reached bubble status quite yet. 

Home price appreciation can be attributed to a number of factors, including historically low rates, property purchases by investors who are renting homes out and a shortage in home inventory. In fact, recently the S&P/Case-Shiller home price index hit an 11% year-over-year increase, from 8%. 

Across the U.S., home prices are back to 2003 levels, yet they remain far from their 2006 peak. Lack of available inventory coupled with high demand has played a large role in this. In April, the sales of existing homes were up 9.7% year-over-year, while existing housing inventory dropped 13.6% from a year earlier, according to the National Association of Realtors. 

Sadly, housing starts plummeted 16.5% in April after rising 1 million units in March for the first time in nearly five years. 

Yet, despite the slow climb for starts, analysts anticipate that builders will begin to break ground in the next few months. Permits increased 14.3% to a five-year high of 1.017 million, indicating a bounce in starts.

 

S&P expects home prices to keep rising | HousingWire.

New Mexico, Nebraska Realtor associations sign up with dotloop | South Salem Homes

Transaction management platform provider dotloop announced today it has signed up state Realtor associations in Nebraska and New Mexico to use its service, and brought on two new local associations — the Realtors Association of the Palm Beaches and the Toledo Board of Realtors.

In December, dotloop announced that the Delaware, Georgia, Massachusetts, New Hampshire and Vermont state Realtor associations had signed up to use its platform.

One of the key features of dotloop’s platform, the latest version of which was released last week, is the ability for all members of a transaction to fill out digitized forms from a secure location in the cloud. That capability becomes available to agents when the owner of the forms libraries licenses them to dotloop, as the above associations and about 40 others have done.

The ability to license forms, which allows users to fill them out in its software, is a key component of dotloop’s business.

In many markets where dotloop doesn’t license forms or partner with a Realtor association, users still fill out the forms digitally using the platform, said Gregg Larson, CEO of Clareity Consulting, who’s looked into the issue. It’s not clear whether dotloop is knowingly maintaining those users’ form libraries or not, but many have been found on the platform, Larson said.

In April, the California Association of Realtors, which is not a dotloop partner, sent dotloop a cease-and-desist letter telling the company to stop allowing users to fill out CAR forms in the platform.

– See more at: http://www.inman.com/2013/06/13/new-mexico-nebraska-realtor-associations-sign-up-with-dotloop/#sthash.PgyhCdbG.dpuf

 

New Mexico, Nebraska Realtor associations sign up with dotloop | Inman News.

Top 15 Design Trends in Single-Family Living | South Salem Real Estate

From spalike master baths to super-large kitchens and beautiful outdoor spaces, a range of consumer preferences is driving home design. My newly compiled list of lifestyle and design trends details what consumers want in a home now and in years to come.

• Smaller homes. According to the results of a recent AIA Design Trends Survey, there is a growing interest in smaller home sizes and volumes due to an effort to contain energy costs. The era of the McMansion could be over, and a significantly higher number of architects have reported demand for smaller homes. The key is to create scale and function over size, while creating more financially attainable homes.

• Private outdoor spaces. Almost all homeowners—whether baby boomers, empty nesters, or Gen Y—want less maintenance and more privatized outdoor space to gather and entertain without the neighbors watching. This design trend can be achieved by positioning architecture around the outdoor space or by allowing the outdoor space to pierce architecture, affording more living spaces in the house to be exposed to the outdoor area.

• Better indoor/outdoor connectivity. The use of large floor-to-ceiling windows and sliding doors brings the outdoors into the home experience. These thresholds to the outdoors offer more light and access to private outdoor space, resulting in the interior feeling like it extends beyond the walls.

• Covered outdoor rooms. These outdoor rooms expand the utility of adjoining interior spaces. The rooms become outdoor retreats, providing intimate relaxing spaces, still covered and protected, but open to the outdoors. Often these spaces include a stone fireplace to complete the living room feel.

• Personalization. Whether for a resale or a new home, consumers are looking to find and purchase feature elements that reflect their personal tastes and preferences, from kitchen products and bath fixtures to custom flooring and even the overall layout of the home.

• Super-sized kitchens. In addition to food preparation, the kitchen serves as an entertainment area when guests are present, a conversation area among family members, or even a place for homework or a craft project. Islands and their seating capacity must expand in size, and utility spaces and pantries need to be able to store more packaged foods, which are now purchased in larger boxes and in multiple quantities.

• More seating for media areas. The typical home TV is now a large flat-screen TV capable of everything from games to 3D movies to surfing hundreds of cable channels or the Internet. The increasing TV sizes have created a design need for more wall space and larger seating capability.

 

Top 15 Design Trends in Single-Family Living – Architects, Design, In-House Design, Living Room, Outdoor Kitchens, Outdoor Rooms, Planning, Single Family – Builder Magazine.

Google Glass apps to download for real estate | South Salem Real Estate

At HousingWire’s Real Estate Expo (REX Annual) this week,VaynerMedia Founder and CEO Gary Vaynerchuk advised the audience of real estate professionals to start eyeing up Google Glass. So, as a real estate agent, how should you be utilizing this new technology?

Google Glass allows users who walk down a street wearing the technology to see alerts about nearby houses on the market. The alerts are courtesy of Trulia which this week introduced an app for Google Glass. It is one of only a handful of apps available for the Internet-connected glasses, and is an example of how software developers are experimenting with the new device.

To read the full article, click here.

Google Glass apps to download for real estate | HousingWire.

How rising mortgage rates may affect the recovery | South Salem Real Estate

The news of rising rates has caused bond investors to begin selling out of their 10-year Treasury positions, driving yields for these bonds above 2%. Since mortgage rates correlate closely with Treasury yields, they have followed suit, rising about a quarter of a percentage point in just a week, writes Forbes.

“In Middle America I don’t see much impact since homes are so affordable,” explains Lawrence Yun, chief economist of National Association of Realtors. “The more expensive coastal regions… is where one will begin to feel the first decline or impact.”  

Yun suspects that California metro areas and east coast hubs like Boston, New York and Washington D.C. could begin to experience slackening sales because low-interest monthly mortgage payments in these relatively pricier places have helped make homes seem more affordable to more buyers despite the fact that relative to income, principal amounts are still expensive.

 

How rising mortgage rates may affect the recovery | HousingWire.

Homebuilders are building homes Gen Y wants: NAHB | South Salem Real Estate

Since June is National Homeownership Month, the National Association of Home Builders is urging Gen Y’s to invest in a home.

More than 80% of Gen Y home buyers — people born in 1977 or later — said in NAHB’s 2012 consumer preference survey that they prefer an energy-efficient home.

“As the economy recovers and young people who had to live at home with their parents move forward with their lives and achieve their dreams of homeownership, home builders are delivering homes that cater to the floor plans, features and affordability that this generation desires,” said Rick Judson, chairman of NAHB.

 

Homebuilders are building homes Gen Y wants: NAHB | HousingWire.

Mortgage insurance activity picks up in April | South Salem Real Estate

The month of April brought in a slew of new mortgage insurance applications, National Mortgage News reports.

During the month, 49,018 applications for coverage were filed, topping March’s 43,278 estimate.

The three members of the trade group—Genworth, MGIC and Radian—had NIW volume of $11.36 billion in April, compared with $10.04 billion in March, $11.46 billion in October 2012 and $7.1 billion in April 2012.

 

Mortgage insurance activity picks up in April | HousingWire.

CoreLogic: 4.2 million homes in path of hurricane storm-surge | South Salem Real Estate

More than 4.2 million U.S. homes are located within the risk-zone of hurricane-driven storm-surge along the Atlantic and Gulf Coasts, CoreLogic concluded in a study this week.

After analyzing residential property risk on the national, regional, state, metro and ZIP code level, CoreLogic ($26.430%) produced a Storm Surge Report, noting that $1.1 trillion in U.S. property is situated within at-risk areas.

Unfortunately, risk-prone areas are only increasing.

The Federal Emergency Management Agency released a revised flood map for New York suburbs, adding another 35,000 homes and businesses to the list of at-risk properties along the coast.

“Public awareness of the risk hurricane-driven storm surge poses to coastal homeowners has never been higher coming off the heels of Hurricane Sandy last fall,” said Dr. Howard Botts, vice president and director of database development for CoreLogic Spatial Solutions. “Sandy was a harsh reminder of the potential destruction associated with storm-surge flooding, and of just how many communities are vulnerable to that risk, in areas typically assumed to be relatively safe from hurricanes along the northeastern Atlantic shoreline.”

Of the $1.1 trillion in property at-risk, $658 billion is located in 10 major metro areas.

States high on the list include Louisiana with 411,000 homes in storm-surge zones. Not to mention, New York with $135 billion in property at risk.

Long Island, N.Y., alone has an estimated $200 billion in residential property exposed.

CoreLogic says for the first time the report incorporates a climate-related rise in sea levels – a factor putting more neighborhoods at risk.

“These findings show that the Miami area could potentially have the highest increase in the number of homes at risk of the cities discussed in the report,” CoreLogic said. “Given a one-foot rise in sea level, total properties at risk would nearly double from just under 132,000 to almost 340,000, and estimated value would increase from an estimated $48 billion to more than $94 billion overall.”

 

CoreLogic: 4.2 million homes in path of hurricane storm-surge | HousingWire.

April Pending Home Sales | South Salem NY Real Estate

suburbs housing california

Pending home sales climbed 0.3% month-over-month in April. This missed expectations for a 1.5% rise.

On a yearly basis they were up 13.9%, beating expectations for a 13.9% rise.

“The housing market continues to squeak out gains from already very positive conditions.  Pending contracts so far this year easily correspond to higher closed home sales in 2013,” said Lawrence Yun NAR chief economist in a press release.

A regional breakdown showed that the pending home sales index (PHSI) increased the most in the Northeast, up 11.5% on the month, and 17.7% on the year. The PHSI fell the most in the West, down 7.6% on the month and 2.6% on the year.

March’s reading was revised up modestly to show a 5.9% year-over-year rise.

Here’s a look at how pending home sales have done since 2001:

April pending home sales chart

 

April Pending Home Sales – Business Insider.