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home prices up

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How Is the Increase In Home Prices Affecting the Sellers Market?

The latest trend in real estate is drawing a crowd. Within just one year, the typical home price has increased 7.6%, exceeding the National Association of Realtors' projection of a 5-6% appreciation. How might homeowners in the nation be responding to this rise? According to the findings at Realtor.com, many are jumping at the chance to earn a greater profit on the sale of their homes. 

With high hopes for a rush of new spring buyers, several markets with homeowners whom have been underwater are taking advantage of this opportunity to sell. Since last February, the number of units for sale has swelled to over 1,700,000. Although this home inventory count reflects a 10.1% increase, the National Association of Realtors notes that the supplies of both existing and new home inventories are still at extreme lows. 

“Overall, these figures indicate a continued reinforcement of steady gains and market stabilization that we've been watching since late last summer,” says Steve Berkowitz, CEO of Move, Inc. “Seller confidence is the factor to watch as we head into the spring home-buying season, and these are very encouraging indicators; not only are more homes coming onto the market, but typically we don’t see a rise in asking prices this early into the year.”

Realtor.com tracks 146 national real estate markets, 99 of which reflected year-over-year inventory gains last month. Of those 99 markets, the inventory gains in 63 of them were 10% or greater. Despite the increased number of units for sale, only 8 of the 99 markets registered a decline in average list price.

Looking to take advantage of this trend? Contact me today to learn the potential value of your home.

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When Will Home Values Peak Again? #tuesdaytrivia

U.S. home values hit their peak back in April 2007. Since then we've seen a decline, but they're on their way back up. By what year do real estate experts predict U.S. home values will exceed the April 2007 record?

U.S. homes values are expected to continue increasing and will exceed the April 2007 peak by the first quarter of 2018.

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Median Home Prices Continue to Rise #tuesdaytrivia

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Home prices were up in late 2013. How far above the previous December's median sale price was this year's pricing?

According to the December 2013 RE/MAX National Housing Report, the December median sale price was a full 11.9% higher than the median in December 2012! The limited number of homes for sale and increased lender requirements are believed to account for this increase.

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Prices are up 5%, but it's a crazy market out there....

John Connolly

I think the local real estate market has been affected by the weather and there's no other word to describe it but "crazy." The most prolonged winter weather in years has stifled the real estate market locally, and my feelings are shared by Realtors, lenders and other real estate professionals I have talked to in the last month.

Statistically, according to the Buffalo Niagara Association of Realtors, closed sales in February were up 1% from a year earlier, but plunged 24% from the month before. I think there are a number of reasons for this. The weather, of course, has been awful, but people are still unsure of the economy. In addition, gas prices continue to climb above $4/gallon where I think many people are saying, "let's stay here a while longer."

In addition, last year we may have overstimulated the market with the federal tax credit for first-time and move-up buyers. Those credits, $8,000, and $6,500 respectively,  moved many buyers off the fence and led to some inflated statistics for 2010. We have to see what the Realtors' group comes up with when they release March figures in early May. Meanwhile, the Realtors' group figures show that Western New York continues to buck the national trend, with housing prices continuing their year-over-year increase. Prices are up about 5% from last year. And that's always money in the bank for Western New York homeowners.

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