Posts Tagged ‘National real estate market’

Naples FL Real Estate and Beyond: Rising Home Prices Creating Urgency Among Buyers

Tuesday, April 2nd, 2013

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As reported recently by the New York Times, potential home buyers are weighing whether to jump in now or risk paying more by purchasing a house later.

Home prices are rising rapidly, particularly the Sunbelt states.  Some economists have also predicted that the 30-year fixed-rate mortgage is expected to also move from its 3.5 percent average to above 4 percent some time later this year.

For buyers who are able to qualify for financing, “getting in a little earlier would be preferable before prices and rates rise too much,” says Lawrence Yun, chief economist for the National Association of REALTORS®.

Additionally, the Federal Housing Administration will raise mortgage insurance premiums on its loans by up to 0.10 percent of the loan amount as of April 1.

“But with housing inventories so tight in many areas, some buyers may want to wait until more homes come on the market. Buyers may need to make a trade-off: Act now to get the best financial deal or wait for more homes to come on to the market but risk paying a bit more”, as told to the New York Times by Yun.

 

Naples,Bonita Springs, marco Island, Estero  FL Real Estate

Naples,Bonita Springs, marco Island, Estero FL Real Estate

 

Source: “The Time, and Place, to Buy,” The New York Times 






Southwest Florida Real Estate & Beyond: National Homes For Sale Inventory Decreases 20% Over Last Year

Wednesday, June 13th, 2012

REALTOR.com reported today that the number of homes on the market continues to decrease in major markets. Inventory of for-sale single-family homes, condos, townhomes, and co-ops dropped 20% in May compared to a year ago.  While inventories were on the decline, the median national list price was on the rise, inching up 3.17% percent in May compared to May 2011. “These key indicators continue to suggest that the housing market is steadily moving along a path of stabilization and gradual recovery,” as quoted on the site today.

From May 2011 to May of this year, the following metro areas have posted the highest drops in the country with their housing inventories, with inventories falling 35 percent or more in the last year.  The Tampa St. Petersburg-Clearwater market made the list at a 39.76% decrease.

 

1. Oakland, Calif.: -56.60%

2. Fresno, Calif.: -48.76%

3. Bakersfield, Calif.: -48.59%

4. Phoenix-Mesa, Ariz.: -44.71%

5. Seattle-Bellevue-Everett, Wash.: -42.65%

6. San Jose, Calif.: -40.80%

7. Tampa-St. Petersburg-Clearwater, Fla.: –39.76%

8. Stockton-Lodi, Calif.: -39.25%

9. Atlanta: -39.19%

10. San Francisco: -38.90%

11. Riverside-San Bernardino, Calif.: -37.43%

12. Sacramento: -35.92%

 

In Naples, according to the Naples Area board of Realtors (NABOR), overall inventory dropped by 13 percent from 8,214 in April 2011 compared with 7,130 in April 2012.

To also review the John R. Wood Realtors April 2012 Market Reports, click HERE.

Are you ready to buy/invest in Southwest Florida?

To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.

John R. Wood Realtors – The Symbol of Local Knowledge.

 






Real Estate Market – What do the Experts Say?

Tuesday, April 24th, 2012

Last week, the National Association of Realtors’ Existing Sales Report was released and stated that sales were down 2.6% from the previous month. However, monthly variations should not be the determining factor in deciding where the market is going. For example, in the same report, NAR explained that sales were up 5.2% over last March’s numbers.

The state of the market should not be solely determined by one figure – namely the decrease in sales figure. Experts should look at the key underlying data that truly determines where the market will be heading.

Here is what leading economists in the housing industry are saying:

Paul Diggle, property economist, Capital Economics

“March’s decline in existing home sales probably reflects the normal month by month volatility rather than renewed underlying weakness. The increase in households’ confidence in the outlook for the housing market, coupled with a gradual improvement in the pace of the economic recovery, should drive a rise in home sales later this year….It is possible that the pattern within the quarter has been driven by the weather, with falls in the most recent two months reflecting a degree of payback after January’s gain.”

Doug Duncan, chief economist, Fannie Mae

“Conditions are coming together to encourage people to want to buy homes. Americans’ rental price expectations for the next year continue to rise, reaching their record high level for our survey this month. With an increasing share of consumers expecting higher mortgage rates and home prices over the next 12 months, some may feel that renting is becoming more costly and that homeownership is a more compelling housing choice.”

Celia Chen, senior director of housing economics, Moody’s

“The residential property market is recovering, as the factors underlying demand and supply strengthen. Even after accounting for unusual seasonal patterns brought on by the unusually warm winter, conditions have not been this strong since the government ended homebuyer tax credits in 2010.”

 

Mark Vitner, senior economist, Wells Fargo

“Existing home sales dropped 2.6 percent, but are up 5.2 percent from a year ago. While existing sales are down for the second consecutive month, we are likely continuing to see payback from increases earlier this year. That said, we could see one more month of disappointing data, but we still contend the recent declines are not indicative of the trend. Stabilization will become more apparent once we return to normal weather.”

Mark Fleming, chief economist, CoreLogic

“Since the peak in home prices, mortgages rates have declined and affordability has risen dramatically. Housing affordability is at levels not seen since prior to the early 1990s …While real estate professionals often say that “now is a good time to buy,” it is clear today that April 2006 was probably not a good time to buy, while now may well be the time.”

 

All agree that increasing stability is in the future and now is a good time to buy.

Are you ready to buy in Southwest Florida?

To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.

John R. Wood Realtors – The Symbol of Local Knowledge.

 






USA Today Says Housing Headed Up

Friday, April 6th, 2012

According to a USA Today article, the 2012 spring home-selling season could be the strongest in years.

“This spring will be the litmus test for housing demand,” says Steven Ricchiuto, chief economist for Mizuho Securities USA.  The spring season typically runs March through June but may have started early this year because of unseasonably warm weather.

 While last year was dismal for existing home sales, this year is looking better. Existing home sales in February were up 9% from the same time a year ago, as was the Pending Home Sale Index, which reflects signed contracts leading to sales, says the National Association of Realtors.

Meanwhile, Realtors’ confidence in the single-family home market is the highest in four years, according to a late February NAR survey of 4,300 agents.

To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.

John R. Wood Realtors – The Symbol of Local Knowledge.

 

 

 

 






Pending home sales on the rise once again

Friday, December 30th, 2011

In a report just released by the National Association of REALTORS® (NAR), pending home sales continued to gain in November 2011 and reached the highest level in 19 months.

The Pending Home Sales Index, a forecast indicator based on contract signings, increased 7.3 percent to 100.1 in November from an upwardly revised 93.3 in October and is 5.9 percent above November 2010 when it stood at 94.5. The October upward revision resulted in a 10.4 percent monthly gain.

The last time the index was higher was in April 2010 when it reached 111.5 as buyers rushed to beat the deadline for the home buyer tax credit, which reflects contracts but not closings.

According to Lawrence Yun, NAR chief economist, the gains may result partially from delayed transactions.

He states, “Housing affordability conditions are at a record high and there is a pent-up demand from buyers who’ve been on the sidelines, but contract failures have been running unusually high.  Some of the increase in pending home sales appears to be from buyers recommitting after an initial contract ran into problems, often with the mortgage.”

“November is doing reasonably well in comparison with the past year. The sustained rise in contract activity suggests that closed existing-home sales, which are the important final economic impact figures, should continue to improve in the months ahead,” states Yun.

Pending home sales are not affected by the recently published re-benchmarking of existing-home sales because the index uses a different methodology based directly on contract signings, and is adjusted for seasonality.

The PHSI in the Northeast rose 8.1 percent to 77.1 in November but is 0.3 percent below November 2010. In the Midwest the index increased 3.3 percent to 91.6 in November and is 9.5 percent above a year ago.

Pending home sales in the South rose 4.3 percent in November to an index of 103.8 and remain 8.7 percent above November 2010. In the West the index surged 14.9 percent to 121.2 in November and is 2.9 percent higher than a year ago.

To see the latest market reports for Naples, Bonita Springs and Estero Florida, click HERE.

To search for homes for sale in Naples, Bonita Springs and Estero, Florida, click HERE.

John R. Wood Realtors – The Symbol for Local Knowledge

Source: Realtor.org