Where Asking Prices Are Rising the Most

DAILY REAL ESTATE NEWS | MONDAY, JUNE 17, 2013

Median list prices in May edged up 2.10 percent month-over-month, as housing inventories also were on the rise, creating a greater balance between supply and demand, according to realtor.com’s latest Real Estate Health Report. 

The nationwide median list price was $199,000 for May, and up 4.79 percent year-over-year. 

"We are seeing large regional markets across the country leading the way to national recovery. These regions are acting as a microcosm for what's slowly happening in the larger real estate market," says Steve Berkowitz, chief executive officer of Move. "Overall, we're seeing seller confidence beginning to respond to consumer demand. Nationally, there are more homes going on the market for a shorter amount of time.  And this is happening in our hot markets on a much larger scale."

California housing markets are seeing some of the highest median price gains. The following 10 markets have seen the highest year-over-year list price gains: 

1. Sacramento, Calif.: up 42.45%

• Median list price: $284,900

2. Oakland, Calif.: up 38.27%

• Median list price: $495,000

3. Detroit, Mich.: up 31.73%

• Median list price: $125,000

4. San Jose, Calif.: up 30.58%

• Median list price: $679,000

5. Los Angeles-Long Beach, Calif.: up 27.80%

• Median list price: $428,000

6. Fresno, Calif.: up 27.48%

• Median list price: $219,900

7. Phoenix-Mesa, Ariz.: up 27.03%

• Median list price: $235,000

8. Stockton-Lodi, Calif.: up 25.63%

• Median list price: $199,750

9. Reno, Nev.: up 24.23%

• Median list price: $235,900

10. Santa Barbara-Santa Maria-Lompoc, Calif.: up 24%

• Median list price: $775,000

Source: realtor.com®

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Inventories, Asking Prices Get a Boost

http://realtormag.realtor.org/daily-news/2013/06/17/where-asking-prices-are-rising-most

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House Hunter App Coming to Google Glass

DAILY REAL ESTATE NEWS | FRIDAY, JUNE 14, 2013

Trulia has developed an app for Glass, Google's augmented-reality glasses.  The app is designed to display property listings right before the eyes of the wearer. 

The Trulia for Glass app will also let them know when they are close to an open house that matches their search criteria, even providing directions to the home.  Additionally, it will let them contact the real estate agent and can read a property description out loud. 

"The idea is to provide just enough fresh information that is personalized for me and relevant to my location," says Jeff McConathy of Trulia.  "It's a very different experience than having your head buried in your phone while the world passes by." 

The app is slated for release in July.

Source: "Google Glass Real Estate App Enables House Hunting on the Go," CBC News Canada (June 11, 2013)

© Copyright 2013 Information Inc.

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Housing Inventory Shortages Start to Ease

DAILY REAL ESTATE NEWS | THURSDAY, JUNE 13, 2013

The percentage of homes for sale has risen 25 percent this year and housing inventories have started to outpace typical seasonal upticks, realtor.com® reports. 

Rising home prices likely are encouraging more home sellers to test out the market. The inventory crunch may be showing signs of easing with listings rising 5.8 percent in May. Still, the number of homes for sale is low by historical standards. Listings in May are still 10 percent below year-ago levels. 

The places where the number of homes for sale rose the most were Atlanta (rising 3.4 percent in May), Miami (2.8 percent), and Tuscon, Ariz. (1.8 percent). 

“Even with the increases, inventories in many markets remain tight, but any easing in the extreme shortages of the past year could ultimately cool the pace at which home prices have been rising,” The Wall Street Journal reports.

Meanwhile, median asking prices rose 4.8 percent nationally over year-ago levels, according to the report. Sacramento posted the highest increase in asking prices (rising 42.3 percent from April 2012) and Oakland (a 38 percent increase). 

Source: “Housing-Inventory Crunch Could Be Easing,” The Wall Street Journal (June 13, 2013)

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Top Reasons Renters Say They Want to Own

DAILY REAL ESTATE NEWS | WEDNESDAY, JUNE 12, 2013

A recent study by mortgage giant Fannie Mae showed that 90 percent of renters aspire to be home owners one day, and the top reason behind that desire is for the sense of gaining greater control over their living arrangements. 

The survey revealed the following top reasons why renters want to own: 

• “Control over what you do with your living space”: 84% of renters said this was their main desire for owning;
• “Having a sense of privacy and security”: 80%
• “Having the best investment plan”: 78%
• “Having a good place for family or to raise your children”: 78%
• “Living in a nicer home”: 71%
• “Building wealth”: 70%
• “Saving for retirement”: 69%

In the survey, renters identified the following reasons for why they are renting: 

• “Living within your budget”: 57% 
• “Having less stress”: 52%
• “Making the best decision given the current economic climate”: 50%

Source: “Why It's True: You Should Own, Not Rent,” TheStreet.com (June 11, 2013)

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6 Ways a Home May Turn Off Buyers

DAILY REAL ESTATE NEWS | TUESDAY, JUNE 11, 2013

Bankrate.com recently featured a list of the top ways buyers back away from a home listed for sale. Its list includes these items, among others: 

1. Dirt: "The No. 1 biggest mistake is not getting the home in the best possible condition. That's huge," says Chad Goldwasser of Goldwasser Real Estate in Austin, Texas. "I won't even represent sellers at this point unless they are fully aware of how important it is to get their home in the absolute best condition that they've ever had it in." Goldwasser suggests also steam-cleaning tile and grout and carpets and replacing carpets if necessary. 

2. Odors: "Odors are a big one, especially kitchen odors," says Julie Dana, co-author of The Complete Idiot's Guide to Staging Your Home to Sell. "I advise my clients not to cook fried food, fish, or greasy food while the house is on the market. ... Interestingly, next to the kitchen, the smelliest room in the house is actually the living room. That's typically the room that has the most fabric, so that is where odors get absorbed." She recommends having curtains and upholstery cleaned, particularly if someone in the home is a smoker, and taking steps to eliminate any pet odors. 

3. Old fixtures: "You need to change out old fixtures in your house," Goldwasser says, adding outdated ceiling fans and light fixtures should be replaced prior to listing a home. "New cabinet hardware and doorknobs will probably cost all of $400 or $500, but it makes a huge difference."

4. Wallpaper: When buyers see wallpaper, they think of another thing to add to their to-do list, says Dana.  "Wallpaper is extremely personalized. You've spent hours looking over books to pick out the wallpaper you want," she says. "What are the odds that the person walking in the door will also like that wallpaper that you picked out?"

5. Popcorn acoustic ceilings: These ceiling were popular in the 1960s and 1970s but now can date a home. Still, it can be a mess and costly to remove, so real estate professionals say sellers may need to be prepared to credit a buyer in certain markets if they decide to keep the popcorn ceiling when selling a home. 

6. Too many personal items: Cluttered homes make it difficult for buyers to see past the home owner’s belongings and start envisioning themselves there. "Anything that makes your house scream 'you' is what you don't want," Dana says. "I tell all my clients that how we decorate to live and how we decorate to sell are different, and right now, we're decorating to sell."

Source: “10 Ways to Turn Off a Would-Be Homebuyer,” Bankrate.com (June 10, 2013)

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More Sellers Jump Into Favorable Market

DAILY REAL ESTATE NEWS | MONDAY, JUNE 10, 2013

Inventories of for-sale homes are increasing as more owners see rising home prices and faster sales as a reason to try to sell now, according to industry reports.

In April, the number of listings was higher than the level of homes that were under contract in that month, according to a study by the real estate brokerage ZipRealty, which measured listings in 24 major metro markets.

“It’s less of an indication of buyer momentum flagging and more of seller momentum picking up, finally,” says Lanny Baker, the company’s chief executive.

The reports find that homes are selling faster—on average, within 32 days of being listed. In April 2012, that average stood at 48 days for homes to sell. 

“A market in which the sale prices are happening very close to the list prices, a market in which the list prices seem to be moving sequentially higher, and a market in which any of those houses are selling speedily is one that is bringing sellers back,” Baker says. “That makes it feel to a seller that this isn’t going to be a long passive despair that I tried three years ago.”

Source: “Why More Sellers Could Test the Market,” The Wall Street Journal (June 10, 2013)

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