Tuesday, March 27, 2007

It's been a while since I posted an entry in my blog, but I'm going to do my best to keep it updated. The real estate market has been very busy. I had 2 new single family listings that received multiple offers after the first open house this month. The phone is ringing, and we are doing plenty of showings. I hear from other Realtors that their business is slow, so the only thing I can attribute our full schedules is that we have a huge internet presence, and work with closely with the hundreds of buyer clients registered with us.

The National Association of Realtors® released their existing home sales report today. The report indicated that existing Single-family home sales rose 3.7 percent from the month prior.

David Lereah, NAR’s chief economist, said the strong gain is a bit of a surprise. “Some of the rise in home sales may be from mild weather that brought out shoppers in December, but fundamentals have improved in the housing market and buyers see a window now with historically-low mortgage interest rates and competitive pricing by sellers,” he said. “Even so, winter storms last month discouraged shopping, and buyers were chilled with the third coldest February on record. These unusual weather patterns mean home sales that close in March may decline before rebounding later this spring.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 6.16 percent in the last week, down from an average of 6.29 percent in February. The 30-year fixed was 6.22 percent in January, and 6.25 percent in February 2006.

Regionally, existing-home sales in the Northeast surged 14.2 percent to a level of 1.21 million in February, and are 3.4 percent higher than February 2006. The median existing-home price in the Northeast was $265,900, down only 1.4 percent from a year earlier.
Single family homes are doing the best right now, with many homes going under agreement in under a week if they are priced right. That is the key - pricing. If a home is not overpriced, and in a desirable neighborhood, it will sell fast. If you are a homebuyer, that means getting an offer in as soon as possible after you see a home you really like. Do not low-ball properties that are priced right. If you are working with a buyer agent (and you should be!), he or she can advise you on the amount you should offer.