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October 2016 News
Existing Homes Sales Report
Sales of existing homes slowed a bit in August for a second month in a row even with mortgage rates near record lows. According to the National Association of Realtors® (NAR), higher home prices and inventory shortages kept some buyers on the sidelines. The Northeast was the only region with a monthly increase in August closings, partly owing to relatively better inventory t.
Total existing-home sales (measuring transactions for single-family homes, townhomes, condominiums, and co-ops) dropped 0.9 percent to a seasonally adjusted annual rate of 5.33 million in August from 5.38 million in July. Following August's decline, sales sit at their second-lowest pace of 2016 -- but are still slightly above (0.8 percent) one year ago (5.29 million).
NAR's chief economist, Lawrence Yun, said that recent job growth is not translating to higher home sales. "Healthy labor markets in most the country should be creating a sustained demand for home purchases," Yun said. He added, "however, there's no question that after peaking in June, sales in a majority of the country have inched backwards because inventory isn't picking up to tame price growth and replace what's being quickly sold."
Housing Data Takeaways
NAR President Tom Salomone, of Real Estate II Inc. in Coral Springs, Florida, says in today's fast-moving market, a Realtor® who knows about down payment options and their target area is essential to a successful buying experience. But buyers also need to have their ducks in a row according to Salamone. "Home shoppers serious about buying need to be ready with a pre-approval. This allows a Realtor® to hone in only on homes within the buyer's price range and ensures any offer presented to the seller is taken seriously."
Find the Right Coverage
When purchasing a home, you will need to acquire homeowners insurance. In fact, all lenders will require a policy to be in force prior to funding the loan. Make sure you have enough coverage should anything happen. Policies refer to "replacement costs" that may not cover everything. You should ask your insurance agent a lot of "what if" questions. The deductible amount also plays a big part in setting your premium. Higher deductibles lower the number of claims, and reduce your insurance costs.
Check with your insurance agent for more information on these issues and others. If you don't have an insurance agent, we have access to several top-notch agents to whom we can refer you with confidence.
Selling your home in today's market requires strategy and execution. Here are three tips to help sellers reduce their time on market:
These simple tips can help you sell your home and take advantage of our today's market. Please contact us if you have any questions about selling your home. We are here to help!