According to the California Assn. of Realtors (CAR), existing home sales rose 63%in March compared to March of 2008. CAR's Unsold Inventory Index fell to 5 months supply compared to 12.2 months one year ago. New home sales were up 15% compared to the previous month. The new state tax housing credit of $10,000 combined with the $8,000 federal 1 time homebuyer tax credit appear to be driving the new home sales. Foreclosures and short sales continue to account for more than 50 %of existing home sales.
Buyers are still looking for bargains. They are buying the lowest price per sq. ft that they can find. The pressure is still on prices because most buyers know prices won't be going up any time soon, so they need to pay the least they can do.
Thursday, May 28, 2009
Tuesday, May 26, 2009
Homeowners still overvalue homes
Many homeowners are out of touch with the changing housing market, a new survey shows.
Almost half of homeowners think their houses should be priced 10% to 20%higher than their sales agents have recommended, according to a nationwide survey by California -based HomeGain.
No wonder fewer than 20% of agents nationwide are reporting that home buyers are telling them that homes on the market are priced fairly.
Almost 60% of agents say potential buyers are telling them that home asking prices are too high.
"Our survey shows that the market and Realtors are telling homeowners their homes are worth considerably less than homeowners think they are," HomeGain said in the report..
Only 11% of real estate agents surveyed predicted that home prices will rise. Most agents think the stimulus plan will not help home prices. About one in five agents said that home foreclosures now account for 30% of the home sales in their market.
The survey included more than 700 real estate agents across the country, but did not break out information in individual cities.
Almost half of homeowners think their houses should be priced 10% to 20%higher than their sales agents have recommended, according to a nationwide survey by California -based HomeGain.
No wonder fewer than 20% of agents nationwide are reporting that home buyers are telling them that homes on the market are priced fairly.
Almost 60% of agents say potential buyers are telling them that home asking prices are too high.
"Our survey shows that the market and Realtors are telling homeowners their homes are worth considerably less than homeowners think they are," HomeGain said in the report..
Only 11% of real estate agents surveyed predicted that home prices will rise. Most agents think the stimulus plan will not help home prices. About one in five agents said that home foreclosures now account for 30% of the home sales in their market.
The survey included more than 700 real estate agents across the country, but did not break out information in individual cities.
Monday, May 4, 2009
Sun City Stats--April
There are 175 active listings from $212,900 for A California Casual to $939,000 for a Provence on the golf course.
Since April 4, there were 15 pending sales (look back at previous months's stats) from $178,000 for A California Casual to $$699,000 for an expanded Monaco on the Golf Course.
There were 26 (wow!) closed escrows from $190,000 for a California Casual to a great room Portofino for $575,000.
Of the pending sales, 14 out of 15 were under $400,000.
Of the closed sales 10 were under $300,000, 10 were between $300,000-$400,000, 5 were between $400,000 and $500,000 and one was over $500,000.
I am assuming the numbers are a result of lenders making loans up to $500,000 at rates of 5% or less.
Since April 4, there were 15 pending sales (look back at previous months's stats) from $178,000 for A California Casual to $$699,000 for an expanded Monaco on the Golf Course.
There were 26 (wow!) closed escrows from $190,000 for a California Casual to a great room Portofino for $575,000.
Of the pending sales, 14 out of 15 were under $400,000.
Of the closed sales 10 were under $300,000, 10 were between $300,000-$400,000, 5 were between $400,000 and $500,000 and one was over $500,000.
I am assuming the numbers are a result of lenders making loans up to $500,000 at rates of 5% or less.
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