Existing-home sales are on the rise, according to a recent report from the National Association of Realtors.  From October to November 2006 existing-home sales increased 0.6 percent, reflecting gains from single-family homes, town homes, condominiums, and co-ops. 

“As the housing market recovers from its correction, existing-home sales should be rising gradually during 2007,” said David Lereah, NAR’s chief economist.  “We’ve entered a more sustainable period of home sales now, and we expect greater support for prices over time as inventory levels are eventually drawn down.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 6.24 percent in November, down from 6.36 percent in October; the rate was 6.33 percent in November 2005.
 
NAR President Pat Vredevoogd Combs adds, “Mortgage interest rates are the lowest they’ve been since January, and it’s the first time since August of 2005 that interest rates are lower than a year earlier. This is increasing buying power at the same time that sellers are showing a willingness to negotiate price and terms. Combined with a plentiful supply of homes on the market, there’s a window for buyers now with conditions that we haven’t seen prior to the beginning of the housing boom in 2001.”

Three Tips For Home Sellers!

As economic forces stabilize real estate markets across the country, buyers and sellers are spending a little more time in the marketplace evaluating their options.  Smart sellers are realizing that a proactive selling strategy can go a long way in getting their home sold, even when inventories are high.  Here are three tips for today’s sellers:

1. Price your home right.  Markets change, so don’t be influenced by last year’s selling activity and home prices.  Buyers will evaluate your home based on what others are selling for today, so make sure you know the market and price your home accordingly.

2. Make your home shine. Buyers like to envision a home they can move right into.   Clean carpets, fresh paint, and a nicely landscaped yard can go a long way to make perspective buyers feel at home.

3. Anticipate the selling season.  Many sellers wait for the market to pick up before they place their home for sale, but smart sellers anticipate these seasonal adjustments and list their homes early in the sales cycle.  Give yourself the best opportunity by placing your home on the market before everyone else does!

Whether you’re looking to sell today or are thinking of selling tomorrow, please feel free to call The Jeanne & Dan Team and ask for a computer analysis of our recent market activity.  We would be more than happy answer any questions you might have.