Hot Real Estate Market

Hot Real Estate Market! Really? For the past three consecutive Tuesday’s some type of great news about the real estate market and home prices have been released. The news has come from typical sources like the National Association of Realtors. But network news and even the President of the United States have offered up a much needed reprieve from the years of real estate bankruptcy, foreclosures and indebtedness.

Have we really entered into a hot real estate market? Proof number one.

Two weeks ago on May 11, President Obama during his weekly address talked about the growing housing market in the US.

“Today, seven years after the real estate bubble burst, triggering the worst economic crisis since the Great Depression and costing millions of responsible Americans their jobs and their homes, our housing market is healing.  Sales are up.  Foreclosures are down.  Construction is expanding.  And thanks to rising home prices over the past year, 1.7 million more families have been able to come up for air, because they’re no longer underwater on their mortgages,” said the President.

Hot real estate market proof number two

One week ago it was Lawrence Yun, the chief economist for the National Association of Realtors who gave good about real estate buyers.

“Buyer traffic is 31 percent stronger than a year ago, but sales are running only about 10 percent higher”.

Hot real estate market proof number three

Last night (May 28) ABC News with Diane Sawyer and Paula Faris reported (video below) on the big jump in sold home prices.

“Home prices in America, jumping up almost 11% from a year ago, the largest gain in nearly seven years,” reported Sawyer.

So what’s going on? A lot of it has to do with the third edition of quantitative easing (QE3) started last September. QE3 is when the Federal Reserve buys mortgage backed securities (MBS) in an attempt to keep mortgage interest rates down. It has been working.

The Feds have been buying up to $40 billion dollars a month of MBS. It is open ended meaning that although there is a cap on the amount the Feds can spend each month there is no date set to end the purchases. For more on quantitative easing read, “QE3 Attempts to Lower Home Mortgage Rates”

The national average for sold price increase has been around 10 percent, but many places across the country have seen much more.

“Home prices across the country are surging, which is why the McDougal family of Phoenix, Arizona have their home on the market, where prices are up more than 22% from just a year ago,” reports Faris of ABC News.

Las Vegas has seen a 20 percent increase in sold prices. ABC News in the video report below goes on to report, “And in Atlanta, this three bedroom home could now fetch $180,000, up roughly 19% from last year.”

Hot real estate market number four

The Crystal Coast MLS area and Carteret County have seen an even bigger increase in year over year sales. The month of April saw a 21 percent jump in the number of homes sold. Dor a detailed report see Hitchcock Realty report, “Home Prices and Sales Are Up”.

Watch the ABC News report below. The entire presentation is only 2:15 long. But pay close attention to the four tips they give towards the end on how to put more money in your pocket even during a “Hot real estate market”.

Hot real estate market tips

hot real estate The first tip given in the report was to list early in the summer. There is some validity to the statement. Spring and early summer along the Crystal Coast are great buying times mainly because of the great weather. But March traditionally in Carteret County is when things take a sharp spike upwards. Another great month is October. The 70 degree temperatures outside with its light northerly winds make it an ideal time to go house hunting.

Hot Real Estate Market Key Point: If it’s time to sell, don’t wait-List!

Tip number two, list on Friday. That’s maybe not the best idea. Over 90 percent of buyers go online before they go inside a home. Waiting to list a home until Friday will miss the browsing time for both buyer and broker. The home maybe toured more on Friday but most of the work is done before actually visiting a property. Remember, most homes for sale are occupied and arrangements need to be made by your buyers broker to see it. Waiting to list generally means missed opportunities.

Hot Real Estate Market Key Point: If it’s time to sell, don’t wait-List!

Tip number three, hire a professional photographer. The key word here is “professional”. Realtors are not photographers. You can never go wrong when you hire a professional photographer with experience taking pictures of homes.

Hot Real Estate Market Key Point: Always hire an experienced professional including your real estate broker when it comes time to buy or sell.

Tip number four, replacing and fixing things around your home. In so doing you may not increase the value of your home but it is a great way to help insure that you get the true value of it. Hold door knobs, faucets and such are deficiencies, they deduct from value. They are not what would be considered improvements which add value.

Another great example is replacing a roof. A lot people think that if they replace their old beat up roof with $5,000 worth of new shingles and such that they have just “improved” the value of their home by $5,000. No! It’s a great sales point but only takes away a deficiency that would have subtracted from the homes’ value.

Hot Real Estate Market Key Point: If it’s a repair or fix then you’re probably taking away a deficiency and restoring the homes’ value. If it’s an improvement or addition then it’s probably adding to the value of your home.

crystal coast margaret hitchcock Whether it’s a hot real estate market or one that is cold and slow the services of an experienced Realtor like Margaret Hitchcock will always pay off. Margaret understands the intricacies of real estate. Showing, staging, finance and mortgage lending, contracts and negotiations, valuations, appraisals, inspections, marketing, sales, advertising, promotions-Whatever aspect of real estate it is Margaret has the experience and know how to bring it all to a successful close. Call Margaret Hitchcock today at (252) 269-2893

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