We are pleased to announce that John Hardy has joined BloomTree Realty. John has been in the real estate business here in the Quad City area for over 16 years and has run the most productive team in our market with over 1000 transactions in the last 4 years. He will be closing his own office to join our company. We couldn’t be more proud to have John Hardy and his team come on board! Continue reading “John Hardy Joins BloomTree Realty”
Evidently, during the month of August, national home sales reached their highest levels in more than six years, according to a recent report from the Commerce Department.
This is incredible! That means that sales activity has returned to the levels it was pre-bubble burst. And this spells great success for anyone interested in listing their home on the market.
A Closer Look at US Home Data
According to Commerce Department figures, new home sales jumped 18 percent to a 504,000 annualized rate, which is the strongest it’s been since May 2008.
Not only that, but this rate is even higher than the highest forecast made by a Bloomberg survey of economists.
This one-month increase shattered a 22-year record. That’s because the last time the US housing market saw a one-month increase this big was 1992.
Here’s what else the Commerce Department revealed in its report:
- Economists surveyed in the Bloomberg report said the pace would increase between 405,000 and 455,000.
- The median forecast of 74 economists was that the pace would increase 430,000.
- The median sales price of a new house increased 8 percent year over year in August, to $275,600
- Home purchases increased in three of four U.S. regions. The West led the group with a 50 percent jump.
- The housing inventory (given the current sales rate) dropped to 4.8 months from 5.6 months in July.
- There were 203,000 new houses on the market at the end of August.
- Existing home sales decreased 1.8 percent to a 5.05 million annual pace last month. This occurred after existing home sales reached a 10-month high of 5.14 million in July.
- Housing starts decreased 14.4 percent to a 956,000 annualized rate. This occurred after July’s 1.12 million pace was the strongest it’s been since November 2007.
Canada Home Sales See Encouraging Numbers as Well
- Canadian national home sales increased 1.8 percent from July to August.
- Actual (not seasonally adjusted) activity were 2.1 percent above August 2013 levels.
- The number of newly listed homes decreased 1.2 percent between July to August.
- The MLS Home Price Index increased 5.3 percent in August when compared to last year.
- The national average sale price also increased 5.3 percent in August when compared to last year.
Moving The US Real Estate Market Forward
Experts say that the housing market has been growing in fits and starts but that steady growth is what will be needed in the long-term to effectively stabilize the market.
Still, home sellers can be encouraged by these recent numbers as they do demonstrate that the market is headed in the right direction!
Check back here soon as we continue to watch the housing market, looking for trends that impact you as home buyers and sellers.
The recent news regarding the senseless murder of Arkansas agent Beverly Carter has real estate agents and brokers across the country not only stunned and saddened but also taking a serious look at what we can do within our industry to ensure our own personal safety. While this case has been extremely high profile, it is not an isolated incident. The Bureau of Labor Statistics of the US Dept. of Labor shows that there were 25 homicides of real estate related workers in 2013. That’s just the homicides. It doesn’t include robberies, sexual assaults, and other violent crimes. Continue reading “The Senseless Loss of Agent Beverly Carter Creates a Focus on Agent Safety”
If you’re thinking about moving to Prescott and need the inside scoop, here you go. When you’re moving somewhere new, there’s always so much more to a place than you’ll find just by googling. If you look on the web what you find is that Prescott has been on several best places to retire lists, it’s probably one of the most beautiful areas of Arizona, there’s a ton to do downtown, and there’s the World’s Oldest Rodeo, too.
But there’s so much more to it than that! If you haven’t taken a stroll through the downtown streets and stopped to pet a dog, or had a glass of wine on the rooftop at the Raven, been kayaking on Goldwater Lake, or eaten at Rosa’s, you have things to add to your must-do list. The people here are about as friendly as they get, too.
We spend a lot of time helping people buy homes because it’s what we do for a living, but one of the side benefits is hearing from people who are new to our area just how much they love it here, too. We asked our agents in our Facebook group, and here’s what they had to say.
A.J. Sheridan told us that one of the best things about Prescott is how friendly people are here. “People actually wave and nod as you go by”. He also loves the sense of history here how dedicate our community is to preserving it, and says it’s a great place if you’re into volunteering.
Annette Palmer says “I love that I can put my dogs in the car and within 5-10 minutes we can be walking at the lake, or on a trail, or in the forest. Away from everything and enjoying the outdoors!”
Ask Rhonda Johnson, and she’ll rant about the views. The mountain views of Granite Mountain, Thumb Butte, and Brandshaws to Mingus Range. “They’re all so beautiful and ever changing. The sun sparkling against the rain soaked boulders, the clouds encircling Granite Mountain so you can see the bottom and top only… Way Cool!” Being tucked away in the mountains here, we have less light pollution.
Lori Hagen says it’s all about the night sky. “No matter the time of year, it’s always breathtaking.”
Kim Shaw loves everything that Prescott has to offer for someone who loves the outdoors. “You can get outside and enjoy hiking and biking all year round. The air is clean and there’s so much to do”
The community matters too. Ana Johnson reminded us of how safe Prescott is, too.
Check with Rosie Carroll and she’d tell you that “the trail systems here in Prescott are phenomenal for riding horses. Groom Creek Horse Camp is strictly horses only. They have several individual sites and two group sites plus they provide water, fire pits and restrooms. You can ride an easy loop or go as challenging as you want. It sits in the pines and just a gorgeous place to ride and relax.”
Leave it to Kristie Kay Cook to wrap it up with the best things about Prescott are Whiskey Row (yes, we all want to hang with Kristie for a night out at Whiskey Row!) and that it’s the birthplace of a company that is near and dear to our hearts, BloomTree Realty. If you’re new to Prescott or thinking about moving here, talk to a BloomTree agent. They not only love it here, but we think they’re the best real estate agents in town.
What did we miss? Add your favorites in the comments
And that’s exactly what happened recently when the latest market activity report was released by the National Association of Realtors in July.
Evidently, contracts to purchase previously-owned properties increased more than expected during the month of July, signaling that there truly is renewed momentum on the national housing market.
Let’s Take a Closer Look at The Numbers
According to a report from the National Association of Realtors, the pending home sales index increased 3.3 percent after a 1.3 percent decrease during the month of June.
That increase is much higher than previously expected. In fact, the median projection according to a Bloomberg survey of economists called for the index to increase about 0.5 percent. Specifically, estimates from 37 economists ranged from a decrease of 0.5 percent to an increase of 3 percent.
So why did the number of home sales do significantly better than previously predicted?
Experts credit the increase to a lot of factors, including:
- Increased hiring
- Rising property values
- Historically low interest rates
Not only are these factors increasing home sales but they’re also encouraging builders to break more ground.
Other factors encouraging a more robust housing market include a gross domestic product that grew at a 4.2 percent pace during the second quarter as well as the fact that unemployment claims decreased to 298,000 last week.
Experts add that faster wage growth as well as easier access to credit would also help boost the local economy
More Housing Market Data That Will Help Provide Context
Still, not all of the news from the national housing market has been completely positive.
Here are some other highlights of the National Association of Realtors’ latest report:
- Purchase contracts decreased 2.7 percent in the 12 months ending in July, which followed a 4.7 percent year-over-year decline in June.
- July marked the 10th month of year-over-year declines
- The pending sales index was 105.9 on a seasonally-adjusted basis.
- Pending sales increased in three of four regions. Specifically, sales were up 6.2 percent in the Northeast, 4.2 percent in the South and 4 percent in the West. Purchase contracts decreased 0.4 percent in the Midwest.
- Resales increased to a 5.15 million pace, which is the best they’ve been since September.
- Construction also rebounded, with starts climbing 15.7 percent to a 1.09 million annualized rate
- Meanwhile, contracts on new homes dropped unexpectedly during the month of July to a 412,000 annualized pace, which is the weakest it’s been since March.
- The average rate for a 30-year, fixed mortgage was 4.10 percent in late August, down from 4.53 percent at the start of the year
Let’s Start Discussing Your Personal Real Estate Dream!s
Are you interested in listing your property soon and getting a great price for it? Or perhaps you want to find the home of your dreams but just don’t know where to start.
Regardless of what your real estate needs are, we’re here to help!
And please make sure to check back here next month as we continue to provide you with valuable information that will help you navigate the local housing market!
So before you spend thousands of dollars on that home remodeling project you’ve been dreaming about, make sure that you’re armed with the facts first.
Today, we’re going to tell you which of the most common home renovation projects are worth the investment, and which ones you’re better off doing without. The answers may surprise you.
Roofs and New Siding: Not Very Glamorous but Quite Impactful
Remodeling Magazine reports that you’re more likely to recoup your investment on such features as your roof or your siding than you are on bathroom or kitchen remodels.
In fact, siding replacement recouped 92.8 percent of its investment while roof replacements recouped 90 percent or more at resale.
Roof replacement appears to be most important to buyers in the east, with home owners recouping an average 96.3 percent of the cost. In the Midwest, that average return was around 71.1 percent.
That’s because home buyers care more about the overall structure of the home than they do about an aesthetically pleasing kitchen.
What’s more, a recently replaced roof or new siding tells buyers that their maintenance costs are going to be low to non-existent for the first few years. And it’s impossible to understate how important that is to buyers.
Kitchens: A Sound Investment or Not?
The consensus is unanimous: Kitchen remodels are an excellent way to spend your home renovation dollars – but only if you don’t spend too much out the gate.
In fact, minor kitchen remodels (in the ballpark of $15,000 or less) returned 92.9 percent of the investment. That number dropped off on bigger remodeling projects in the kitchen.
Some features to focus on in the kitchen include all wood cabinets, commercial-looking appliances, stone floors and stone counter tops.
How About Bathrooms?
Bathrooms are also a fantastic place to invest your home remodeling dollars. Often, home owners are pleasantly surprised to discover that they get a 100 percent plus return on their investment.
For instance, a $9,400 bathroom remodel in Baltimore recently recouped 182 percent of its cost at resale.
Some features that you may want to focus on during a bathroom remodel include floor-to-ceiling steam showers and walk-in showers.
And if you only have one bathroom in your home, spend your money on adding a second bathroom instead of remodeling the only bathroom you have.
Don’t Forget To Consider Your Home’s Curb Appeal!
People often focus their remodeling dollars on the inside of the home but the exterior is just as important – if not more so.
After all, a potential home buyer will form an opinion about your home before they ever step foot inside.
Perhaps that’s why adding siding is such a sound investment when you look at the return you could get at resale.
Another way to make sure your home has adequate curb appeal is by adding a front porch or other architectural features to make your home more inviting.
Give Buyers Extra Room to Grow
Finally, consider adding another room to your home during a remodeling project.
We’ve already talked about the benefits of adding a bathroom. But the same principles hold true for other room additions as well.
In fact, for every 1,000 square feet added to a home, your sales price will increase by more than 30 percent, according a 2005 National Association of Realtors study.
One caveat to this rule: Don’t add so much extra space that your home becomes the most expensive home in the neighborhood. That’s a sure way to turn off home buyers.
Just a Few More General Notes About Home Remodels
- The Value of Your Home
- The Value of the Homes in Your Neighborhood
- The Housing Market You’re Located In
- How Soon You Sell Your Home After the Home Improvement Project
- The Quality of the Home Improvement Project
Your #1 Resource for Real Estate Trends and News
Hopefully you learned something today about home remodeling projects and how much they really benefit you as a prospective home seller.
Make sure to follow our blog to receive the latest updates on real estate trends like these and how they may impact you.
Have a great day!
And in fact, that’s exactly what The Associated Press recently reported.
This is great news, especially given that – so far this year – the pace of buying is slower than in 2013. A lot of this can be attributed to the harsh winter that kept many home buyers inside.
But as the recent report indicates, spring and summer sales activity may ultimately compensate for those sluggish winter months.
It’s Not Just Sales Contracts Enjoying Favorable Conditions
Here’s a full report of what the National Association of Realtors recently revealed:
- Its seasonally adjusted pending home sales index increased 6.1 percent to 103.9 in May.
- That marks the sharpest month-over-month gain since April 2010.
- The index is still, however, 5.2 percent below the level it was at a year ago.
- Experts believe that lower mortgage rates and an increased home inventory drove much of May’s gains.
- All four U.S. regions (the Northeast, Midwest, South and West) saw increases in signed purchase contracts
Meanwhile, in a different report released by the Association, completed sales of existing homes increased 4.9 percent in May to a seasonally adjusted annual rate of 4.89 million homes.
Still, it’s worth noting that sales are down 5 percent year over year.
The association predicts that sales of existing homes will decrease 2.8 percent this year to 4.95 million. That’s compared to 5.1 million in 2013.
In terms of new homes, sales increased 18.6 percent in May to an annual rate of 504,000. That’s the highest level since May 2008.
Why Are Things Showing Improvement Now?
Of course, it helps that we’re still in the spring and summer home buying market.
But another key factor is the removal of two previous obstacles: Rising mortgage rates and a low supply of available homes for sale.
Average rates for 30-year fixed-rate mortgages fell to 4.17 percent recently. Before, it had been at 4.20 percent and higher. Still, rates are roughly 0.25 percent higher than they were at this time last year.
Meanwhile, the supply of homes has increased. By 2.2 percent in May to 2.28 million. That’s 6 percent higher than a year ago, helping to fuel increased activity on the market!
How Can You Expect This to Affect You?
If you’re a home seller, the recent flurry of activity should give you confidence that you too will be able to sell your property and in a reasonable amount of time as well. But one things that will decide that is working with an experienced real estate agent who knows the ins and outs of the market.
And if you’re a home buyer purchasing a property on the local housing market, the recent activity suggests that you’re in good company – with more and more people entering the market to invest in property!
Always Here To Give You The National Real Estate 411!
What other valuable information would you like to learn about the real estate market in order to make your transaction easier? We will be happy to supply you with all of the insight you need!
Contact us today for valuable real estate advice today!
And make sure to check back to our website soon for more pertinent information that affects you!