Homes for sale remain in low supply

house for sale

 

 

The supply of homes for sale is still unusually tight as the spring buying season opens, helping sellers by turning up the heat on already-rising prices.

 

The number of homes listed for sale on real estate website Zillow was down almost 17% in late February vs. a year earlier. In some California markets, they were down more than 40%, Zillow data show.

The supply crunch is likely to last all year, says IHS Global Insight economist Patrick Newport. “We’re still not building enough homes.”

While the U.S. is creating about 1.1 million new households a year, housing starts in January came in at an 890,000 annual rate, the government says.

But as prices rise, more owners will be motivated to sell, easing supply shortages, economists say.

Home prices were up 7.3% in the fourth quarter from a year before, Standard & Poor’s Case-Shiller data show. That was a much faster rise than most economists expected for 2012.

Nationwide, the supply of homes for sale — based on the pace of sales — fell in January to 4.2 months, the National Association of Realtors says. That’s an almost eight-year low. A six-month to seven-month supply is considered balanced between buyers and sellers.

The availability of the most expensive homes in the markets Zillow tracks has tightened more than those at lower price levels.

Homes for sale in what Zillow defines as the top price tier in each market fell by almost 21% in February compared to a year ago. By comparison, the inventory of homes in the middle tier dropped 17% and those in the bottom tier fell 9%.

The price tiers vary by market, based on local prices.

Five California cities in Zillow’s survey are among those seeing the biggest inventory drops, ranging from a 48% decline in Sacramento to a 36% falloff in Riverside. But other cities are also seeing significantly fewer listings. New York is down almost 19%, Dallas-Fort Worth, nearly 21%, and Orlando is off 27%.

Only five of 99 metros showed an increase in listings, led by El Paso, up 19%, and Albuquerque, up 8%. Little Rock, Fort Myers, Fla., and Youngstown, Ohio, also saw increases.

 

 

http://www.usatoday.com/story/money/business/2013/03/10/supply-of-homes-for-sale-still-lagging/1972853/

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Are banks easing up on mortgage standards?

Are banks easing up on mortgage standards?

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NEW YORK – March 6, 2013 – A very tight mortgage lending environment “promises improvements this year as the drivers of tough credit standards reverse,” according to Moody’s Analytics ResiLandscape Report. Still, lending will remain tight by historical standards, the report notes.

Tight underwriting conditions have been one of the main obstacles to a housing market recovery. But the credit agency says that those conditions began to ease somewhat this year and likely will continue to do so.

“Rising house prices give lenders more breathing room to extend credit,” the analysts at Moody’s noted.

Over the past year and a half, large lenders have loosened up or, at least, held standards stable on prime loans for mortgage originations, according to the Survey of Senior Lending Officers.

Aiding lenders’ confidence is that mortgage delinquencies have fallen to pre-recession rates.

“Being right-side up on the mortgage improves a borrower’s credit profile. It also lowers the risk of default and increases the likelihood of trade-up buying,” according to Moody’s report.

Mortgage supply will remain constrained, but “improved consumer credit quality combined with steady growth in jobs, low mortgage interest rates and modestly rising house prices makes it clear that more households will be able to qualify for a mortgage,” Moody’s said. “Greater credit availability will, in turn, help drive stronger home sales and stronger price appreciation.”

Source: “Slight opening of credit spigot aids housing outlook,” HousingWire (March 4, 2013)

© Copyright 2013 INFORMATION, INC. Bethesda, MD (301) 215-4688

for more real estate information visit us now on www.cegnarsellsflorida.com

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=288341

Best of Advice: Do I Need To Sell My Home Before Buying A New One?

 

 

homeforsale

   Q: Can I make an offer contingent on selling my home first?

 I would love to buy a smaller house but have to sell my own home first for the funds. Years ago you could put an offer on a house only if you sell your own home first, is        there anything like this anymore? I’m sure there isn’t but thought I would ask.

A: Yes, times have changed. In today’s world there are very few, if any traditional sellers who are willing to take the contingency of “Must sell my    home first.”

The short-sale and bank-owned sellers (basically banks) will take no such contingency. However, there may be options when selling that may assist you in a new purchase.

A: Yes, it happens still, not as much due to how fast a seller can release an asset.

For higher end homes that have a premium, I have seen this exercised in contract. It is part of our standard 11 page GLVAR contract in Southern Nevada. With the vast amount of short term rentals out there and the amount of investors in our market, a possible option that makes more sense with seller market, is to sell your home and lease it back from investor until you get your new place. Another option is to sell and then do a short term rental of a different property and then transition.

 

 

http://www.realtor.com/blogs/2013/02/19/best-of-advice-do-i-need-to-sell-my-home-before-buying-a-new-one/

Website scams Realtors protecting their reputation

WASHINGTON – Jan. 11, 2013 – A website appears to scam Realtors by posting negative comments – probably fake – and then offering to remove them for a fee.

According to Stacey Moncrieff of the National Association of Realtors® (NAR), the website – realtor-complaints.com isn’t authorized to use the Realtor trademark, and NAR is investigating the site.

The New Jersey Association of Realtors looked into the website after it received a string of complaints from its members, and found that most complaints on the website had similar phrasing.

“This leads to suspicion that these are not all public-submitted complaints,” says Lauren Castellano, director of communications for the New Jersey Association of Realtors.

The alleged scam, however, does not seem to be targeting consumers with false information – it seems to be targeting Realtors who are worried about their online reputation, and who try to have a negative comment removed.

When agents who have a complaint contact the website, it offers them the “opportunity” to pay to have the complaint and their name removed, says Michael Thiel, an attorney for NAR.

NAR legal staff checked the WHOIS record for the site and discovered it’s hosted on servers located in the Seychelles. “It’s recorded as having been initially registered on Jan. 1, 2013,” Thiel says, “which makes the site’s claim of having been around since 2002 very suspect.”

For more information on the alleged scam, read Moncrieff’s blog on NAR’s website.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=285637

 

 

 

 

 

 

 

 

 

 

 

Website scams Realtors protecting their reputation

WASHINGTON – Jan. 11, 2013 – A website appears to scam Realtors by posting negative comments – probably fake – and then offering to remove them for a fee.

According to Stacey Moncrieff of the National Association of Realtors® (NAR), the website – realtor-complaints.com isn’t authorized to use the Realtor trademark, and NAR is investigating the site.

The New Jersey Association of Realtors looked into the website after it received a string of complaints from its members, and found that most complaints on the website had similar phrasing.

“This leads to suspicion that these are not all public-submitted complaints,” says Lauren Castellano, director of communications for the New Jersey Association of Realtors.

The alleged scam, however, does not seem to be targeting consumers with false information – it seems to be targeting Realtors who are worried about their online reputation, and who try to have a negative comment removed.

When agents who have a complaint contact the website, it offers them the “opportunity” to pay to have the complaint and their name removed, says Michael Thiel, an attorney for NAR.

NAR legal staff checked the WHOIS record for the site and discovered it’s hosted on servers located in the Seychelles. “It’s recorded as having been initially registered on Jan. 1, 2013,” Thiel says, “which makes the site’s claim of having been around since 2002 very suspect.”

For more information on the alleged scam, read Moncrieff’s blog on NAR’s website.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=285637

 

 

 

 

 

 

 

 

Business identity theft on upswing in Fla.

TALLAHASSEE, Fla. – Jan. 16, 2013 – In October 2012, Florida Realtors joined state leaders for a discussion on business identity theft, and the state recently issued a report of its findings.

Business identity theft can work the same way as personal identity theft. If criminals can get important business keywords, they can access tax records, bank accounts, suppliers and more.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=286005

Buyers: Don’t just list a home – prepare it first

ORLANDO, Fla. – Jan. 16, 2013 – To sell a home or get top dollar, sellers must look at their property through the eyes of a potential buyer. Consider the following five tips:

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=286008

‘Zombie titles’ plague homeowners

WASHINGTON – Jan. 16, 2013 – Some refer to “zombie titles” as a little-known horror in the fallout of the foreclosure crisis. Thousands of homeowners are discovering they may be legally liable for a home they thought they no longer owned.

In some of these cases, homeowners receive a notice of a foreclosure sale and move out to give the home to the bank. But then the bank never completes the foreclosure.

“The banks are just deciding not to foreclose, even though the homeowners never caught up with their payments,” Daren Blomquist, vice president at RealtyTrac, told Reuters.

According to housing experts, the problem of “zombie titles” is worsening, although no national database tracks such titles.

“There are thousands of foreclosures in limbo, just hanging out there, just sitting, with nothing being done,” says Raymond Pianka, a judge with Cleveland Housing Court. He says the problem is due to homeowners who leave the home before an imminent foreclosure sale. Later, the homeowners discover they’re legally responsible for the home. By that time, the house may have greatly deteriorated. And some homeowners don’t even discover it until years later, such as when a municipality finally fines them for failing to keep up the property.

Source: “‘Zombie Titles’ Haunt Victims of Foreclosure,” Reuters (January 2013)

© Copyright 2013 INFORMATION, INC. Bethesda, MD (301) 215-4688

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=286001