Monday, September 15, 2014
Celebrating 3 Years in Business Today!
Celebrating 3 years in business today! Thank you to all who have supported us! Looking forward to continued growth and success.
Monday, September 8, 2014
The Price of Land is On the Rise This Year
As reported to Daily Real Estate News in Realtor Mag on Friday, September 5, 2014
Land prices rose a median of 4 percent across the country for the 12 months ending in June, according to the 2014 Land Markets Survey of more than 600 members of the REALTORS® Land Institute.
About half of the most recent land sales were located in the heartland, including Kentucky, Tennessee, North Carolina, South Carolina, Georgia, Alabama, Mississippi, and Florida. About 26 percent of recent sales were also centered in Kansas, Missouri, Arkansas, Louisiana, Oklahoma and Texas.
About three-fourths of recent land sales were recreational (21 percent); timber/ranch (25 percent); and for agricultural uses (27 percent), according to the report.
Some additional findings from this year's report:
Land prices rose a median of 4 percent across the country for the 12 months ending in June, according to the 2014 Land Markets Survey of more than 600 members of the REALTORS® Land Institute.
About half of the most recent land sales were located in the heartland, including Kentucky, Tennessee, North Carolina, South Carolina, Georgia, Alabama, Mississippi, and Florida. About 26 percent of recent sales were also centered in Kansas, Missouri, Arkansas, Louisiana, Oklahoma and Texas.
About three-fourths of recent land sales were recreational (21 percent); timber/ranch (25 percent); and for agricultural uses (27 percent), according to the report.
Some additional findings from this year's report:
- On average, 31 percent of the land value was financed by purchasers.
- Fifty-eight percent of buyers in land sales transactions are individuals and families; 17 percent are corporations/partnerships; 17 percent are investors; and 10 percent are expansion farmers. Individuals and families tend to buy land for agricultural or recreational purposes, whereas corporations are more strongly motivated by development and commercial purposes.
- Pricing for agricultural land is $5,600 per acre but can vary widely among states. For example, irrigated land vs. non-irrigated land shows a big difference in price, with irrigated land highest in California and Iowa.
- The median time on the market for land sales was 120 days, but that also varied considerably. Agricultural, irrigated land tended to have much lower time on the market, at 60 days, compared to commercial, which averaged 237 days.
Tuesday, September 2, 2014
Redfin is Predicting a Surge in Home Sales
As reported to Daily Real Estate News in Realtor Mag on Tuesday, September 2, 2014
A slowdown in home price growth and a shift in pricing power from sellers to one that more closely aligns with buyers expectations will “drive an unusual surge in home sales this fall,” predicts analysts at the real estate brokerage Redfin in its latest housing report.
“Home buyers who have been willing to wait for better deals are starting to be rewarded for their patience, as sellers drop listing prices to meet buyers’ more value-focused expectations,” Redfin notes in its latest report.
“Sellers are finally catching on that it’s not a seller’s market anymore,” says Jeremy Cunningham, a Redfin real estate professional in Virginia.
Sellers are adjusting their prices, particularly in markets that have seen a large increase in for-sale inventories or big increases in home price appreciation over the past year.
According to Redfin, Denver is the metro that has registered the largest percentage of listing price drops. Its median sales price has increased by 15 percent year-over-year compared with an average of 5.5 percent for all metros.
On the other hand, Ventura County and Sacramento, Calif., have seen more moderate price growth year-over-year but have seen their for-sale inventories rise by 25.6 percent and 18.3 percent, respectively. The two metros had the second and third largest percentage of homes for sale with price drops in July, according to Redfin.
Some of the metros with the fewest price drops tended to have smaller increases in median home prices and for-sale inventories, analysts note. On the other hand, some West Coast markets like San Francisco, San Jose, Los Angeles, and Seattle continue to sell for more than list price.
Get Ready for a Hot Fall?
Redfin analysts are predicting a surge in home sales in September and October.
“We continue to see strong buyer demand as we head into fall,” according to Redfin’s housing report, which shows the number of tours and offers picking up from July and into August. “The buyer fatigue from competing against multiple offers, bidding wars. and tight inventory is diminishing.
Additionally, the widespread increase in price drops is likely to give buyers even more confidence that they have regained some of the bargaining power lost last year.”
Also, analysts note that borrowing costs still remain attractive, which will help buyers off the fence. Mortgage rates continue to hover near yearly lows.
Source: “Listing Price Drops Will Help Drive a Fall Surge in Home Prices,” Redfin (Aug. 29, 2014)
A slowdown in home price growth and a shift in pricing power from sellers to one that more closely aligns with buyers expectations will “drive an unusual surge in home sales this fall,” predicts analysts at the real estate brokerage Redfin in its latest housing report.
“Home buyers who have been willing to wait for better deals are starting to be rewarded for their patience, as sellers drop listing prices to meet buyers’ more value-focused expectations,” Redfin notes in its latest report.
The number of homes that sold above list price in July was down nearly 7 percent to 20.1 percent from 26.8 percent a year ago, according to Redfin’s analysis.
“Sellers are finally catching on that it’s not a seller’s market anymore,” says Jeremy Cunningham, a Redfin real estate professional in Virginia.
Sellers are adjusting their prices, particularly in markets that have seen a large increase in for-sale inventories or big increases in home price appreciation over the past year.
According to Redfin, Denver is the metro that has registered the largest percentage of listing price drops. Its median sales price has increased by 15 percent year-over-year compared with an average of 5.5 percent for all metros.
On the other hand, Ventura County and Sacramento, Calif., have seen more moderate price growth year-over-year but have seen their for-sale inventories rise by 25.6 percent and 18.3 percent, respectively. The two metros had the second and third largest percentage of homes for sale with price drops in July, according to Redfin.
Some of the metros with the fewest price drops tended to have smaller increases in median home prices and for-sale inventories, analysts note. On the other hand, some West Coast markets like San Francisco, San Jose, Los Angeles, and Seattle continue to sell for more than list price.
Get Ready for a Hot Fall?
Redfin analysts are predicting a surge in home sales in September and October.
“We continue to see strong buyer demand as we head into fall,” according to Redfin’s housing report, which shows the number of tours and offers picking up from July and into August. “The buyer fatigue from competing against multiple offers, bidding wars. and tight inventory is diminishing.
Additionally, the widespread increase in price drops is likely to give buyers even more confidence that they have regained some of the bargaining power lost last year.”
Also, analysts note that borrowing costs still remain attractive, which will help buyers off the fence. Mortgage rates continue to hover near yearly lows.
Source: “Listing Price Drops Will Help Drive a Fall Surge in Home Prices,” Redfin (Aug. 29, 2014)
Subscribe to:
Posts (Atom)