National Real Estate Market Update from the Hintz-Rice Team
Existing home sales increased 2 percent during the month of May, according to a published report from The National Association of REALTORS® (NAR). This increase has lead NAR to revise its 2008 existing home sales prediction, which now stands at 4.99 million units, up from 4.89 million units published in May.
The national median home price was reported at $208,600 in May. According to NAR President Richard Gaylord, “Home buyers are starting to get off the fence and into the market, drawn by drops in home prices in many areas and armed with greater access to affordable mortgages,” he said. “Today’s buyer plans to stay in a home for 10 years, which is a good strategy for building long-term wealth.”
Freddie Mac reported the national average 30-year, conventional, fixed-rate mortgage rose to 6.04 percent in May, up from 5.92 percent in April. Despite the recent increase, overall mortgage rates are down from 6.27 percent, available May 2007.
Existing home inventory is reported at 4.49 million units. According to Lawrence Yun, chief NAR economist, “The large supply of homes on the market clearly favors buyers, and it should take several months to draw the inventory down. Stabilization in home prices can only occur with buyers returning to the market, so we are encouraged by rising home sales, particularly in distressed markets.”
A number of areas nationally are experiencing increased activity over May 2007, including Sacramento, the San Fernando Valley and Monterey County in California; Sarasota, Florida, and Battle Creek, Michigan.
Staging to Sell!
It’s important to think like a buyer when preparing your home for sale. Do everything you can to remove clutter and make the home feel as inviting as possible. If your home is vacant, consider hiring a professional staging consultant to bring in furniture and provide vision for making your house feel like a home. The more you can do to welcome today’s buyers, the better your odds of selling your home for top dollar. Remember, you only get one chance to make a first impression!
Who Do You Know?
If you know of anyone looking to buy or sell traverse city real estate who deserves a hardworking, honest team of professionals, feel free to recommend us. The finest compliment we can receive is a referral from past clients and customers. Thank you for your trust.
Grand Traverse Real Estate