Sunday, August 27, 2006, 12:33 AM
NAR: Existing-Home Sales Down, Prices SoftenDaily Real Estate News | August 23, 2006
— REALTOR® Magazine Online
Existing-home sales were down in July, while home prices in many areas are slightly below year-ago levels, according to the NATIONAL ASSOCIATION OF REALTORS®.
Total existing-home sales – including single-family, townhomes, condominiums and co-ops – dropped 4.1 percent to a seasonally adjusted annual rate1 of 6.33 million units in July from a downwardly revised pace of 6.60 million June, and were 11.2 percent below the 7.13 million-unit level in July 2005.
“Many potential home buyers have been on the sidelines, some ‘kicking the tires,’ but mostly waiting for sellers to compromise on prices and terms,” he says. “Now sellers in many areas of the country are pricing to reflect current market realities. As a result, there could be some lift to home sales, but it’ll likely take some months for price appreciation to rise.”
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Saturday, August 26, 2006, 12:46 AM
Affordable Ways to Make a Home SparkleDaily Real Estate News | August 21, 2006
Source: Universal Press Syndicate, Michael Walsh (08/20/2006)
A home seller doesn’t have to spend a fortune on redecorating in order to impress buyers. But it does take a little creativity and a clear understanding of the main goal: to remove personal clutter and make everything else shine.
Here are a few simple (and affordable) suggestions for making a home more impressive to potential buyers:
Outside: Spread fresh mulch on the flowerbeds; paint the front door; and buy a new "welcome" mat.
The mudroom: Get rid of the litter box and the pet food bowls; put cleaning supplies out of sight; and hang coats in the closet, not on hooks.
The bathroom: Hide personal items such as athlete’s foot powder or laxatives; put toothbrushes in the medicine cabinet; buy a new shower curtain.
The closets: Ruthlessly thin out clothes and shoes; hang what’s left on matching hangars; and replace the light bulbs with 100 watts.
The kitchen: Get rid of all but the basics in the cupboards and clean everything off the counters.
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Tuesday, August 22, 2006, 05:44 PM
Yahoo! Finance Videos Realtors and auction houses are teaming up more and more as the cooling market leads to more homes being offered at auction.
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Friday, August 18, 2006, 09:37 AM
Farewell bidding wars. Hello opportunity. The continued stabilization of the real estate market and increased inventory of homes available is being welcomed by many with a sigh of relief. For home buyers, this means increased opportunity with a plentiful supply of homes to choose from. For sellers, this means being realistic when pricing a home, realizing that homes are not selling at the skyrocketing pace of the past few years. Many real estate analysts agree that this market is a much needed “catch of breath” from the red-hot pace of recent years. Statistics:
Statewide: The median resale price of a single-family detached home in California for June was $575,800, an increase of about 6% over June 2005 and just under 2% for the month. Unsold resale inventory represented a 6.2 month supply, compared to 2.6 months for the same period a year ago. Median number of days till sale was 46 in June, up from 28 (revised) for June 2005.
Top Ten-Plus List: The ten California communities with the highest median home prices for June were: Beverly Hills, $1,877,500; Burlingame, $1,725,000; Manhattan Beach, $1,575,000; Los Altos, $1,543,500; Newport Beach, $1,347,250; Saratoga, $1,309,000; Mill Valley, $1,294,500; Palos Verdes Estates, $1,225,000; Orinda, $1,207,500; La Cañada Flintridge, $1,150,000. Northern California is half the list and everything over a million.
Sacramento/Capitol Region: Sacramento medians are flat and sales activity is down 38% from last year.
Interest Rates*: Thirty-year fixed rates were at 6.65% at the end of July, up a full point and a third for the year; 5/1 ARM, at 6.3%, have increased about as much from July 2005. There is some indication that fixed rates would by now have climbed even higher, except for a counter pressure – lenders are keeping rates as low as they can, to stimulate business as volume declines in step with sales activity. Loan application volume is down almost 30% nationally, year-over-year; raising rates unduly would cause an even steeper decline in the number of loans.
*Area interest rates are reported to be as follows:
Sacramento/Tahoe region: Coldwell Banker Home Loans reports that as of August 3, 2006, rates are trending down. The 30-year fixed with one point is 6.532% and the 5/1 ARM with one point is 6.098%, on all conforming loan amounts under $417,000 with a 30-day lock.
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Friday, August 4, 2006, 09:43 PM
Find out your home value in Sacramento, El Dorado and Placer counties: SacMetroHouseValues.comBack Next