Good news in the world of real estate. USA Today Money reports that home sales posted strong gains in the fourth quarter and prices rose nearly 45% compared with a year earlier. They see this as evidence of an improving climate in housing. Yippee!
A reason for the gains? Low interest rates and the first-time home buyer tax credit. "There's a growing body of evidence that the housing market has stabilized," says the chief global economist from the Economic Outlook Group. He thinks that these same factors could further stabilize prices and boost sales. Let's hope he's right!
Saturday, February 13, 2010
Monday, February 8, 2010
What makes a house sell or sit?
I've often wondered what makes a house SELL or SIT? As a Howard Hanna real estate agent, I tour lots of homes each week. Sometimes they sell, sometimes they don't. Usually it's obvious why a home doesn't sell -- priced too high, bad condition, poor marketing, etc. But sometimes it's a mystery. Take this GREAT house on Bainbrook in my neighborhood (no, it's not my listing!). This house has sold in the past with mutliple offers. It shows very well. It's in great condition and professionally decorated. It has fabulous features like a cool sitting room off the master suite, a huge finished basement, and a nice back yard. I really love this house. And it's price well ($399K, a steal for this neighborhood and this house). And yet, there it has sat for 206 days. These are the ones that make you scratch your head...
(BTW, if you want to find out more about this great house, visit my website at www.MaryFrancesLaGanke@HowardHanna.com and search on MLS #3051641. Or just call me at 216-470-6799 for a personal tour!)
Snowman Building Contest in Our Hood
On a cold, beautiful Saturday in January, about 40 of my neighbors came out for the first ever Bainbrook / Laurel Springs Snowman Building Contest and Winter Party. I sponsored this get-together to meet more of my neighbors and have another family-friend activity in our hood. Prizes were awarded for the biggest snowman and most-creative snowman, and boy was it hard to pick just two winners!
Check out these pics, great snowmen, and fun had by all. We'v decided this will have to be an annual event from now on! Events like these are just one of the reasons I think Bainbrook/Laurel Springs is the best place to live in Cleveland!
Wednesday, February 3, 2010
Moreland Hills Home for Sale
135 Easton Lane, Moreland Hills, $539,000
Check out this sprawling, 4,000 square foot home with 5 bedrooms and 4.5 baths. You'll buy this home for the lot alone -- 3 wooded acres, on the cul de sac. Gorgeous views from every window! This special home features a first-floor master with walk-in closet, granite kitchen, family room with wet bar, a teen or nanny suite on the second floor with a separate entrance, and finished basement. Too many updates and features to mention here! Check out more pics and details on my website (www.MaryFrancesLaGanke.HowardHanna.com) or on its own web page (www.135EastonLn.HowardHanna.com).
Pending Home Sales Improving!
Good news from the National Association of Realtors (NAR)...Pending home sales have leveled from a market swing driven by response to the home buyer tax credit.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in December, increased 1 percent to 96.6 from 95.6 in November, and remains 10.9 percent above December 2008 when it was 87.1.
In November, the monthly index had fallen by 16.4 percent from surging activity in preceding months.
Lawrence Yun, NAR chief economist, says it’s important to recognize how the tax credit is skewing market data.
“There are easily understood swings in contract activity as buyers respond to a tax credit that was expiring and was then extended and expanded,” he says. “These swings are masking the underlying trend, which is a broad improvement over year-ago levels."
December activity was the fifth highest monthly tally in two years.
The Impact of the New Tax Credits
Buyers who have a contract in place to purchase a primary residence by April 30, 2010have until June 30, 2010, to finalize the transaction to qualify for a tax credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers.
Yun projects the extended and expanded tax credit will encourage 2.4 million households to take the credit in 2010.
“While new-home sales will remain low due to a lack of construction, existing-home sales are projected to rise to around 5.6 million in 2010,” Yun says. Last year there were 5.16 million existing-home sales.
He added that one of the greatest benefits of rising sales will be firming home prices. “For several months now we’ve been seeing stabilization in all of the home price measures as inventory is pulled down,” Yun says. “As a result, the housing wealth for many middle class families has begun to stabilize.”
(From the NAR website)
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in December, increased 1 percent to 96.6 from 95.6 in November, and remains 10.9 percent above December 2008 when it was 87.1.
In November, the monthly index had fallen by 16.4 percent from surging activity in preceding months.
Lawrence Yun, NAR chief economist, says it’s important to recognize how the tax credit is skewing market data.
“There are easily understood swings in contract activity as buyers respond to a tax credit that was expiring and was then extended and expanded,” he says. “These swings are masking the underlying trend, which is a broad improvement over year-ago levels."
December activity was the fifth highest monthly tally in two years.
The Impact of the New Tax Credits
Buyers who have a contract in place to purchase a primary residence by April 30, 2010have until June 30, 2010, to finalize the transaction to qualify for a tax credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers.
Yun projects the extended and expanded tax credit will encourage 2.4 million households to take the credit in 2010.
“While new-home sales will remain low due to a lack of construction, existing-home sales are projected to rise to around 5.6 million in 2010,” Yun says. Last year there were 5.16 million existing-home sales.
He added that one of the greatest benefits of rising sales will be firming home prices. “For several months now we’ve been seeing stabilization in all of the home price measures as inventory is pulled down,” Yun says. “As a result, the housing wealth for many middle class families has begun to stabilize.”
(From the NAR website)
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