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November 2016 News
Existing Home Sales Report
According to the National Association of Realtors® (NAR), sales of existing homes made a strong comeback in September pushed by first-time buyer transactions which hit 34% of sales. This level hasn't happened in over four years. Closings last month increased in all major regions, while distressed sales fell to a new low of 4% of the market.
Total existing-home sales (transactions for single-family homes, townhomes, condominiums and co-ops) grew 3.2% to a seasonally adjusted annual rate of 5.47 million in September from a downwardly revised 5.30 million in August. Sales now sit at the highest pace since June (5.57 million), 0.6% higher than one year ago (5.44 million).
NAR's chief economist, Lawrence Yun, said the two-month existing home sales slump pivoted solidly in September. "The home search over the past several months for a lot of prospective buyers, and especially for first-time buyers, took longer than usual because of the competition for the minimal amount of homes for sale," Yun said. "Most families and move-up buyers look to close before the new school year starts. Their diminishing presence from the market towards the end of summer created more opportunities for aspiring first-time homeowners to buy last month."
Housing Data Takeaways
The Best Mortgage
Shopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage - whether it's a home purchase, a refinancing, or a home equity loan - is a product, just like a car, so the price and terms may be negotiable. You'll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars.
The US Department of Housing and Urban Development offers a free brochure to help guide you through this process. Download a free copy today, and please contact us for a list of preferred mortgage professionals in our area.
Get your Home Ready to Sell
When preparing your home for sale, a number of simple cosmetic changes often provide the biggest return on investment. Here are three tips to upgrade your house without breaking the bank:
These simple tips can help you sell your home and take advantage of our today's market. Please contact us if you have any questions about selling your home. We are here to help!