One Montgomery County Realtor, Jane Fairweather, said homes in her market are selling in an average of 23 days because inventories are way down and demand is strong. The number of listings in Montgomery County were down 41% in April from 2011. In April of 2011, one third of the listings went under contract. In April of this year, 67% went under contract, according to CNBC.
Homes going as quickly as they did during boom | HousingWire.
The home value forecast from Pro Teck Valuation Services reveals the impact low housing inventory has on home prices, which it calls the sold-to-list price ratio.
In the May update, the Honolulu, Tucson, San Francisco and Chicago metro areas are highlighted to determine how the indicator has been useful from a historical perspective as well as in current market conditions to best predict home price appreciation in markets.
“While many were predicting that REO and the ‘shadow inventory’ would keep real estate markets depressed, in reality the shortage of housing inventory has lead buyers to bid more competitively against one another leading to significant home price increases and tighter housing conditions,” said Tom O’Grady, CEO of Pro Teck Valuation Services.
The sold-to-list price ratio typically fluctuates between 92% and 98%, but can exceed 100% in very hot markets, according to the authors of the home value forecast.
The home value forecast from Pro Teck Valuation Services reveals the impact low housing inventory has on home prices, which it calls the sold-to-list price ratio.
In the May update, the Honolulu, Tucson, San Francisco and Chicago metro areas are highlighted to determine how the indicator has been useful from a historical perspective as well as in current market conditions to best predict home price appreciation in markets.
“While many were predicting that REO and the ‘shadow inventory’ would keep real estate markets depressed, in reality the shortage of housing inventory has lead buyers to bid more competitively against one another leading to significant home price increases and tighter housing conditions,” said Tom O’Grady, CEO of Pro Teck Valuation Services.
The sold-to-list price ratio typically fluctuates between 92% and 98%, but can exceed 100% in very hot markets, according to the authors of the home value forecast.
“The sold-to-listed price ratio has historically lead home prices by approximately six months over the past three real estate cycles and its turning points have been excellent signals for the same in condo prices,” added O’Grady.
The May home value forecast update also provides a listing of the top-10 best and worst performing metros as ranked by its market condition ranking model. Sales/listing activity and prices, months of remaining inventory, days on market, sold-to-list price ratio and foreclosure and REO activity are all indicators of the best and worst markets.
“Two of the top markets this month are in Nevada (Las Vegas-Paradise and Reno-Sparks), both of which had been very distressed since their respective market peaks in 2005 and 2006. Also, California continues to be well represented on the list by Los Angeles, Oakland, and Sacramento metros,” said Michael Sklarz, principal of collateral analytics and contributing author to Home Value Forecast.
Sklarz added, “Nashville’s metro area is a new entrant this month. Although the market has a more shallow correction than many of the other markets in the recent recession, it appears to be experiencing improving overall economic conditions and one of the most affordable markets in the U.S. now.”
“The bottom ranked metros also represent an interesting mix around the U.S. While all have nine to thirteen Months of Remaining Inventory, many of the indicators are showing positive trends even for the bottom metros area this month,” added Sklarz.
American Banker is reporting that Wells Fargo ($39.88 0.62%) andCitigroup ($51.45 0.84%) ‘halted’ most of their foreclosure sales in several states after evaluating the process against the backdrop of new guidance from the Office of the Comptroller of the Currency.
Reporters Jeff Horwitz and Kate Berry wrote that within two weeks of the OCC’s release of new guidance on minimum standards for foreclosure sales, Wells, Citi and JPMorgan ‘all but stopped’ foreclosure sales.
Since then, JPMorgan has picked them back up again.
American Banker: Wells, Citigroup halt foreclosure sales in several states | HousingWire.
There’s a lot $50,000 can buy — from a new car to a college education — but rarely does a new home top the list.
Before you rule out being a homeowner for less than six figures, check out these houses on the market for around $50,000. You might find a diamond in the rough.
612 S Brownsville St, Trenton, TN 38382
For sale: $57,000
If you can picture yourself sipping tea in this 1946 Cape Cod-style home, Trenton may be the place for you. Known for its annual Teapot Festival, the town has lots of character and affordable homes. For $57,500, you can get 5 bedrooms and 3 baths on more than half an acre.
205 Hewett St, Neillsville, WI 54456
For sale: $54,900
Less than 30 miles from Marshfield, this 3-bed, 2-bath home includes an updated main bath, hardwood floors, new carpeting and built-in storage. While it’s currently being rented, the 1960 construction is in good condition, priced well below the Neillsville median list price of $99,900.
515 Church St, Mullens, WV 25882
For sale: $50,000
Built in 1941, the previous owners of this home have maintained its architectural charm. Step inside and find beautiful hardwood floors, an original fireplace and an updated kitchen. The 3-bedroom, 2-bath home also backs up to the Guyandotte River, a tributary of the Ohio River.
1021 Poppy Seed Dr, Oak Grove, KY 42262
For sale: $57,000
This $57,000 home has curb appeal with flower beds and a recent coat of paint, indicating the interior is in good condition. Located in Oak Grove adjacent to the Fort Campbell Army base, the house has 5 bedrooms and 2 baths measuring 1,217 square feet.
China called for higher down payments and interest rates for second-home mortgages in cities with “excessively fast” price gains and ordered stricter enforcement of taxes on sales as authorities step up a three- year campaign to cool the property market.
The People’s Bank of China’s regional branches may implement the measures in accordance with the price-control targets of local governments, the State Council, or Cabinet, said in a statement on its website yesterday. Cities facing “relatively large” pressure from rising house prices must further tighten home-purchase limits, according to the statement.
Feb. 27 (Bloomberg) — Jim Chanos, founder and president at Kynikos Associates Ltd., and Stephen Roach, a senior lecturer at Yale University and former non-executive chairman for Morgan Stanley Asia, talk about China’s economy. Chanos also discusses U.S. tax policy, the European economy and Herbalife Ltd.’s business model. They speak with Trish Regan and Adam Johnson on Bloomberg Television’s “Street Smart.” (Source: Bloomberg)
China’s new-home prices rose for a ninth straight month in February, SouFun Holdings Ltd. (SFUN) said yesterday, 10 days after outgoing Premier Wen Jiabao told local authorities to “decisively” curb property speculation and ordered cities with rapid price gains to limit home purchases. Li Keqiang, No.2 in the Communist Party hierarchy, is set to replace Wen during legislative meetings that start March 5.
“This is a final effort by Premier Wen to put a stamp on the direction of policy before he leaves office and the message is clear: there should be no relaxation of property market controls,” Mark Williams, an economist at Capital Economics Ltd. in London, said by e-mail. “This is a sensible policy. Even allowing for the construction slowdown of last year, the real estate sector remains on an unsustainable path.”
Property controls “are still in a crucial period and expectations of further gains in housing prices are increasing,” the State Council said.
Paint prep image via Shutterstock.
It might seem counterintuitive to invest money in a home you’re selling. Wouldn’t it be better to save that money for improvements on your next home?
Even though the home sale market has improved impressively, buyers still pay more for homes they can move right into without having to do work. This is not to say that buyers won’t buy homes that need updating, but they need to be able to see the potential. And the property needs to be priced right for the market, taking into account work that needs to be done.
For example, recently a home was sold in the desirable Crocker Highlands neighborhood in Oakland, Calif. It was owned by one family for more than 50 years. The property had deferred maintenance and a dated décor.
If the listing had been put on the market before it was partially updated, it would have been harder to sell and would have sold for less than it did with the repairs and tasteful upgrades.
Q: We own several large apartment complexes. After all that’s happened recently, we have decided that we do not want firearms on the property. Can we prohibit tenants from keeping them on the premises? Our manager says no, that people have a constitutional right to keep arms. –Dave and Bea M.
A: You do have a legal right to prohibit the keeping of firearms at your properties, just as you can prohibit tenants from keeping pets or parking oversize vehicles in your parking lots.
Your manager’s concerns are a bit off the mark: The United States Constitution (specifically, the Second Amendment, which concerns the people’s “right to bear arms”) is aimed at the government, not at individuals like you. So, while recent Supreme Court decisions have struck down attempts to restrict gun ownership, these cases have all involved states or localities whose laws have been found to infringe on the amendment. You are neither a state nor a locality. You are simply a business owner who has wide latitude in deciding how your run the business.
Should you instigate such a policy at your properties — more on how to do that below — you should be prepared for another argument you’re likely to hear. “That’s discrimination against gun owners!” will surely be lobbed your way. Again, nothing to fear, legally. That’s because gun owners are not a protected group under federal, state or local laws.
Q: We own several large apartment complexes. After all that’s happened recently, we have decided that we do not want firearms on the property. Can we prohibit tenants from keeping them on the premises? Our manager says no, that people have a constitutional right to keep arms. –Dave and Bea M.
A: You do have a legal right to prohibit the keeping of firearms at your properties, just as you can prohibit tenants from keeping pets or parking oversize vehicles in your parking lots.
Your manager’s concerns are a bit off the mark: The United States Constitution (specifically, the Second Amendment, which concerns the people’s “right to bear arms”) is aimed at the government, not at individuals like you. So, while recent Supreme Court decisions have struck down attempts to restrict gun ownership, these cases have all involved states or localities whose laws have been found to infringe on the amendment. You are neither a state nor a locality. You are simply a business owner who has wide latitude in deciding how your run the business.
Should you instigate such a policy at your properties — more on how to do that below — you should be prepared for another argument you’re likely to hear. “That’s discrimination against gun owners!” will surely be lobbed your way. Again, nothing to fear, legally. That’s because gun owners are not a protected group under federal, state or local laws.
