housing market rebound
TRANSCRIPT
Prepared Exclusively for: John Public Provided by:Jo Ann OutlandOutland, Inc.1092 E Grand Ave, Suite A, Arroyo Grande, CA 93420(805) [email protected]://central-coast-short-sale-information.com/00646902DRE#00646902
© 2014 Charfen Institute All Rights Reserved. The above brokerage assumes no responsibility nor guarantees the accuracy of this information and is not engaged in the practice of law nor gives legal advice. It is strongly recommended that you seek appropriate professional counsel regarding your rights as a homeowner.
HOUSING MARKET REBOUNDWhy there’s never been a better time to sell your home!
2013 was a remarkable year for the United States
real estate market. While the we saw small
improvements in housing over recent years, in
2013 the market rebounded much faster than
anyone predicted. Now, as we head into 2014,
many homeowners are looking at the surging
market and wondering, “Is now the time to sell?”
When the housing crisis hit, many homeowners
who wanted to sell their home found themselves
unable to do so. For some, the bottoming-out of the
housing market meant losing all of the equity they
had gained in the house. Millions of other
homeowners found themselves underwater on
their mortgages, owing more on their home than it
was worth.
Unable to sell their homes, many homeowners
waited for the market to improve. However, after
years of bad news, many homeowners gave up or
simply tuned out. If you or someone you know
found yourself in this situation, now may be the
time to reassess. In 2013, the real estate market
shifted to favor sellers. More buyers, low
inventory, and fewer distressed properties all led
to dramatic increases in home prices.
If you, like so many others, have been waiting to sell
your home, now may be the perfect time. Let’s take
a closer look at the reasons why.
Home Sale Prices Are Up
According to the CoreLogic Case-Shiller Indexes
Report, home prices increased 11% from
December 2013 to December 2012. What’s more,
December was the 22nd consecutive month of
year-over-year home price increases!
If you look at the graph below, you can see just how
far housing prices have come since the 2008 low.
Provided by:Jo Ann OutlandOutland, Inc.1092 E Grand Ave, Suite A, Arroyo Grande, CA 93420(805) [email protected]://central-coast-short-sale-information.com/00646902
DRE#00646902
© 2014 Charfen Institute All Rights Reserved. The above brokerage assumes no responsibility nor guarantees the accuracy of this information and is not engaged in the practice of law nor gives legal advice. It is strongly recommended that you seek appropriate professional counsel regarding your rights as a homeowner.
HOUSING MARKET REBOUNDWhy there’s never been a better time to sell your home!
The steep, double-digit increase in home sale
prices is tremendous news for homeowners across
the board. Whether you’ve been underwater on
your mortgage or waiting for the market to
rebound, the market is much healthier than you
likely realize.
And, for many distressed homeowners, the market
rebound means having equity for the first time in
years.
Fewer Foreclosure and Short Sales
As mentioned earlier, the housing market crash left
millions underwater on their mortgages. Being
“underwater” means owing more on a mortgage
than the home is worth. At the same time, the US
economy struggled, and many homeowners
experienced financial hardship as well. Unable to
make mortgage payments and underwater on their
homes, millions suddenly faced foreclosure.
Following the crash, the number of distressed and
foreclosed homes dragged home prices down
across the country. However, as the housing
market has improved, more and more of these
distressed properties have sold while fewer homes
are becoming distressed.
The shrinking number of distressed properties is
contributing to the increase in home sale prices,
allowing homeowners to ask more for their homes.
More People Buying, but Housing Inventory still Low
Today, home affordability is near record highs. As
the housing market has recovered, interest rates
have remained low, making buying a home
accessible to more and more people. In fact,
according to the same CoreLogic report, the ratio
of median mortgage payment to median family
income was near a 40-year low in December 2013.
This means mortages are as affordable as they've
been in 40 years.
Yet while more people are buying homes, there are
fewer homes available. In general, the real estate
market needs about six months of inventory in
order to keep up with normal supply and demand.
However, at the end of December 2013, there was
only a 4.6-month supply nationally, and in some
markets, there is much less.
The increase in buyers coupled with low inventory
is driving prices up and putting power in the hands
of home sellers. The result is a seller’s market in
which homeowners selling their homes are able to
ask for more and more for their homes. For
distressed homeowners, this may mean finally
escaping an unmanageable mortgage!
Provided by:Jo Ann OutlandOutland, Inc.1092 E Grand Ave, Suite A, Arroyo Grande, CA 93420(805) [email protected]://central-coast-short-sale-information.com/00646902
DRE#00646902
© 2014 Charfen Institute All Rights Reserved. The above brokerage assumes no responsibility nor guarantees the accuracy of this information and is not engaged in the practice of law nor gives legal advice. It is strongly recommended that you seek appropriate professional counsel regarding your rights as a homeowner.
HOUSING MARKET REBOUNDWhy there’s never been a better time to sell your home!
It’s a Seller’s Market… For Now!
“Last year, home prices rose 11 percent, the highest rate of annual increase since 2005… We expect the rising prices to attract more sellers, unlocking this pent-up supply, which will have a moderating effect on prices in 2014.”
- Dr. Mark Fleming,
Chief Economist for CoreLogic
Right now, real estate market conditions favor
homeowners looking to sell their homes. However,
as more homeowners become aware of the recent
improvements in the housing market, more and
more are expected to sell their homes. As the
amount of homes for sale increases in 2014, sellers
will lose some of the power they can command in
current market conditions.
If you have been waiting to sell your home,
consider acting quickly to take advantage of the
hugely favorable market conditions for sellers.
Do you know what your home is worth today?
What are the homes in your area going for?
Chances are, the answers to these questions have
changed dramatically over the last year. Now is the
time to reevaluate your situation and explore your
options.
The bottom line is this:
If you have been waiting to sell your home, now is the time to explore your
options!
Contact me today for a free valuation of your home! I’ll help you find the best option for you.
Provided by:Jo Ann OutlandOutland, Inc.1092 E Grand Ave, Suite A, Arroyo Grande, CA 93420(805) [email protected]://central-coast-short-sale-information.com/00646902
DRE#00646902