Posts with tag 'rockford real estate'
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Home Prices Surge to Fastest Pace in Year
Home Prices Surge to Fastest Pace in Year
Inventory Crunch Tight Supplies Put Home Prices on the Move A Big Threat to the Spring Housing Market Why Inventory Problems Aren't Going AwayThe median existing-home price for all housing types was $202,600 in February – 7.5 percent higher than a year ago. "Insufficient supply appears to be hampering prospective buyers in several areas of the country and is hiking prices to near unsustainable levels," says Lawrence Yun, NAR's chief economist. "Stronger price growth is a boon for home owners looking to build additional equity, but it continues to be an obstacle for current buyers looking to close before [mortgage] rates rise." Mortgage rates, for now, continue to hover near historical lows. The 30-year fixed-rate mortgage averaged 3.71 percent in February, according to mortgage giant Freddie Mac. "With all indications pointing to a rate increase from the Federal Reserve this year – perhaps as early as this summer – affordability concerns could heighten as home prices and rents both continue to exceed wages," says Yun. Indeed, an NAR study earlier this month found a widening gap between rent and income growth across the country, which is making it more difficult for renters to become home owners.
Read more: Why Renters May Be in Trouble4 Stats to Gauge the Market Here are some more findings from NAR's latest housing report: 1. Existing-home sales: Existing-home sales rose 1.2 percent month-over-month, reaching a seasonally adjusted annual rate of 4.88 million in February. Sales are 4.7 percent higher than a year ago. 2. Housing inventory: Housing inventories rose 1.6 percent to 1.89 million existing-homes for-sale in February, but remain 0.5 percent below a year ago. Unsold inventory is at a 4.6-month supply at the current sales pace. Most economists consider a 6-month supply healthy for the market. 3. Distressed sales: Foreclosures and short sales comprised 11 percent of sales in February, down from 16 percent a year ago. In February, 8 percent of sales were foreclosures, and 3 percent were short sales. On average, foreclosures sold for a discount of 17 percent below market value (in January, it was 15 percent) and short sales were discounted by 15 percent on average (from 12 percent in January). 4. Days on the market: Properties were on the market for 62 days, on average, in February, down from 69 days in January. Short sales were on the market for the longest – 120 days. Foreclosures tended to sell in 58 days and non-distressed homes took 61 days. Thirty-four percent of homes sold in February were on the market for less than a month, according to NAR's report. By Region The following is an overview of how sales fared in February across the country:
- Northeast: existing-home sales plunged 6.5 percent to an annual rate of 580,000, but are 3.6 percent above year ago levels. Median price: $241,800, up 3.3 percent year-over-year.
- Midwest: existing-home sales were mostly unchanged from January at an annual level of 1.08 million, but are 4.9 percent higher than February 2014 levels. Median price: $152,900, up 8.8 percent from a year ago.
- South: existing-home sales rose 1.9 percent to an annual rate of 2.11 million last month, and are 6 percent higher than year ago levels. Median price: $177,900, up 8.5 percent from a year ago.
- West: existing-home sales increased 5.7 percent to an annual rate of 1.11 million in February, and are 2.8 percent above a year ago. Median price: $290,100 -- 4.2 percent above February 2014.
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Dickerson & Nieman Hot Sheet - March 2015
THE 5 MYTHS OF PROSPECTING
Done right, sales prospecting can have a huge impact on your revenue — and it doesn't take an armor suit and the courage of Prince Valiant to do it well. Just an open mind and the willingness to resist some of prospecting's most common myths. Myth #1: Prospecting is sales. Prospecting is distinct from sales, just as marketing is distinct from sales (though closely linked). Prospecting is simply about discarding unqualified leads and retaining the qualified leads that may buy your product. Myth #2: Prospecting is a numbers game. Old school prospecting relies on contacting large numbers of cold contacts. But quality supersedes quantity. Find prospects that have a propensity and possible motive to buy your product or service. Myth #3: Scripts are for kids. Too many sales people insist on prospecting without a script. But scripting let...5
Volunteers Among Us - Becoming a Seeing Eye Dog Trainer
We asked our agents how, where and why they do volunteer work in the community. Our Roscoe agent Barbara Fry has shared the story of her journey in becoming a Leader Dog trainer to share with you! [caption id="" align="alignleft" width="160"] Barbara Fry, Broker - Dickerson & Nieman Roscoe[/caption] Years ago I watched a story on 20/20, of Seeing Eye dogs and how a puppy is transformed into a helper for someone with sight problems. Their training starts with very young pups - preparing them for a job that will one day change someone's life. When my own life settled down after the death of my husband, I started looking into the possibility of becoming a trainer. I looked at several programs across the United States and I chose to work with the Leader Dogs, where I was put on a waiting list to receive my puppy. Leader Dogs breeds their own puppies (golden retrievers, Labradors and German shepherds) and the puppies are sent to homes for training as soon...
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Defining a Buyer's Market
[caption id="" align="alignleft" width="160"] Brandon Johnson, Broker Dickerson & Nieman Realtors[/caption] I am sure that most of you have seen the posts that buying a home is more affordable than renting a home. I would be the first one to support this argument in the current Real Estate Market. But, this is not another article that is going to bash renting and point out the repetitive benefits of home ownership such as tax incentives and defining ownership. I want to explain a phrase that is heard daily in the Greater Rockford Area, a "buyer's market". Before I get into my argument let me share some research that I have found. According to NAR Economist Danielle Hale, the median homeowners have $200,000 in net worth in comparison to the median renter who has $5,000. Also, 75% of first time home buyers previously rented their home. On top of that 83% of first time buyers thought that buying a home was a good investment. I agree that purchasing yo...
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