Most Popular Months to Sell Your Home

It is common knowledge that a large number of homes sell during the spring buying season. For that reason, many homeowners hold off putting their home on the market until then. The question is whether or not that will be a good strategy this year. The other listings that do come out in the spring will represent increased competition to any seller. Do a greater number of homes actually come to the market in the spring compared to the rest of the year? The National Association of Realtors (NAR) recently revealed which months and days of the year most people list their home. Here is a graphic showing the results:



 The circles represent the ten most popular listing dates in 2014. We can see that all ten days are in the second quarter of the year. The months in red represent which months most people put their home on the market. Again, the three months in the second quarter are most active for listings. Last year, the number of homes available for sale in January was 1,880,000.

That number spiked to 2,350,000 by July!

What does this mean to you?

With the job situation improving and mortgage interest rates projected to rise later in the year, buyers are not waiting until the spring. They are out looking for a home right now. If you are looking to sell this year, waiting until the spring to list your home means you are putting your house on the market at a time you will have the greatest competition for your buyer. It may make sense to beat that rush of housing inventory to the market and list your home today.

Call me today for your free home market analysis.

Capital Region home sales end 2014 up 3.2%

http://www.businessreport.com/article/capital-region-homes-sales-end-2014-3-2

Though East Baton Rouge Parish sales were flat, total home sales in the eight-parish Capital Region for 2014 finished 3.2% higher than in 2013, aided by a strong December in which area sales jumped by 6.4% compared to the same month the previous year. In its latest monthly report, released today, the Greater Baton Rouge Association of Realtors says 8,903 homes were sold last year in East Baton Rouge, Ascension, Livingston, West Baton Rouge, East Feliciana, West Feliciana, Iberville and Pointe Coupee parishes.

The association recorded 8,625 sales in those parishes in 2013. The average home sale price in the Capital Region rose 2.3% last year to $203,203.

“There’s no reason to think that 2015 isn’t going to be another really strong year,” says GBRAR President Donna Wolff. “Our economy is really strong, our job market is extremely healthy and if interest rates stay low like they have been—and the predictions are that they may not really climb until the end of the year—I don’t see why 2015 won’t be even better than this year.”

While the Capital Region posted a year-over-year increase in sales in 2014, East Baton Rouge Parish hardly changed. The parish registered 4,700 total sales, just eight fewer than the 2013 tally and a 0.2% decline. Ascension Parish, meanwhile, notched 1,720 sales last year, an increase of 3.2% over the 2013 total. Livingston Parish saw annual sales rise by 10.8% last year to 1,639. Inventory is particularly low in Ascension in Livingston, Wolff notes. There were 451 homes for sale in Ascension during December, 13.4% less than were available in December 2013. In Livingston, 587 homes were on the market in December, 21.4% fewer than the previous year.

The months supply of inventory figure—or the number of months it would take to sell the entire inventory at the current sales rate—was at three months in Ascension and 4.1 months in Livingston at the close of 2014. Realtors consider any reading below six months to reflect a seller’s market. In East Baton Rouge Parish, the months supply of inventory was at five months at the end of last year, also indicating a seller’s market and a decline of 1.1 months from December 2013.

Access the complete GBRAR report.

—Steve Sanoski

Move Up to the House You Always Wanted

Now that the housing market has stabilized, more and more homeowners are considering moving up to the home they have always dreamed of. In most areas, prices are still below those of a few years ago. Also, interest rates are still near 4%. However, sellers should realize that waiting to make the move while mortgage rates are increasing probably doesn’t make sense. As rates increase, the price of the house you can buy will decrease. Here is a chart detailing this point:

Great Time to Buy a Home

There are many people deciding on whether to sign a new lease on a rental property or take the dive into homeownership. Every situation is different. However, with rents, home values and mortgage interest rates projected to rise, buying now might make a lot more sense than waiting until next year. Here are others who seem to agree: An article at NPR:

“Economists see several reasons why 2015 might be a banner year for homebuying — and not just in San Francisco and Miami.”

An article on Consumer Affairs:

“If you have been thinking about purchasing a home, the first half of 2015 might be a good time.”

An article on Fox Business News:

“As rent increases, it simply makes more sense to buy a home.”

Bottom Line

Buying earlier in the year probably makes more sense than putting off the decision.

 

5 Demands to Make on your Listing Agent

Are you thinking of selling your house? Are you dreading having to deal with strangers walking through the house? Are you concerned about getting the paperwork correct? Hiring a professional real estate agent can take away most of the challenges of selling. A great agent is always worth more than the commission they charge just like a great doctor or great accountant.You want to deal with one of the best agents in your marketplace. To do this, you must be able to distinguish the average agent from the great one.

Here are the top 5 demands to make of your Real Estate Agent when selling your house:

1. Tell the truth about the price

Too many agents just take the listing at any price and then try to the ‘work the seller’ for a price correction later. Demand that the agent prove to you that they have a belief in the price they are suggesting. Make them show you their plan to sell the house at that price – TWICE! Every house in today’s market must be sold two times – first to a buyer and then to the bank.

2. Understand the timetable with which your family is dealing

You will be moving your family to a new home. Whether the move revolves around the start of a new school year or the start of a new job, you will be trying to put the move to a plan. This can be very emotionally draining. Demand from your agent an appreciation for the timetables you are setting. Your agent cannot pick the exact date of your move, but they should exert any influence they can, to make it work. 

3. Remove as many of the challenges as possible

It is imperative that your agent knows how to handle the challenges that will arise. An agent’s ability to negotiate is critical in this market. 

4. Help with the relocation

If you haven’t yet picked your new home, make sure the agent is capable and willing to help you. The coordination of the move is crucial. You don’t want to be without a roof over your head the night of the closing. Likewise, you don’t want to end up paying two housing expenses (whether it is rent or mortgage). You should, in most cases, be able to close on your current home and immediately move into your new residence.

5. Get the house SOLD!

There is a reason you are putting yourself and your family through the process of moving. You are moving on with your life in some way. The reason is important or you wouldn’t be dealing with the headaches and challenges that come along with selling. Do not allow your agent to forget these motivations. Constantly remind them that selling the house is why you hired them. Make sure that they don’t worry about your feelings more than they worry about your family. If they discover something needs to be done to attain your goal (i.e. price correction, repair, removing clutter), insist they have the courage to inform you.

Good agents know how to deliver good news. Great agents know how to deliver tough news. In today’s market, YOU NEED A GREAT AGENT! You need Christie Farris. Call me today for a free market analysis of your home. 

Christie Farris

225-315-9003 (call or text)

Christiefarris@gmail.com

Licensed in the State of Louisiana

Mortgage Rates Kick Off 2015 with 20 Month Low!

Borrowing costs moved even lower this week, with the 30-year fixed-rate mortgage averaging 3.73 percent, its lowest average since May 2013. 

"Mortgage rates fell to begin the year as 10-year Treasury yields slid beneath 2 percent for the first time in three months,” says Frank Nothaft, Freddie Mac’s chief economist. “Meanwhile, the Fed minutes indicated ongoing discussion regarding the timing of the first rate hike.” Many housing economists have predicted that mortgage rates will rise sometime this year, with the 30-year fixed-rate mortgage likely reaching the upper 4 percent or 5 percent range by the end of the year.

• Freddie Mac reports the following national averages with mortgage rates for the week ending Jan. 8:
• 30-year fixed-rate mortgages: averaged 3.73 percent this week, with an average 0.6 point, dropping from last week’s 3.87 percent average. The 30-year rate has not averaged this low since May 23, 2013, when it was 3.59 percent. A year ago at this time, 30-year rates averaged 4.51 percent.
• 15-year fixed-rate mortgages: averaged 3.05 percent, with an average 0.5 point, dropping from last week’s 3.15 percent average. Last year at this time, 15-year rates averaged 3.56 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 2.98 percent, with an average 0.5 point, dropping from last week’s 3.01 percent average. A year ago, 5-year ARMs averaged 3.15 percent.
• 1-year ARMs: averaged 2.39 percent, with an average 0.4 point, falling from a 2.40 percent average the previous week. Last year at this time, 1-year ARMs averaged 2.56 percent.

NAR: Home Sales Only Going Up From Here | Realtor Magazine

NAR: Home Sales Only Going Up From Here | Realtor Magazine



Existing-home sales will likely rise about 7 percent this year, as a strengthening economy and job growth leads to a healthier market, according to the National Association of REALTORS®' 2015 housing forecast.

Mortgage Rate Projections for 2015

We finished 2014 with the 30 year fixed mortgage rate at 3.87% as per Freddie Mac. This is very close to the historic lows in the spring of 2013. However, the Mortgage Bankers Association projects mortgage rates to be about 5% by the end of 2015. Here are the latest 2015 mortgage rate projections from Fannie Mae, Freddie Mac, the Mortgage Bankers’ Association and the National Association of Realtors:

If you are looking to purchase a home this year...call Christie Farris.

#1 REASON TO SELL YOUR HOME NOW

If you are one of the many homeowners out there who are debating putting their home on the market in 2015, don’t miss out on the opportunity that currently exists. There will be significantly less competition in the winter months than in the spring. According to the National Housing Survey released by Fannie Mae, 45% of homeowners“say mortgage rates will go up in the next 12 months.”

What Does This Mean?

Homeowners are unaware that interest rates are projected to go up by all four major reporting institutions – This is big news for move-up buyers reflecting the overall amount of housing inventory that will be on the market. If existing homeowners believe that mortgage interest rates are not going to increase, then they won’t be inclined to make a move by putting their home up for sale, meaning less competition for sellers who list now.

Don’t Wait!

The study also revealed that:

“Those who say it is a good time to buy a house rose to 68%” & “the share of respondents who think it would be difficult to get a home mortgage today decreased by 3 percentage points.”

As Doug Duncan, senior vice president and chief economist at Fannie Mae explains:

“We expect consumer attitudes toward housing to improve as the pickup in the overall economy lifts employment and income prospects.“

Bottom Line

There are buyers out there who are ready to make a move. If your goal this year is to move up to your dream home, what are you waiting for?