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Existing-Home Sales Rise Again in January

Existing-home sales rose in January, marking three gains in the past four months, while inventories continued to improve, according to the National Association of Realtors®.

Total existing-home sales¹, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 4.3 percent to a seasonally adjusted annual rate of 4.57 million in January from a downwardly revised 4.38 million-unit pace in December and are 0.7 percent above a spike to 4.54 million in January 2011.

Lawrence Yun, NAR chief economist, said strong gains in contract activity in recent months show buyers are responding to very favorable market conditions. “The uptrend in home sales is in line with all of the underlying fundamentals – pent-up household formation, record-low mortgage interest rates, bargain home prices, sustained job creation and rising rents.”

Total housing inventory at the end of January fell 0.4 percent to 2.31 million existing homes available for sale, which represents a 6.1-month supply² at the current sales pace, down from a 6.4-month supply in December.

“The broad inventory condition can be described as moving into a rough balance, not favoring buyers or sellers,” Yun said. “Foreclosure sales are moving swiftly with ready home buyers and investors competing in nearly all markets. A government proposal to turn bank-owned properties into rentals on a large scale does not appear to be needed at this time.”

Total unsold listed inventory has trended down from a record 4.04 million in July 2007, and is 20.6 percent below a year ago.

NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said buying power is enticing more potential home buyers. “Word has been spreading about the record high housing affordability conditions and our members are reporting an increase in foot traffic compared with a year ago,” he said. “With other favorable market factors, these are hopeful indicators leading into the spring home-buying season. We’re cautiously optimistic that an uptrend will continue this year.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was a record low 3.92 percent in January, down from 3.96 percent in December; the rate was 4.76 percent in January 2011; recordkeeping began in 1971.

The national median existing-home price³ for all housing types was $154,700 in January, down 2.0 percent from January 2011. Distressed homes⁴ – foreclosures and short sales which sell at deep discounts – accounted for 35 percent of January sales (22 percent were foreclosures and 13 percent were short sales), up from 32 percent in December; they were 37 percent in January 2011.

“Home buyers over the past three years have had some of the lowest default rates in history,” Yun said. “Entering the market at a low point and buying at discounted prices have greatly helped in that success.”

All-cash sales were unchanged at 31 percent in January; they were 32 percent in January 2011. Investors account for the bulk of cash transactions.

Investors purchased 23 percent of homes in January, up from 21 percent in December; they were 23 percent in January 2011. First-time buyers rose to 33 percent of transactions in January from 31 percent in December; they were 29 percent in January 2011.

Forty-seven percent of NAR members report that contracts settled on time in January; 21 percent had delays and 33 percent experienced contract failures. Contract cancellations are unchanged from December but were only 9 percent in January 2011; they are caused largely by declined mortgage applications and failures in loan underwriting from appraisals coming in below the negotiated price.

Single-family home sales rose 3.8 percent to a seasonally adjusted annual rate of 4.05 million in January from 3.90 million in December, and are 2.3 percent above the 3.96 million-unit pace a year ago. The median existing single-family home price was $154,400 in January, down 2.6 percent from January 2011.

Existing condominium and co-op sales increased 8.3 percent to a seasonally adjusted annual rate of 520,000 in January from 480,000 in December but are 10.3 percent lower than the 580,000-unit level in January 2011. The median existing condo price was $156,600 in January, up 2.0 percent from a year ago.

Regionally, existing-home sales in the Northeast rose 3.4 percent to an annual pace of 600,000 in January and are 7.1 percent above a year ago. The median price in the Northeast was $225,700, which is 4.2 percent below January 2011.

Existing-home sales in the Midwest increased 1.0 percent in December to a level of 980,000 and are 3.2 percent higher than January 2011. The median price in the Midwest was $122,000, down 3.9 percent from a year ago.

In the South, existing-home sales rose 3.5 percent to an annual level of 1.76 million in January but are unchanged from a year ago. The median price in the South was $134,800, which is 0.3 percent below January 2011.

Existing-home sales in the West jumped 8.8 percent to an annual pace of 1.23 million in January but are 3.1 percent below a spike in January 2011. The median price in the West was $187,100, down 1.8 percent from a year ago.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.

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Existing-Home Sales Rise Again in January, Inventory Down

Existing-home sales rose in January, marking three gains in the past four months, while inventories continued to improve, according to the National Association of Realtors®.
Total existing-home sales1, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 4.3 percent to a seasonally adjusted annual rate of 4.57 million in January from a downwardly revised 4.38 million-unit pace in December and are 0.7 percent above a spike to 4.54 million in January 2011.

Existing-Home Sales Rise Again in January, Inventory Down

WLOS ABC 13 News :: Top Stories - New Business is Booming - WNC is Entrepreneurial Hub

Brevard NC and Advantage West in the News, on how business friendly Brevard NC is.
Sign up for AdvantageWest e-news!

Programs and initiatives of the AdvantageWest Economic Development Group are:

Advanced Manufacturing Initiative; Blue Ridge Food Ventures; Blue Ridge Entrepreneurial Council; Certified Entrepreneurial Community Program; AdvantageGreen; MountainSouth USA; and the Western North Carolina Film Commission

Click this lin to watch the interview with Our New Business's booming WLOS ABC 13 News :: Top Stories - New Business is Booming - WNC is Entrepreneurial Hub

Click Is There a "Better Selling Season" For Your Western North Carolina Real Estate?here to set a title.

As we come into the winter months, many Brevard would-be home sellers will think about holding off on listing their home, waiting for the perceived "selling season" to put their home on the market. But if you're ready to sell your home now, is waiting until spring and summer a better option? Surprisingly, no... Not according to the data, it isn't.

Analyzing a year's worth of data by season on three quarters of a million homes listed across the country found:

• Homes listed in winter sell faster: 46 days in winter vs. 55 days in summer.

• Homes listed in winter are more likely to sell: 59.2% sell in winter vs. 53.1% sell in summer.

• Homes listed in winter sell closest to their original price: a 2.7% drop from the final price in winter vs. a 5.2% drop from the final price in summer, worth more than $7,000 on a $300,000 home.

Although spring-listed homes sell the fastest, winter comes in second at six percent below the median, while homes listed in summer and fall both sell slower than the median (12% and 16%, respectively). Overall, winter-listed homes sell best and they sell 1.4 % closer to their original list price than the median.

If you've been thinking of putting your Brevard home on the market, but think you'll get better results if you wait until spring or summer, winter may actually be a better time!

Contact Jay & Jewell Kaiser, through honesty, integrity, and responsiveness to your needs, we will make your Brevard, North Carolina real estate experience productive and successful.

Search Brevard NC Real Estate

Source: redfin blog

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BIKE Magazine deems Transylvania County "Ground Zero For Some Of The Best Riding In The Nation"!

Where does the premier mountain biking publication BIKE Magazine go to test and rate 25 of 2012’s most promising mountain bikes and gear for their annual The Bible of Bike Tests edition? If you are a biking enthusiast it will come as no surprise to hear Brevard, NC in Transylvania County or that BIKE magazine says "Transylvania County is ground zero for some of the best riding in the nation"! BIKE magazine calls Transylvania County "America's Best Kept Secret" and their team spent weeks here in Brevard back in October testing Cross-Country, Trail, Gravity, and All Mountain Bikes throughout the 400 miles of peerless single track biking trails, 1,000+ miles of gravel Forest Service roads, and 100,000 acres of public lands included in Pisgah National Forest, DuPont State Forest, and Gorges State Park. As one of the leading mountain bike destinations in Western North Carolina, known for its challenging terrain and offering riders a variety of rock gardens, steep climbs, swoopy descents, and even a few waterfall routes, Transylvania County is also rated among the best for road and endurance cycling. Not only does BIKE magazine praise Transylvania County for its bike-friendly attitude, but County Planning and Economic Development here in Brevard also encourages bike related businesses to consider the benefits of this area. It's no wonder Transylvania County is considered the Cycling Capital of the South! Click [here] to see photos of the BIKE Magazine team's rides and get details on the trails that they used. Shots of some of the many mountain biking hot spots that Western NC has to offer.Brevard, NC is a mecca for outdoor enthusiasts, let us, Jay and Jewell Kaiser, help you find a home here in the Western North Carolina mountains. Through honesty, integrity, and responsiveness to your needs, we will make your Brevard, North Carolina real estate experience productive and successful. Search Brevard NC Real Estate

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