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© 2014 Buffini & Company. All rights reserved. Used by permission.
Have You Thought About Selling?
Existing home sales in 2014 are expected to remain equal to 2013 levels.3
Home prices are on the rebound
Home prices were up more than 12% in 2013 from 2012.5 The
median price of an existing home was up 9.4% to $196,300
in 2013.1 The median price of a new home increased 10.6% to
$270,900 in 2013.1 Prices are expected to increase in 2014 due to
tight inventory.3
Home sales remain steadyHome sales have remained steady for the past
year. Existing home sales increased 6% in the
fourth quarter of 2013 to a seasonally adjusted
rate of 5.12 million homes.3
67% of Americans say that now is a good time to buy a home.6
Sources: 1. National Association of Home Builders 2. MarketWatch, January 17, 2014 3. National Association of REALTORS® , November 8, 2013 4. Fannie Mae 5. Housing Wire, October 1, 2013 6. Fannie Mae, January 7, 2014
If you’ve been thinking of putting your home on the market, now is a great time. Although the inventory of new and existing homes has been increasing, in many areas inventory is still considered low. According to national statistics, the inventory for new and existing homes is 4.3 months’ supply and 5.1 months’ supply, respectively as of November 2013.1
Although housing starts were up18% in 2013 from their 2012 level, the current level of construction is still below expected household growth.2 As a result, multiple buyers are bidding on listings and many sellers are getting the listed price for their home. There’s no doubt about it; now is a great time to sell if you’ve been thinking of putting your home on the market.
33%
33% of Americans think that now is a good time to sell, an increase from December 2012.4
Profile of a Seller1
68% of sellers have sold a home before.
What are they selling?81% of sellers sold a detached
single-family home, 7% sold a townhouse,
5% sold an apartment or condo, 2% sold a duplex and 6% sold another
type of home.
The average seller lived in the home a median of 9 years.
How long did their home take to sell?30% of sellers sold the home in 1 to 2 weeks. The median number of weeks a home was on the
market was 5.
How much did it sell for?37% of sellers sold their home
for 95% to 99% of the listing price,
21% sold their home for the full listing
price and 18% sold it for 90% to 94%
of the listing price.
53% of sellers did not reduce their asking price; 25% reduced the price once.
Where are they moving? On average, sellers
purchased a new home
within18 miles of
the one they sold.
The dream of owning a home remains alive and well in the minds of many Americans.2 The current homeownership rate in the United States is 65.3%.
3
Although the housing market has been challenging for many homeowners over the last few years, homeownership is still a top goal for many Americans.3
Why are they selling?19% Home is too small
15% Job relocation
13% Want to move closer to friends or family
10% Neighborhood became less desirable
10% Home is too large
Homeownership: Still the American Dream
80% of Americans believe that owning a home is part of their “American Dream.”4
Sources: 1. National Association of REALTORS®, 2013 Profile of Home Buyers and Sellers 2. TD Economics 3. United States Census Bureau 4. National Association of REALTORS®
Who’s selling?
Contact me to learn more about the local real estate market.