Existing-home sales hit their highest level in 6 1/2 years in August, as fast-rising mortgage rates pushed buyers to close deals, the National Association of Realtors (NAR) reported today.
Existing-home sales rose 1.7 percent to a seasonally adjusted annual rate of 5.48 million in August from 5.39 million in July, and were up 13.2 percent annually, according to NAR.
“Rising mortgage interest rates pushed more buyers to close deals, but monthly sales are likely to be uneven in the months ahead from several market frictions,” said NAR Chief Economist Lawrence Yun. “Tight inventory is limiting choices in many areas, higher mortgage interest rates mean affordability isn’t as favorable as it was, and restrictive mortgage lending standards are keeping some otherwise qualified buyers from completing a purchase.”
Existing-home inventory at the end of August increased 0.4 percent to 2.25 million homes, representing a 4.9-month supply of homes at the current rate of home sales, NAR said.
That’s down from a five-month supply in July and a six-month supply a year before, the trade group said.
- See more at: http://www.inman.com/2013/09/19/existing-home-sales-hit-highest-level-in-6-5-years/#sthash.2tTzfXOu.dpuf
Monday, October 21, 2013
Saturday, October 19, 2013
Open House on Sunday
Come to the open house I am hosting this Sunday, October 20th from 12:00 to 2:00pm at 4914 Franklin Villas Drive, Indianapolis, IN. It's a spacious 3 bedroom with two full baths. The great room has a double sided fireplace and would be great for entertaining.
Wednesday, October 16, 2013
Want to Sell the Home Faster? Stage it First, Study Says
By Melissa Dittmann Tracey
You hear the message a lot in the real estate industry: Staging can help get a home sold faster and for more money. But convincing customers of that — particularly if it means fronting some money on their end — is not always easy.
The Real Estate Staging Association, a trade association for the staging industry, recently released some findings from a study using data from January 2012 to December 2012 that back up that message.
RESA studied 89 homes that were previously on the market that were not staged. The unstaged homes remained on the market for 166 days, on average, before the home owners called in a professional stager.
After the homes were staged, the homes received their first offer within 32 days, the study found. What’s more, nine of those homes received multiple offers.
You hear the message a lot in the real estate industry: Staging can help get a home sold faster and for more money. But convincing customers of that — particularly if it means fronting some money on their end — is not always easy.
The Real Estate Staging Association, a trade association for the staging industry, recently released some findings from a study using data from January 2012 to December 2012 that back up that message.
RESA studied 89 homes that were previously on the market that were not staged. The unstaged homes remained on the market for 166 days, on average, before the home owners called in a professional stager.
After the homes were staged, the homes received their first offer within 32 days, the study found. What’s more, nine of those homes received multiple offers.
Monday, October 14, 2013
Children's Museum Haunted House!
10/16/2013 through 10/31/2013The Children's Museum of Indianapolis
3000 N. Meridian St., Indianapolis, IN 46206 | view on map
Event phone: 317-334-3322
Event web site: http://www.childrensmuseum.org/hauntedhouse
Tickets phone: 317-334-4000
This year marks the 50th anniversary of The Children's Museum Guild's Haunted House, the oldest continually operating haunted house in the nation! The Haunted House is a fundraiser for the museum, raising more than $8.5 million since it began in 1964. This year, join your ghoulish guide Dr. Timestein for an awfully amazing journey back in time as you explore five "deadcades" of movies, music, television, and history through a terrifying Time Warp! The entire museum is celebrating this thrilling, chilling adventure - 50 Years of Fear!
Buy Now
Why it Might Be Cheaper to Buy Now
Mortgage rates are nearing the 5 percent mark, prompting many home buyers to rush to take advantage of rates while they’re still low.
“Most people agree it is only a matter of time before rates hit 5 percent,” Peter Grabel, a mortgage loan originator at Luxury Mortgage Corp. in Stamford, Conn., told realtor.com®. “The housing market has clearly turned the corner in most areas. I think a year from now, people will look back and realize that this was a great buying opportunity.”
Some forecasts show rates could edge even higher to 5.5 percent or even 6 percent in 2014. The Federal Reserve has announced that it will soon start tapering its $85 billion monthly bond-purchasing program, which is expected to send mortgage rates rising from recent record lows.
“Most people agree it is only a matter of time before rates hit 5 percent,” Peter Grabel, a mortgage loan originator at Luxury Mortgage Corp. in Stamford, Conn., told realtor.com®. “The housing market has clearly turned the corner in most areas. I think a year from now, people will look back and realize that this was a great buying opportunity.”
Some forecasts show rates could edge even higher to 5.5 percent or even 6 percent in 2014. The Federal Reserve has announced that it will soon start tapering its $85 billion monthly bond-purchasing program, which is expected to send mortgage rates rising from recent record lows.
Friday, October 11, 2013
Great Broad Ripple Home for Sale
Keller Williams Indy Metro Pro team member Erin Dunn-Vance has a great home in Broad Ripple listed for $127,900. This three bedroom home has charm and style throughout and is move in ready. There are hardwood floors, a modern kitchen with tile, stainless steel appliances, and contemporary countertops and cabinets. It is located only two block from the Monon and a short bike ride to the Broad Ripple Farmer's Market. Check out the details and schedule a time when we can take you through this great home. http://www.eproptours.com/tour/play.htm?vic
Thursday, October 10, 2013
A Red Front Door Can Symbolize Many Things
In Scotland, homeowners paint their front door red when they pay off their mortgage. Throughout history, a red front door has symbolized many things - the ancient Hebrews believed it would protect firstborn children from the angel of death; in the early days of America, it meant the home was a safe place for travelers to stop for the night. And according to feng shui, a red front door invites positive energy into a home.
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