December Existing-Home Sales Jump

December Existing-Home Sales Jump
Washington, DC, January 20, 2011

Existing-home sales rose sharply in December, when sales increased for the fifth time in the past six months, according to the National Association of REALTORS.

Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 12.3 percent to a seasonally adjusted annual rate of 5.28 million in December from an upwardly revised 4.70 million in November, but remain 2.9 percent below the 5.44 million pace in December 2009.

Lawrence Yun, NAR chief economist, said sales are on an uptrend. December was a good finish to 2010, when sales fluctuate more than normal. The pattern over the past six months is clearly showing a recovery,” he said. “The December pace is near the volume we're expecting for 2011, so the market is getting much closer to an adequate, sustainable level. The recovery will likely continue as job growth gains momentum and rising rents encourage more renters into ownership while exceptional affordability conditions remain.

The national median existing-home price2 for all housing types was $168,800 in December, which is 1.0 percent below December 2009. Distressed homes3 rose to a 36 percent market share in December from 33 percent in November, and 32 percent in December 2009.

“The modest rise in distressed sales, which typically are discounted 10 to 15 percent relative to traditional homes, dampened the median price in December, but the flat price trend continues, Yun explained.

Total housing inventory at the end of December fell 4.2 percent to 3.56 million existing homes available for sale, which represents an 8.1-month supply4 at the current sales pace, down from a 9.5-month supply in November.

NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said buyers are responding to very good affordability conditions despite tight mortgage credit. “Historically low mortgage interest rates, stable home prices, and pent-up demand are drawing home buyers into the market, Phipps said. Recent home buyers have been successful with very low default rates, given the outstanding performance for loans originated in 2009 and 2010.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.71 percent in December from 4.30 percent in November; the rate was 4.93 percent in December 2009.

A parallel NAR practitioner survey shows first-time buyers purchased 33 percent of homes in December, up from 32 percent in November, but are below a 43 percent share in December 2009.

Investors accounted for 20 percent of transactions in December, up from 19 percent in November and 15 percent in December 2009; the balance of sales were to repeat buyers. All-cash sales were at 29 percent in December, compared with 31 percent in November, but up from 22 percent a year ago. All-cash sales have been consistently high at about 30 percent of the market over the past six months,” Yun said.

Single-family home sales jumped 11.8 percent to a seasonally adjusted annual rate of 4.64 million in December from 4.15 million in November, but are 2.5 percent below the 4.76 million level in December 2009. The median existing single-family home price was $169,300 in December, down 0.2 percent from a year ago.

Existing condominium and co-op sales surged 16.4 percent to a seasonally adjusted annual rate of 640,000 in December from 550,000 in November, but remain 5.2 percent below the 675,000-unit pace one year ago. The median existing condo price5 was $165,000 in December, which is 7.4 percent below December 2009.

Regionally, existing-home sales in the Northeast jumped 13.0 percent to an annual pace of 870,000 in December but are 5.4 percent below December 2009. The median price in the Northeast was $237,300, which is 1.4 percent below a year ago.

Existing-home sales in the Midwest rose 11.0 percent in December to a level of 1.11 million but are 4.3 percent below a year ago. The median price in the Midwest was $139,700, up 3.3 percent from December 2009.

In the South, existing-home sales increased 10.1 percent to an annual pace of 1.97 million in December but are 2.5 percent below December 2009. The median price in the South was $148,400, unchanged from a year ago.

Existing-home sales in the West surged 16.7 percent to an annual level of 1.33 million in December but remain 1.5 percent below December 2009. The median price in the West was $204,000, down 5.6 percent from a year ago.

Home Remodeling Cost vs Increased Home Value

Thinking of remodeling your home and you're not sure if it's worth it? The attached article shows you a comparison of Cost vs. Value.

There is also a Top 10 most cost effective ways to improve the look and more importantly the value of your home.

For more information or for a FREE evaluation of your home contact me, George Jester!

http://www.realtor.org/rmohome_and_design/costvsvalue

Get The Real Story . . .

Get the Real Story® is a group of short, humorous video clips created and posted on the popular video sharing site, YouTube. This provide you with good reasons why owning real estate in New Jersey is a good investment. Click the link below and enjoy the videos.

As always, contact me if you have any questions or comments. Thanks!

http://www.youtube.com/RealStoryNJ


Take Care,
George Jester

May 2010 Edition of Real Estate Insights

Hold down your control key and click here to get the May 2010 Edition of Real Estate Insights provided by Realtor.com.

This will give you a behind the scenes look at the Housing Market. Enjoy and as always comments, opinions and questions are always welcome.

Thanks for your time and have a great day!

George

Application To Date My Daughter

I just came across a very funny post from another Blog and thought I'd share it with you.


APPLICATION FOR PERMISSION TO DATE MY DAUGHTERNOTE: This application will be incomplete and rejected unlessaccompanied by a complete financial statement, job history, lineage,and current medical report from your doctor.

NAME_________________________ DATE OF BIRTH_________ ____
HEIGHT_____ WEIGHT________ IQ__________ GPA_____________
SOCIAL SECURITY #__________ _ DRIVERS LICENSE #___________
BOY SCOUT RANK AND BADGES_____________________________
HOME ADDRESS______________ CITY/STATE_________ ZIP______
Do you have parents? ___Yes ___No
Number of years they have been married ___________________________
If less than your age, explain_____________________________________________________________
A. Do you own or have access to a van? __Yes __No
B. A truck with oversized tires? __Yes __No
C. A waterbed? __Yes __No
D. A pickup with a mattress in the back? __Yes __No
E. A tattoo? __Yes __No
F. Do you have an earring, nose ring, __Yes __No pierced tongue, pierced cheek or a belly button ring?

(IF YOU ANSWERED ‘YES’ TO ANY OF THE ABOVE, DISCONTINUE APPLICATION AND LEAVE PREMISES IMMEDIATELY. I SUGGEST RUNNING.)

In 50 words or less, what does ‘LATE’ mean to you?_________________________________________________________
In 50 words or less, what does ‘DON’T TOUCH MY DAUGHTER’ mean to you?
_________________________________________________________
In 50 words or less, what does ‘ABSTINENCE’ mean to you?
_________________________________________________________

REFERENCES SECTION:
Church you attend ___________________________________________
How often you attend ___ ____________________________________
When would be the best time to interview your:
father? _____________
mother? _____________
pastor? _____________

SHORT-ANSWER SECTION:

Answer by filling in the blank. Please answer freely, all answersare confidential.
A: If I were shot, the last place I would want to be shot would be:________________________________________________________
B: If I were beaten, the last bone I would want broken is my:_______________________________________________________
C: A woman ’s place is in the:
_____________________________________________________________
D: The one thing I hope this application does not ask me about is:
___________________________________________________________
E. What do you want to do IF you grow up? ___________________________________________________________
F. When I meet a girl, the thing I always notice about her first is:
__________________________________________________________

I SWEAR THAT ALL INFORMATION SUPPLIED ABOVE IS TRUE AND CORRECT TO THE BEST OF MY KNOWLEDGE UNDER PENALTY OF DEATH, DISMEMBERMENT, NATIVE AMERICAN ANT TORTURE, CRUCIFIXION, ELECTROCUTION, CHINESEWATER TORTURE, RED HOT POKERS, AND HILLARY CLINTON KISS TORTURE.
_________________________________________________________Applicant’s Signature (that means sign your name, moron!)
__________________________ _____________________Mother’s Signature Father’s Signature________________________________Pastor/Priest/Rabbi/State
Representative/Congressman

Please allow four to six years for processing.

You will be contacted in writing if you are approved. Please do not try to call or write (since you probably can’t, and it would cause you injury). If your application is rejected, you will be notified by two gentleman wearing white ties carrying violin cases. (you might watch your back)

Home For Sale - 508 Bancroft

508 Bancroft - Cherry Hill, NJ

Charming Split Level home located in the very desirable development of Kingston. Situated on almost a .25 acre lot, this 3 bedroom, 1 1/2 bathroom home has been very well cared for. Featuring a screened in porch, fully finished lower level and a walk up attic with flooring. There~s also an updated kitchen with newer Dishwasher(4yrs), Gas Stove(4yrs) and a Brand New Refrigerator. All of which are included. Utilities are updated too, with a newer Hot Water Heater(5yrs) and Central Air Unit(3yrs). There are also New Windows throughout. Add in the Vinyl Siding and this home is virtually maintenance free. If you are looking for a move in ready home, this is the one for you. Come by for a tour. You won't be disappointed!