Here are some interesting articles I noticed today while reading the real estate news:
November housing data shows signs of ‘sustainability’ “The housing market in November continues to demonstrate encouraging signs of sustainability for the escalating gains this year in price,” realtor.com President Errol Samuelson said in a statement. “With demand in a much stronger position compared to last year, we anticipate these gains to remain steady into 2014, but with increases expected at a more moderate pace than we have seen in 2013.”
Move-in-ready homes are hot “Luxury buyers are gravitating toward homes fully stocked with furniture, knickknacks and elaborate decor, the Los Angeles Times reports.”
Homebuying competition falls to lowest level since 2011 “Some 51.7 percent of offers made by Redfin agents faced competing offers in November, down from 54.8 percent in October and 63.6 percent a year earlier, according to Redfin’s latest Real-Time Bidding War Report. The share of Redfin offers that faced competition peaked at 75.3 percent in March.”
As interest rates rise, more home sales are cash deals “The proportion of all-cash home sales has doubled since May, making up 42 percent of all deals done in November, RealtyTrac reports — the largest proportion of cash sales since the data aggregator began tracking the stat nearly three years ago.”
Slowing home value gains to contribute to ‘more balanced market’ “This slowdown in home value appreciation will contribute to a more balanced market and will help to ease some emerging affordability problems in a handful of very hot markets, particularly in California.”
Sales of existing homes post first annual decline in more than 2 years “Existing-home sales dropped 4.3 percent from October to November, to a seasonally adjusted annual rate of 4.9 million, and were down 1.2 percent from a year ago, marking the first time in 29 months that sales were below year-ago levels.”
Zillow sees home price appreciation headed back to historic norms “Zillow said two years of home price appreciation have added $2.8 trillion to the cumulative value of U.S. homes – or 44 percent of the $6.3 trillion drop seen from 2007 to 2011.”
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Scot is a Previews Property Specialist, has been a licensed for over 27 years, and has brokered over 1000 homes… including just about every type of transaction imaginable.
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