Posted in Real Estate Investing

June – a slow month for Home Sales

 (increasing mortgage rates) “…may have taken some of the steam out of the market.”

ScreenHunter_114 Jul. 23 07.07

After hitting a 3.5 year record high, home sales took a dip of 1.2% in sales to an annual rate of 5.08 million home sales in June.  According to Lawrence Yun, Chief Economist for the National Association of Realtors, increasing mortgage rates “may have taken some of the steam out of the market.”

Nonetheless, there is still a lot of demand in most US cities. The problem lies in the most expensive regions: Hawaii, California, and the New York City metro area:

“We’re still dealing with a large pent-up demand,” he said. “However, higher mortgage interest rates will bite into high-cost regions of California, Hawaii and the New York City metro area market,” says Yun.

Foreclosures and short sales have taken a back seat in the market, accounting for 15% of existing home sales. With these distressed sales clearing the market, home sellers can expect a greater return on their properties as the median home price has increased 13.5% since June, 2012 – a consecutive gain in median home prices for 16 months!

If you are thinking of selling, there is a lot of demand for what buyers consider “good” homes and the conditions (demand) is continually improving, aside from the interest rate increase. But seriously, were we thinking that they’d actually stay that insanely low forever? Seriously? 

Source: Money.CNN.com

http://money.cnn.com/2013/07/22/real_estate/home-sales/index.html?section=money_realestate&

Author:

Bio: Entrepreneur | Speaker | Author | Instructor I like to think of myself as a modern day polymer, a "Renaissance Man." It is impossible for me to stick to any one thing when I am fascinated by the riches of the world (and I don't mean money), but I'm not interested in being labeled a "Jack of all trades." I have thoughtfully chosen to focus my energy on a few trades: military service (from ages 17 to 27), performing arts (acting, in both film and theatre, and music), entrepreneurship (real estate sales, mortgage finance, and appraising), education (K thru 12 and online real estate course creation and instruction), law, writing (I have published a few books, from pedagogy to romance, to network marketing (my present work-in-progress), and speaking (so far I have had the privilege of being an alumni guest speaker at two university events. Current Status: I am the Broker-Owner of Coleman Tanner Realty in Florida, as well as the Executive Director and Chief Legal Officer of REX Cinema Productions, both located in Jacksonville, Florida. History: These are some of the titles I have/had in my life journey: Student, Actor, Musician, Drama Club Director, Author, Content Creator, Soldier, Sailor, Sales Associate, Store Manager, Appraiser, Real Estate Broker, Mortgage Broker, Attorney (non-licensed), Teacher, Dept. Chair, Executive Director, CEO, Father, Son, Brother, Cousin, and Nephew. Personality: I am purpose-driven. I love most people (despise some, though I try to mask it and eliminate it from my being.) My favorite color is blue, my favorite number is 3, and my favorite music is smooth jazz. I like cigars, bourbon (Jack Daniels) and scotch (12 year, single malt), wine (mostly red) and craft beer (mostly from Belgium and Germany). I LOVE to travel. Future Aspirations: When I grow up, I'd love to own a yacht so that I can more off the coasts of CinqueTerre, Italy and Marseilles, France, a luxe condo in downtown Miami, and a small Tuscan Villa on the water in Ponte Vedra Beach (or maybe Fernandina Beach, Sea Island, St. Simon's Island, or Jeckyl Island - pretty much somewhere in north Florida so my family and I can enjoy sitting by the fire pit outdoors while enjoying a good glass of wine, baked Brie, Manchego cheese, and prosciutto, and engage in excellent conversations.

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