Posted by Annalisa Burgos | May 26, 2010
Looks like April’s mad rush to take advantage of the expiring homebuyer tax credit is showing results in a slew of economic reports.
Among the latest mixed bag of housing data:
- Commerce Department: New home sales rose 14.8% from March and are up 47.8% compared with a year ago. Median sales prices are down 9.5% in the past year to $198,400. Housing starts rose 5.8% from March, but building permits fell 11.5%.
- Standard & Poor’s/Case-Shiller: Home prices fell 3.2% in the first quarter of 2010 from the previous quarter, but rose 2.3% from last year.
- National Association of Realtors: Existing home sales rose 7.6% from March and are up 22.8% from 2009.
- Federal Housing Finance Agency: House prices fell 1.9% in the first quarter of 2010 from the prior quarter, and are down 3.1% for the year.
Whatever you make of all this housing data, one thing is clear.
How much your home is worth is not based on what economists say or how much you put into it; it’s purely based on what someone else is willing to pay for it.
The best way to calculate your home’s market value is to compare it to similar homes in your neighborhood that are sold now. With time, value changes, so your market value may vary at any given time.
If you’re selling your home, learn how to calculate your market value and set a reasonable price for your market with FrontDoor’s Pricing Guide:
Posted by Annalisa Burgos | September 2, 2009
Happy September, FrontDoor friends!
The kids are back in school and the fall home selling season is underway. We’ve heard a lot of positive reports about home sales this summer, which shows that buyers are out there — and they’re hungry for deals.
The key to tapping this eager market is to prepare and price your home right before putting it on the market.
This month’s Top 10 is designed to help all you homeowners avoid the Top 10 Home Selling Mistakes That Can Cost You.
If you’re selling in this market, chances are, you’re motivated by something other than profit. But that doesn’t mean you should waste your time and money! Avoid the common mistakes sellers make and get your home sold and for top dollar (at least for this market).
Start with mistake #10: Waiting until spring to sell
http://www.frontdoor.com/Sell/Top-10-Home-Selling-Mistakes/55225/p10
Posted by Annalisa Burgos | March 24, 2009
It looks like it’ll be a promising Spring for real estate. Buyers are back in the market, drawn to falling home prices, low interest rates, potential bargains in the form of foreclosed homes and short sales, and incentives like the $8,000 first time buyer tax credit. In fact, first-time buyers bought half of the homes sold in February, says the National Association of Realtors.
Of the existing homes sold in February, distressed sales — which involve a foreclosure property or a homeowner doing a short sale — accounted for 40 percent to 45 percent, pushing overall activity up 5.1 percent but dragging median home price down more than 15 percent, according to NAR. Sales are still down 5 percent year-over-year.
Distressed homes typically sell for 20 percent below normal market price, so it’s not surprising to see first-timers drawn to these properties, especially if they are move-in ready or require minimal repairs.
If you’re one of the many bargain hunters out there, check out FrontDoor’s Foreclosure Guide for tips and advice on buying a distressed property. Did you know foreclosure homes sold at auction are typically sold “as-is” and require a 10 percent to 20 percent cash deposit upfront?
The bad news is that sellers are competing with these heavily discounted properties. So even if you have a well-maintained property, you may have a hard time selling it, even if it’s priced reasonably.
Market value is just that — value dictated by the market, i.e. what a buyer is willing to pay for your home. It’s not what you paid for your home. It’s not what you paid for your home and all the wonderful home improvements you made.
The reality is that if your home is competiting against foreclosures and short sales, finding a buyer may end up coming down to price.
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