Friday, April 29, 2011
KINETIC CONCEPTS (KCI) CONSTRUCTS NEW HQ
SAN ANTONIO (REBusinessOnline) – A wound care and therapeutic systems provider is constructing a 100,000-sf headquarters facility on I-10, just south of Hausman Rd. in the Alamo City.
Kinetic Concepts’ three-story office will be designed and built by a team comprised of Koontz McCombs Construction Ltd and RVK Architects.
Kinetic Concepts’ three-story office will be designed and built by a team comprised of Koontz McCombs Construction Ltd and RVK Architects.
Thursday, April 28, 2011
Wednesday, April 27, 2011
Tuesday, April 26, 2011
5 Steps to Deciding How Much to Offer – or Ask – for Your Home (Trulia)
One of the hardest, most important decisions homebuyers face is how much to offer for their home. And the glut of information on the web about real estate only makes buyers even crazier than the decision itself does. Supply, demand, foreclosure rates, mortgage rates – buyers think they need to run spreadsheets and do fancy math to make a smart offer. And THATcan be super intimidating.
But the fact is, there is a pretty short list of steps you need to take to make a smart offer – one that gets you a great value, but is also likely to be successful at getting the property. (A low offer does not make for a great deal if you don’t get the house!) And most of the same steps apply to sellers trying to set the list price that will lure the most buyers (and net them the most cash)!
Step 1: What do the “comps” say? First things first. When it comes to pricing a home, or making an offer to buy one, the ‘first thing” is the home’s fair market value. Both buyers and sellers should work with an experienced, local agent to understand what the home’s value is. Most agents will do this by offering you a look back at similar properties that have recently sold in the neighborhood – i.e., the comparable sales, or comps.
HINT: You can also find comps for a home listed on Trulia by scrolling down to the section labeled Sold Homes near 1234 Merriweather Lane on the property's Trulia listing page.
Ideally, look for comparables that are very recent sales (3 months or less before you’re listing or buying), very similar properties (i.e., same number of bedrooms, bathrooms, square footage; and similar style, condition and amenities). If you do get into contract, these may be the same comparables which will be considered by the appraiser, so looking at them before making an offer can:
(a) provide factual support for a lower-than-asking offer or for the asking price, in a negotiation, and
(b) result in a sale price at which the property will actually appraise, later on - avoiding the common glitch of the deal falling through because the appraisal comes in way below the agreed-upon price.
Also, looking at comps is the first step for locating a home’s seller and prospective buyer in the reality-based universe of current home values. The fact that you bought or refinanced the place at a given value 5 or 6 years ago is entirely irrelevant to what it’s worth today, as is the buyer’s belief that the place was worth $100K less at the trough of the market, in 2009.
Step 2: What can you afford? This step is much more critical for buyers than for sellers. (Unfortunately, sellers, the facts that you need to net a particular amount to buy your next home or pay your existing mortgages or credit card bills off has no relationship whatsoever to the price at which you should list or will sell your home.)
Buyers – it’s a must to make sure that your offer price for any given home falls within the range of what is affordable for you. This includes offering a price within the range for which your mortgage was preapproved, but also includes making sure that the monthly payment and cash you’ll need to close the deal (down payment + closing costs) are affordable in light of the particular house. If, for example, the property will require repairs for which you’ll need to conserve cash, or has HOA dues you hadn’t planned on, you may need to rejigger your offer accordingly.
Step 3: What’s your competition? (And what’s theirs?) This is another step at which it’s critical to check in with your agent. You need to know what level of competition you’ll face – whether you are a buyer, or a seller. As a seller, you can find this out by looking at things like how many comparable homes are listed in your town or your neighborhood in your general price range (your agent will brief you on this). Sellers should also consider what type of transactions their home will be up against – the more distressed properties (foreclosed homes and short sales) with which your home must compete, the more aggressive you must be with your pricing to get your home sold.
The more competition you have, as a seller, the lower you should tweak your list price to attract buyers to come see your home. (And the more buyers come to see your home, the more likely you are to get an offer!)
Buyers should also be cognizant of the competition level they will face for homes. Believe it or not, even on today’s market there are properties and neighborhoods in which multiple offers are the name of the game. Work with your agent to understand the list price-to-sale price (LP:SP) ratio , which lets you know how much under or over the asking price properties are selling for in your target home’s neighborhood; the higher the LP:SP ratio, generally speaking, the less competition there is among buyers.
Your agent can also brief you on:
(1) The number of offers – if any - that have been presented on “your” property (which the listing agent will usually, gladly tell). If there are other offers, you’ll want to make a higher offer to compete successfully gainst them; and.
(2) The number of days the home has been on the market, relative to how long an average home stays on the market before it sells – the longer it has, the more pressure is on the seller, price-wise, and the less competition the buyer is likely to have. (One exception is the sweet spot scenario, when a property that has been on the market for a long time has a price reduction and gets a bunch of offers as a result! )
4. How much do they need to sell (or buy) it? Buyers: Has the listing in which you’re interested been reduced at all? By how much? Has the listing agent informed you that her clients are highly motivated, flexible or have an urgent need to sell?
Sellers – most buyers are not in a high state of urgency to buy these days, given the long-term, high affordability of homes and interest rates, except when they have an urgent personal reason for moving, e.g., buyers who are relocating for work. Of course, all of real estate is hyperlocal, so it’s important to understand how motivated buyers are in your local market, generally speaking, before you set your list price.
NOTE from Timothy: Since this article was written by Trulia it suggests you use Trulia to search for comps. I recommend using comps from your local MLS system as the data will be more accurate.
But the fact is, there is a pretty short list of steps you need to take to make a smart offer – one that gets you a great value, but is also likely to be successful at getting the property. (A low offer does not make for a great deal if you don’t get the house!) And most of the same steps apply to sellers trying to set the list price that will lure the most buyers (and net them the most cash)!
Step 1: What do the “comps” say? First things first. When it comes to pricing a home, or making an offer to buy one, the ‘first thing” is the home’s fair market value. Both buyers and sellers should work with an experienced, local agent to understand what the home’s value is. Most agents will do this by offering you a look back at similar properties that have recently sold in the neighborhood – i.e., the comparable sales, or comps.
HINT: You can also find comps for a home listed on Trulia by scrolling down to the section labeled Sold Homes near 1234 Merriweather Lane on the property's Trulia listing page.
Ideally, look for comparables that are very recent sales (3 months or less before you’re listing or buying), very similar properties (i.e., same number of bedrooms, bathrooms, square footage; and similar style, condition and amenities). If you do get into contract, these may be the same comparables which will be considered by the appraiser, so looking at them before making an offer can:
(a) provide factual support for a lower-than-asking offer or for the asking price, in a negotiation, and
(b) result in a sale price at which the property will actually appraise, later on - avoiding the common glitch of the deal falling through because the appraisal comes in way below the agreed-upon price.
Also, looking at comps is the first step for locating a home’s seller and prospective buyer in the reality-based universe of current home values. The fact that you bought or refinanced the place at a given value 5 or 6 years ago is entirely irrelevant to what it’s worth today, as is the buyer’s belief that the place was worth $100K less at the trough of the market, in 2009.
Step 2: What can you afford? This step is much more critical for buyers than for sellers. (Unfortunately, sellers, the facts that you need to net a particular amount to buy your next home or pay your existing mortgages or credit card bills off has no relationship whatsoever to the price at which you should list or will sell your home.)
Buyers – it’s a must to make sure that your offer price for any given home falls within the range of what is affordable for you. This includes offering a price within the range for which your mortgage was preapproved, but also includes making sure that the monthly payment and cash you’ll need to close the deal (down payment + closing costs) are affordable in light of the particular house. If, for example, the property will require repairs for which you’ll need to conserve cash, or has HOA dues you hadn’t planned on, you may need to rejigger your offer accordingly.
Step 3: What’s your competition? (And what’s theirs?) This is another step at which it’s critical to check in with your agent. You need to know what level of competition you’ll face – whether you are a buyer, or a seller. As a seller, you can find this out by looking at things like how many comparable homes are listed in your town or your neighborhood in your general price range (your agent will brief you on this). Sellers should also consider what type of transactions their home will be up against – the more distressed properties (foreclosed homes and short sales) with which your home must compete, the more aggressive you must be with your pricing to get your home sold.
The more competition you have, as a seller, the lower you should tweak your list price to attract buyers to come see your home. (And the more buyers come to see your home, the more likely you are to get an offer!)
Buyers should also be cognizant of the competition level they will face for homes. Believe it or not, even on today’s market there are properties and neighborhoods in which multiple offers are the name of the game. Work with your agent to understand the list price-to-sale price (LP:SP) ratio , which lets you know how much under or over the asking price properties are selling for in your target home’s neighborhood; the higher the LP:SP ratio, generally speaking, the less competition there is among buyers.
Your agent can also brief you on:
(1) The number of offers – if any - that have been presented on “your” property (which the listing agent will usually, gladly tell). If there are other offers, you’ll want to make a higher offer to compete successfully gainst them; and.
(2) The number of days the home has been on the market, relative to how long an average home stays on the market before it sells – the longer it has, the more pressure is on the seller, price-wise, and the less competition the buyer is likely to have. (One exception is the sweet spot scenario, when a property that has been on the market for a long time has a price reduction and gets a bunch of offers as a result! )
Sellers – most buyers are not in a high state of urgency to buy these days, given the long-term, high affordability of homes and interest rates, except when they have an urgent personal reason for moving, e.g., buyers who are relocating for work. Of course, all of real estate is hyperlocal, so it’s important to understand how motivated buyers are in your local market, generally speaking, before you set your list price.
NOTE from Timothy: Since this article was written by Trulia it suggests you use Trulia to search for comps. I recommend using comps from your local MLS system as the data will be more accurate.
Friday, April 22, 2011
Hello from Timothy
I want to take a moment and post something directly from me to explain a little about previous (and future posts). Unlike other bloggers that share a lot of their own opinions and information in their own words I think there's value in sharing some of the wealth of information that I read daily in industry mail, email, newsletters, etc... I also like to share local news that impacts San Antonio's employment and housing market. I also include maintinence tips for your home.
I hope you find the information I share usefull and if there's anything else you would like hear about, just ask.
I hope you find the information I share usefull and if there's anything else you would like hear about, just ask.
4 ways to boost real estate showings - See my note at the end of this post
REThink Real Estate
By Tara-Nicholle Nelson
Inman News™
Q: It is now April and we have not had a showing in almost a month. Any suggestions how to get more showings? I thought of offering to pay closing costs, lowering the price or offering a flooring allowance. --Frustrated seller
A: All of the above. But in a different order of priority. And that's not all!
One thing that virtually never changes about real estate is this: When a listing won't sell and isn't even getting any showings, a price reduction is the single tweak a seller can make that wields the most potential to get buyers interested and get the home closer to being sold. Is it that buyers are greedy? Not necessarily -- several things make this so.
First: the realities of how buyers search for homes. Well, over 90 percent of buyers look for homes, first, on the Web. As such, they are forced to enter some basic search parameters, which normally include a range of bedrooms, a range of bathrooms, a price range, and an area (city/state or ZIP code). If your home's list price does not fall within a given buyer's price parameters, that buyer will never see your home's listing.
Second: the realities of house hunting. The buyers who aren't coming to see your home are going to look at listings of other homes in your neighborhood, and they're going to see the other homes in town with similar prices and features. And then they'll compare them all. If yours is smaller, less upgraded or not as attractive as other homes at the same price, or is priced higher than really similar homes, buyers will take a pass.
Third: Other than their own space and location needs, buyers have very few reasons to feel urgency to buy on today's market. The buyers that are out there are primarily buying now to take advantage of affordability -- i.e., they want a great deal. So, overpriced homes are an A-class turnoff.
In fact, buyers who may see your overpriced home online, and like it, will actually wait to allow the market to educate you into reducing the price, rather than taking on the unpleasant and often impossible task of convincing a seller of their home's true market value.
While being educated by the market, to a seller, sounds terrible, it's worse for your home to be lagging and you not taking the lesson away.
Clearly, my top-line advice is to lower your price, below a $25,000, $50,000 or $100,000 cutoff, so that your home falls within buyers' search parameters.
And my No. 2 recommendation is something you didn't mention: offer a time-sensitive bonus and/or commission increase to the buyer's broker or agent. The vast majority of the qualified buyers out there are working with buyer's agents. Incent these agents to show your home by offering an extra half or full percentage point of commission, or a bonus to the buyer's agent who brings an offer that closes escrow by a given date.
Ask your own agent about how the agent can publicize this offer to other agents mostly likely to represent your home's target market.
Buyer incentives, like closing-cost credits, can also help distinguish your home from the competition, but they are not likely to dramatically increase showings of a home no one is currently coming to see, unless you're going from zero credit offered to a full 6 percent, which might not be necessary.
If you can reduce the price and offer a bonus or commission increase to the buyer's broker or agent, you will reposition your home, and a buyer's incentive offering won't hurt your case, either.
Instead of offering a flooring credit, though, I'd rather see you consider replacing the flooring that is in bad shape. I'm not big on sellers doing much costly repair work these days, but floors are a massive surface in a home -- replacing them can create an entirely different experience for those who do come see your home, and it can be done cost-effectively (ask your real estate broker or agent for suggestions of flooring installers and which floor materials to use).
Marketing your price-reduced homes as having new floors vs. having a flooring allowance (which implies that it has old, dirty or otherwise undesirable floors) might be the better boost to viewings.
The more viewings you get, the more likely you are to get your home sold.
Tara-Nicholle Nelson is author of "The Savvy Woman's Homebuying Handbook" and "Trillion Dollar Women: Use Your Power to Make Buying and Remodeling Decisions." Tara is also the Consumer Ambassador and Educator for real estate listings search site Trulia.com. Ask her a real estate question online or visit her website, http://www.rethinkrealestate.com/.
From Timothy... Everyone's situation is different. Chances are that if I currently have your home listed we are already communicating about showings. I am happy to provide you with statistics on showings of similar homes as well as other information about, "the competition". In some cases, 2 showings a day is the norm. In others, 2 a week would be exceptional. Whatever the situation please know that I'm doing everything I can to drive buyers into your home because as the above article said, "The more viewings you get, the more likely you are to get your home sold."
By Tara-Nicholle Nelson
Inman News™
Q: It is now April and we have not had a showing in almost a month. Any suggestions how to get more showings? I thought of offering to pay closing costs, lowering the price or offering a flooring allowance. --Frustrated seller
A: All of the above. But in a different order of priority. And that's not all!
One thing that virtually never changes about real estate is this: When a listing won't sell and isn't even getting any showings, a price reduction is the single tweak a seller can make that wields the most potential to get buyers interested and get the home closer to being sold. Is it that buyers are greedy? Not necessarily -- several things make this so.
First: the realities of how buyers search for homes. Well, over 90 percent of buyers look for homes, first, on the Web. As such, they are forced to enter some basic search parameters, which normally include a range of bedrooms, a range of bathrooms, a price range, and an area (city/state or ZIP code). If your home's list price does not fall within a given buyer's price parameters, that buyer will never see your home's listing.
Second: the realities of house hunting. The buyers who aren't coming to see your home are going to look at listings of other homes in your neighborhood, and they're going to see the other homes in town with similar prices and features. And then they'll compare them all. If yours is smaller, less upgraded or not as attractive as other homes at the same price, or is priced higher than really similar homes, buyers will take a pass.
Third: Other than their own space and location needs, buyers have very few reasons to feel urgency to buy on today's market. The buyers that are out there are primarily buying now to take advantage of affordability -- i.e., they want a great deal. So, overpriced homes are an A-class turnoff.
In fact, buyers who may see your overpriced home online, and like it, will actually wait to allow the market to educate you into reducing the price, rather than taking on the unpleasant and often impossible task of convincing a seller of their home's true market value.
While being educated by the market, to a seller, sounds terrible, it's worse for your home to be lagging and you not taking the lesson away.
Clearly, my top-line advice is to lower your price, below a $25,000, $50,000 or $100,000 cutoff, so that your home falls within buyers' search parameters.
And my No. 2 recommendation is something you didn't mention: offer a time-sensitive bonus and/or commission increase to the buyer's broker or agent. The vast majority of the qualified buyers out there are working with buyer's agents. Incent these agents to show your home by offering an extra half or full percentage point of commission, or a bonus to the buyer's agent who brings an offer that closes escrow by a given date.
Ask your own agent about how the agent can publicize this offer to other agents mostly likely to represent your home's target market.
Buyer incentives, like closing-cost credits, can also help distinguish your home from the competition, but they are not likely to dramatically increase showings of a home no one is currently coming to see, unless you're going from zero credit offered to a full 6 percent, which might not be necessary.
If you can reduce the price and offer a bonus or commission increase to the buyer's broker or agent, you will reposition your home, and a buyer's incentive offering won't hurt your case, either.
Instead of offering a flooring credit, though, I'd rather see you consider replacing the flooring that is in bad shape. I'm not big on sellers doing much costly repair work these days, but floors are a massive surface in a home -- replacing them can create an entirely different experience for those who do come see your home, and it can be done cost-effectively (ask your real estate broker or agent for suggestions of flooring installers and which floor materials to use).
Marketing your price-reduced homes as having new floors vs. having a flooring allowance (which implies that it has old, dirty or otherwise undesirable floors) might be the better boost to viewings.
The more viewings you get, the more likely you are to get your home sold.
Tara-Nicholle Nelson is author of "The Savvy Woman's Homebuying Handbook" and "Trillion Dollar Women: Use Your Power to Make Buying and Remodeling Decisions." Tara is also the Consumer Ambassador and Educator for real estate listings search site Trulia.com. Ask her a real estate question online or visit her website, http://www.rethinkrealestate.com/.
From Timothy... Everyone's situation is different. Chances are that if I currently have your home listed we are already communicating about showings. I am happy to provide you with statistics on showings of similar homes as well as other information about, "the competition". In some cases, 2 showings a day is the norm. In others, 2 a week would be exceptional. Whatever the situation please know that I'm doing everything I can to drive buyers into your home because as the above article said, "The more viewings you get, the more likely you are to get your home sold."
Thursday, April 21, 2011
Existing-Home Sales Rise in March
Washington, DC, April 20, 2011
Sales of existing-home sales rose in March, continuing an uneven recovery that began after sales bottomed last July, according to the National Association of Realtors®.
Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 3.7 percent to a seasonally adjusted annual rate of 5.10 million in March from an upwardly revised 4.92 million in February, but are 6.3 percent below the 5.44 million pace in March 2010. Sales were at elevated levels from March through June of 2010 in response to the home buyer tax credit.
Lawrence Yun, NAR chief economist, expects the improving sales pattern to continue. “Existing-home sales have risen in six of the past eight months, so we’re clearly on a recovery path,” he said. “With rising jobs and excellent affordability conditions, we project moderate improvements into 2012, but not every month will show a gain – primarily because some buyers are finding it too difficult to obtain a mortgage. For those fortunate enough to qualify for financing, monthly mortgage payments as a percent of income have been at record lows.”
NAR’s housing affordability index shows the typical monthly mortgage principal and interest payment for the purchase of a median-priced existing home is only 13 percent of gross household income, the lowest since records began in 1970.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 4.84 percent in March, down from 4.95 percent in February; the rate was 4.97 percent in March 2010.
Data from Freddie Mac and Fannie Mae show requirements to obtain conventional mortgages have been tightened, with the average credit score rising to about 760 in the current market from nearly 720 in 2007; for FHA loans the average credit score is around 700, up from just over 630 in 2007.
“Although home sales are coming back without a federal stimulus, sales would be notably stronger if mortgage lending would return to the normal, safe standards that were in place a decade ago – before the loose lending practices that created the unprecedented boom and bust cycle,” Yun explained.
“Given that FHA and VA government-backed loan programs turned a modest profit over to the U.S. Treasury last year, and have never required a taxpayer bailout, we believe low-downpayment loans should continue to be available for those consumers who have demonstrated financial responsibility and are willing to stay well within their budget. Raising the downpayment requirement would unnecessarily deny credit to many worthy middle-class families and veterans,” Yun said.
A parallel NAR practitioner survey2 shows first-time buyers purchased 33 percent of homes in March, compared with 34 percent of homes in February; they were 44 percent in March 2010.
All-cash sales were at a record market share of 35 percent in March, up from 33 percent in February; they were 27 percent in March 2010. Investors accounted for 22 percent of sales activity in March, up from 19 percent in February; they were 19 percent in March 2010. The balance of sales were to repeat buyers.
The national median existing-home price3 for all housing types was $159,600 in March, down 5.9 percent from March 2010. Distressed homes – typically sold at discounts in the vicinity of 20 percent – accounted for a 40 percent market share in March, up from 39 percent in February and 35 percent in March 2010.
NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said some renters are looking to home ownership as a hedge against inflation. “The typical buyer today plans to stay in a home for 10 years, while rents are projected to rise at faster rates over the next few years,” he said. “As buyers gain more financial security, the advantages of home ownership become more obvious. Rents will continue to trend up, especially in comparison with a fixed-rate loan which provides financial stability and gradual accumulation of equity over time.”
Total housing inventory at the end of March rose 1.5 percent to 3.55 million existing homes available for sale, which represents an 8.4-month supply4 at the current sales pace, compared with a 8.5-month supply in February.
Single-family home sales rose 4.0 percent to a seasonally adjusted annual rate of 4.45 million in March from 4.28 million in February, but are 6.5 percent below the 4.76 million level in March 2010. The median existing single-family home price was $160,500 in March, down 5.3 percent from a year ago.
Existing condominium and co-op sales increased 1.6 percent to a seasonally adjusted annual rate of 650,000 in March from 640,000 in February, but are 4.1 percent below the 678,000-unit pace one year ago. The median existing condo price5 was $153,100 in March, which is 10.1 percent below March 2010.
Regionally, existing-home sales in the Northeast rose 3.9 percent to an annual level of 800,000 in March but are 12.1 percent below March 2010. The median price in the Northeast was $232,900, down 3.0 percent from a year ago.
Existing-home sales in the Midwest increased 1.0 percent in March to a pace of 1.06 million but are 13.1 percent lower than a year ago. The median price in the Midwest was $126,100, which is 7.1 percent below March 2010.
In the South, existing-home sales rose 8.2 percent to an annual level of 1.99 million in March but are 1.0 percent below March 2010. The median price in the South was $138,200, down 6.6 percent from a year ago.
Existing-home sales in the West slipped 0.8 percent to an annual pace of 1.25 million in March and are 3.1 percent below a year ago. The median price in the West was $192,100, which is 11.2 percent lower than March 2010.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 3.7 percent to a seasonally adjusted annual rate of 5.10 million in March from an upwardly revised 4.92 million in February, but are 6.3 percent below the 5.44 million pace in March 2010. Sales were at elevated levels from March through June of 2010 in response to the home buyer tax credit.
Lawrence Yun, NAR chief economist, expects the improving sales pattern to continue. “Existing-home sales have risen in six of the past eight months, so we’re clearly on a recovery path,” he said. “With rising jobs and excellent affordability conditions, we project moderate improvements into 2012, but not every month will show a gain – primarily because some buyers are finding it too difficult to obtain a mortgage. For those fortunate enough to qualify for financing, monthly mortgage payments as a percent of income have been at record lows.”
NAR’s housing affordability index shows the typical monthly mortgage principal and interest payment for the purchase of a median-priced existing home is only 13 percent of gross household income, the lowest since records began in 1970.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 4.84 percent in March, down from 4.95 percent in February; the rate was 4.97 percent in March 2010.
Data from Freddie Mac and Fannie Mae show requirements to obtain conventional mortgages have been tightened, with the average credit score rising to about 760 in the current market from nearly 720 in 2007; for FHA loans the average credit score is around 700, up from just over 630 in 2007.
“Although home sales are coming back without a federal stimulus, sales would be notably stronger if mortgage lending would return to the normal, safe standards that were in place a decade ago – before the loose lending practices that created the unprecedented boom and bust cycle,” Yun explained.
“Given that FHA and VA government-backed loan programs turned a modest profit over to the U.S. Treasury last year, and have never required a taxpayer bailout, we believe low-downpayment loans should continue to be available for those consumers who have demonstrated financial responsibility and are willing to stay well within their budget. Raising the downpayment requirement would unnecessarily deny credit to many worthy middle-class families and veterans,” Yun said.
A parallel NAR practitioner survey2 shows first-time buyers purchased 33 percent of homes in March, compared with 34 percent of homes in February; they were 44 percent in March 2010.
All-cash sales were at a record market share of 35 percent in March, up from 33 percent in February; they were 27 percent in March 2010. Investors accounted for 22 percent of sales activity in March, up from 19 percent in February; they were 19 percent in March 2010. The balance of sales were to repeat buyers.
The national median existing-home price3 for all housing types was $159,600 in March, down 5.9 percent from March 2010. Distressed homes – typically sold at discounts in the vicinity of 20 percent – accounted for a 40 percent market share in March, up from 39 percent in February and 35 percent in March 2010.
NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said some renters are looking to home ownership as a hedge against inflation. “The typical buyer today plans to stay in a home for 10 years, while rents are projected to rise at faster rates over the next few years,” he said. “As buyers gain more financial security, the advantages of home ownership become more obvious. Rents will continue to trend up, especially in comparison with a fixed-rate loan which provides financial stability and gradual accumulation of equity over time.”
Total housing inventory at the end of March rose 1.5 percent to 3.55 million existing homes available for sale, which represents an 8.4-month supply4 at the current sales pace, compared with a 8.5-month supply in February.
Single-family home sales rose 4.0 percent to a seasonally adjusted annual rate of 4.45 million in March from 4.28 million in February, but are 6.5 percent below the 4.76 million level in March 2010. The median existing single-family home price was $160,500 in March, down 5.3 percent from a year ago.
Existing condominium and co-op sales increased 1.6 percent to a seasonally adjusted annual rate of 650,000 in March from 640,000 in February, but are 4.1 percent below the 678,000-unit pace one year ago. The median existing condo price5 was $153,100 in March, which is 10.1 percent below March 2010.
Regionally, existing-home sales in the Northeast rose 3.9 percent to an annual level of 800,000 in March but are 12.1 percent below March 2010. The median price in the Northeast was $232,900, down 3.0 percent from a year ago.
Existing-home sales in the Midwest increased 1.0 percent in March to a pace of 1.06 million but are 13.1 percent lower than a year ago. The median price in the Midwest was $126,100, which is 7.1 percent below March 2010.
In the South, existing-home sales rose 8.2 percent to an annual level of 1.99 million in March but are 1.0 percent below March 2010. The median price in the South was $138,200, down 6.6 percent from a year ago.
Existing-home sales in the West slipped 0.8 percent to an annual pace of 1.25 million in March and are 3.1 percent below a year ago. The median price in the West was $192,100, which is 11.2 percent lower than March 2010.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
Wednesday, April 20, 2011
Wednesday, April 13, 2011
Want 3.5% of the sales price paid towards your closing costs? FREE?
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Tuesday, April 12, 2011
COUNTRY ICON SINGS NEW TUNE
BOERNE (Contact Music) – Country singer George Strait has purchased the Tapatio Springs Golf Resort and Conference Center with business partner Tom Cucisk.
The property, in Boerne near San Antonio, contains three nine-hole courses and more than 100 hotel suites.
The previous owner was Textron Financial Corporation, which paid $4.5 million for the retreat last summer.
The property, in Boerne near San Antonio, contains three nine-hole courses and more than 100 hotel suites.
The previous owner was Textron Financial Corporation, which paid $4.5 million for the retreat last summer.
Tuesday, April 5, 2011
COLLEGE POINTS TO WONDERLAND AMERICAS MALL
SAN ANTONIO (San Antonio Business Journal) – After 27 years of serving the Alamo City, Career Point College opens its nursing school campus at Wonderland of Americas Mall today.
The 42,000-sf facility was announced last November and will offer day, night and weekend classes.
The education provider’s main office and classrooms are at 485 Spencer Ln. on the city's northwest side, where it occupies 85,000 sf.
The 42,000-sf facility was announced last November and will offer day, night and weekend classes.
The education provider’s main office and classrooms are at 485 Spencer Ln. on the city's northwest side, where it occupies 85,000 sf.
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