Terry Ward, REALTOR®

Winter is the Best Time to Sell Your Home

Terry Ward, REALTOR® — Thu, 15 Dec 2011 14:42:00 GMT

Homes Listed in Winter Sell Best!

Recently we decided to dig into the reports and marketing data to see if it supported our feeling that winter is the best time to buy, and the worst time to sell. However, when we got the results we discovered that our assumptions were dead wrong.

As we roll through the holidays and into winter, many would-be sellers will be holding off on listing their home, waiting for the spring "selling season" to put their home on the market. But if you're ready to sell your home now, is waiting until spring the best strategy? Not according to the data, it isn't.

We pulled a year's worth of data on three quarters of a million homes listed across the country and analyzed sales statistics by season. Here's what we found:

Homes listed in winter sell faster: 46 days in winter vs. 55 days in summer
Homes listed in winter are more likely to sell: 59.2% sell in winter vs. 53.1% sell in summer
Homes listed in winter sell closest to their original price: a 2.7% drop from the final price in winter vs. a 5.2% drop from the final price in summer, worth more than $7,000 on a $300,000 home

Homes listed in winter sell best.

Yup, you read that right: Overall, homes listed in winter sell best. 5.8% more homes listed in winter eventually sell (compared to the overall percentage of homes listed throughout the year), and they sell 1.4 percentage points closer to their original list price than the median---that's $4,900 on a $350,000 home.

Spring wins in one category: Speed. Homes listed in spring sell the fastest, sitting on the market for 15% less time than the median. Winter comes in second in this category though, at six percent below the median, while homes listed in summer and fall both sell slower than the median (12% and 16%, respectively).

Why do you think most sellers are afraid to list their homes in winter? Don’t be shy about sharing this data with your clients who continue to twiddle their thumbs and "wait for better times." As the data shows, there’s no time like right now to list a property. (Thanks to REDFIN blog for publishing this information so we could share it with you and don't be shy about sharing this with your clients!)

Here's wishing you the best of the Holidays!

The Team at Blackwater Consulting Group

October Existing-Home Sales Rise, Unsold Inventory Continues to Decline

Terry Ward, REALTOR® — Wed, 23 Nov 2011 15:57:00 GMT

Washington, DC, November 21, 2011

Existing-home sales improved in October while the number of homes on the market continued to decline, according to the National Association of Realtors®.

Total existing-home sales¹, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 1.4 percent to a seasonally adjusted annual rate of 4.97 million in October from a downwardly revised 4.90 million in September, and are 13.5 percent above the 4.38 million unit level in October 2010.

Lawrence Yun, NAR chief economist, said the market has been fairly steady but at a lower than desired level. “Home sales have been stuck in a narrow range despite several improving factors that generally lead to higher home sales such as job creation, rising rents and high affordability conditions. Many people who are attempting to buy homes are thwarted in the process,” he said.

“A higher rate of contract failures has held back a sales recovery. Contract failures² reported by NAR members jumped to 33 percent in October from 18 percent in September, and were only 8 percent a year ago, so we should be seeing stronger sales,” Yun added.

Contract failures are cancellations caused by declined mortgage applications, failures in loan underwriting from appraised values coming in below the negotiated price, or other problems including home inspections and employment losses. “Other recent factors include disruption in the National Flood Insurance Program, and lower loan limits for conventional mortgages, which paradoxically force some of the most creditworthy consumers to pay unnecessarily higher interest rates,” Yun said.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.07 percent in October from 4.11 percent in September; the rate was 4.23 percent in October 2010.

NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said consumers can increase their odds of obtaining a mortgage by being aware of how credit scores are determined. “If you want to get a mortgage, don’t buy a car or take on new installment debt or credit cards,” he said.

“Pay all your bills on time, maintain old credit lines and don’t use more than 30 percent of your credit limit. Realtors® can help you understand the issues surrounding access to affordable credit, in addition to helping you find the right home and negotiate terms,” Veissi said.

An ongoing positive trend is a steady decline in the number of homes on the market. Total housing inventory at the end of October fell 2.2 percent to 3.33 million existing homes available for sale, which represents an 8.0-month supply³ at the current sales pace, down from an 8.3-month supply in September. Inventories have been trending gradually down since setting a record of 4.58 million in July 2008.

The national median existing-home price⁴ for all housing types was $162,500 in October, which is 4.7 percent below October 2010. Distressed homes – foreclosures and short sales typically sold at deep discounts – slipped to 28 percent of sales in October from 30 percent in September (17 percent were foreclosures and 11 percent were short sales); they were 34 percent in October 2010.

“In some areas we’re hearing about shortages of foreclosure inventory in the lower price ranges with multiple bidding on the more desirable properties,” Yun said. “Realtors® in such areas are calling for a faster process of getting foreclosure inventory into the market because they have ready buyers. In addition, extending credit to responsible investors would help to absorb inventory at an even faster pace, which would go a long way toward restoring market balance.”

All-cash sales accounted for 29 percent of purchases in October, little changed from 30 percent in September and 29 percent in October 2010; investors make up the bulk of cash transactions.

Investors purchased 18 percent of homes in October, compared with 19 percent in September and 19 percent in October 2010. First-time buyers accounted for 34 percent of transactions in October, up from 32 percent in September; they were 32 percent in October 2010.

Single-family home sales increased 1.6 percent to a seasonally adjusted annual rate of 4.38 million in October from 4.31 million in September, and are 13.8 percent higher than the 3.85 million-unit pace one year ago. The median existing single-family home price was $161,600 in October, which is 5.8 percent below October 2010.

Existing condominium and co-op sales were unchanged at a seasonally adjusted annual rate of 590,000 in October but are 10.5 percent above the 534,000-unit level in October 2010. The median existing condo price⁵ was $160,300 in October, down 1.5 percent from a year ago.

Regionally, existing-home sales in the Northeast fell 5.1 percent to an annual level of 750,000 in October but are 1.4 percent above October 2010. The median price in the Northeast was $224,400, down 5.5 percent from a year ago.

Existing-home sales in the Midwest rose 2.8 percent in October to a pace of 1.10 million and are 19.6 percent higher than October 2010. The median price in the Midwest was $132,800, which is 4.7 percent below a year ago.

In the South, existing-home sales increased 2.1 percent to an annual level of 1.94 million in October and are 14.1 percent above a year ago. The median price in the South was $145,700, down 1.6 percent from October 2010.

Existing-home sales in the West rose 4.4 percent to an annual pace of 1.19 million in October and are 15.5 percent higher than October 2010. The median price in the West was $207,500, which is 1.6 percent below a year ago.

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.

Housing Must Be a National Priority

Terry Ward, REALTOR® — Tue, 15 Nov 2011 17:49:00 GMT

Anaheim, CA, November 13, 2011

The struggling housing market needs to be a priority on the nation’s public policy agenda, because housing and homeownership issues affect all Americans. That was the message from speakers at the Legislative and Political Forum yesterday at the 2011 Realtors® Conference & Expo here.

Realtors® at the National Association of Realtors® annual conference heard from Washington Post columnist Eugene Robinson and political media consultant Alex Castellanos, who both agreed the housing market is hurting and needs to be a top priority for the 2012 presidential candidates.

Both speakers said that while much of the debate focuses on the financial aspects of homeownership, there is no denying that owning a home has many social benefits and is important to the fabric of society.

“Owning a home represents the best of America, is a goal for many families and has many benefits beyond the financial. We build the economy on homeownership, however, and until the housing market is restored, the nation and economy can’t move forward,” said Castellanos. He said that instead of taking money from hardworking, middle-class Americans by reducing or eliminating the mortgage interest deduction, the government should to cut its spending and give back to the American people.

“Taking away the mortgage interest deduction would let even more air out of the balloon and be devastating to the housing market and economy. I don’t anticipate changes to mortgage interest deduction,” said Castellanos.

Rep. Gary Miller (R-Calif.) also spoke at the forum and urged Realtors® to reach out to their members of Congress and encourage them to get involved in stabilizing the housing market.

“A healthy housing industry helps everyone in the country. The housing market has led this nation out of every downturn we’ve had in the past. Congress needs to focus on stabilizing the market, and that must be dealt with today and in a comprehensive fashion that will serve home owners today and in the future,” said Miller.

He said that legislation and regulations to fix the housing market must do no further harm. Miller said reduced loan limits for conforming loans, proposals that would eliminate Fannie Mae and Freddie Mac, and calls to eliminate or reduce the mortgage interest deduction are having a negative impact on consumer confidence and the housing industry, and could lead to less liquidity and possibly more foreclosures.

Miller talked about the future of the secondary mortgage market and said that while private capital must be the dominate source of mortgage credit, government involvement is necessary to ensure investor confidence and mortgage liquidity.

NAR supports the principles of a bill introduced by Reps. Miller and Carolyn McCarthy (D-N.Y.) earlier this year, H.R. 2413, the “Secondary Market Facility for Residential Mortgages Act of 2011,” that offers a comprehensive strategy for reforming the secondary mortgage market and gives the federal government a continued role to ensure a consistent flow of mortgage credit in all markets and all economic conditions.

California Governor Jerry Brown was also a featured speaker at the forum and told attendees that while it’s important for consumers to live within their means it also critical that they invest in their futures, and one important way is through homeownership. He also said there needs to be more help for underwater homeowners through refinancing their mortgages or reducing their debt burden.

Brown hopes Congress can come together soon and develop solutions that will solve many of today’s housing and economic challenges. “The nation needs to have restored confidence in the housing market and economy,” he said.

# # #

Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section.

C202-501 W Old Hwy 441 in Downtown Mount Dora is Sold!

Terry Ward, REALTOR® — Fri, 14 Oct 2011 17:57:00 GMT

Downtown Mount Dora, Mount Dora - The single story at C202-501 W Old Hwy 441 has been sold.

Property information

Single Story For Sale in Downtown Mount Dora

Terry Ward, REALTOR® — Fri, 14 Oct 2011 17:55:00 GMT

Restored historic Bungalow

• 1,454 sq. ft., 2 bath, 2 bdrm single story - MLS® $263,000

Downtown Mount Dora, Mount Dora - Fabulous Historic Downtown Bungalow LAVISHLY RESTORED to PERFECTION by Custom Home Builder Sam Sadler. The "Henry Victor" house (ca.1938) has been remodeled in 2010 with custom decorative touches throughout. It features two (2) bedroom suites each with new luxury baths and an upstairs loft for additional sleeping space or den. The inviting living room and elegant dining room feature original stained woodwork and solid hardwood floors for lasting charm. A newly enclosed Florida Room brings the beauty of the outside to your chairside and the wall to wall carpeting and fireplace give this room a luxurious, cosy feel. The kitchen is...Large, Functional and New! The newly finished hardwood floors form the basis for this showcase kitchen with dramatic black beadboard cabinets, tumbled marble counters & backsplash, farmhouse sink, stainless appliances and gas range. A breakfast room with marble floors, built-in dinette and TV niche provides views of the backyard patio. Party all year on the large, concrete-paved back patio with a natural gas smoker. Last, but certainly not least, is the newly built two (2) car garage large enough to accommodate large vehicles. The original garage offers additional car storage and workshop space. Stroll to everything from this ideal location in Historic Downtown Mount Dora!

Property information

Sam Stolz Historic Home Information

Terry Ward, REALTOR® — Thu, 08 Sep 2011 18:39:00 GMT

Additionally, please refer to this "Blog" for more great photos and information on this wonderful home.

http://studiohourglass.blogspot.com/2011/08/sam-stoltz-for-sale.html

Single Story For Sale in Mount Plymouth

Terry Ward, REALTOR® — Sat, 30 Jul 2011 14:57:00 GMT

Historic Sam Stolz built home

• 2,058 sq. ft., 2 bath, 4 bdrm Historic Home - MLS® $249,000

Mount Plymouth, Lake County - Historic Sam Stolz built home. One of 5 original "Plymouthonian" homes, built between 1922 and 1927. This home has no corners, all rounded gothic arches, coved high ceilings, original wood floors, pecky cypress ceilings and beams on the first floor, all cypress window frames, cypress wood "Juliette" balcony off master, cypress wood banister and balusters going upstairs. Note the original pecky cypress arched doors at the front and rear of the home. Home features several little original built-ins, a desk in the living room and ironing board in one of the guest bedrooms. The Florida room features an original Sam Stolz interior wild bird water feature, made from coquina stone and still operates. Another unique feature, typical of Sam Stolz style is the handmade, bas-relief of pelicans, doves, herons, wild turkey and quail above the exterior of the front door. Not to be left out is the large 10x20 detached block workshop with double carport. The unique features of this nearly 90 year old historic home go on, and on. This is a must see home for the Buyer that appreciates the history of the home and wants to give it the love it deserves. The home sits on a .80 acre parcel and includes, an abutting lot of .83 acre and .19 acre across street, for total of 1.82 acre. Please note, the home is in remarkably good condition, there are a few modern upgrades that a new owner may want to make, but some of the electric and the plumbing has been done, new tile roof in 03, and other upgrades.

Property information