Don Peterson & Associates – Ask The Experts – KFMT 105.5FM – July 13, 2017

 

Janice Pruss and Libby Headid discuss John C. Fremont Days parade as well as some real estate tips for getting your home sale ready.  Listen on to hear  5 simple tips!

 

 

Three Reasons Homeowners May be Waiting to Sell

When shopping for a house, you have to choose from the homes that are for sale at the time you’re looking. In other words, unless you’re having a house custom built to your specifications, you’re going to have to make do with what’s on the market now. These days, that’s become more challenging in some areas due to the fact that there aren’t as many homes for sale as is historically normal. So why is that?

Well, there are a couple of different factors behind current inventory levels. One is homes that have yet to recover their value. If a homeowner purchased their home just before the housing crash, they may be waiting for prices to reach pre-crash levels before selling.

Another is mortgage rates. Many homeowners were able to refinance their loans while rates were low and – though they remain lower than historical norms – these potential sellers fear they won’t be able to get as good a deal, if they move now.

Finally, and perhaps most significantly, current homeowners are less likely to put their homes on the market if they feel they won’t be able to find a house they like in their price range. However, despite the factors keeping more homeowners from putting their homes up for sale, there are also some reasons to believe that homeowners who have been waiting may end up selling sooner than later. Among them, surging buyer demand, higher prices, and mortgage rates still hovering near historic lows top the list.

 

 

 

This advertisement is provided by Jennifer Bixby, member of the Bixby and Sorensen Team and the broker for Don Peterson and Associates Real Estate, 100 E. 6th St.  Jennifer can be reached at 402-721-9700 for answers to questions regarding real estate.

 

 

Repairs and the Cost of Selling

It isn’t just the home’s buyer who has to settle up at the end of the closing process, sellers have costs too.

According to one recent estimate, the average seller spends $15,000 before they hand over the keys to their home’s new owner. A big part of that is closing costs, agent commission, and any repairs required following the home’s inspection.

Another chunk of that is renovations done before the sale. In fact, a large majority of homeowners fix up their homes before putting them on the market. Things like having the home painted, cleaned, and staged can add up for the 80 percent of homeowners who decide to spruce things up before showing their house.

Nationally, the average cost of home improvements done before selling was $2,650, though that can vary greatly from region to region and is also dependent on the type of work that is done to get the house in shape. Of course, unlike buyers, home sellers have the sale of their home to help cover their costs but – assuming they’re going to buy another home – these expenses will obviously have an effect on how much money they have left over to put toward their next house.

 

 

This advertisement is provided by Jennifer Bixby, member of the Bixby & Sorensen Team and the broker for Don Peterson and Associates Real Estate, 100 E. 6th St.  Jennifer can be reached at 402-721-9700 for answers to questions regarding real estate.

Prices Move Higher as Homeowners Stay Put

Widely seen as the leading measure of U.S. home prices, the S&P Dow Jones Indices is a monthly look at home values that has been conducted for more than 27 years. According to the most recent release, national home prices are up 5.8 percent over last year, with the largest gains seen in the West and South.

David M. Blitzer managing director and chairman of the index committee at S&P Dow Jones Indices, says there’s some regional variation in how quickly prices are rising, but generally the issue is the number of homes available for sale. “Over the last year, analysts suggested that one factor pushing prices higher was the unusually low inventory of homes for sale,” Blitzer said in a press release. “People are staying in their homes longer rather than selling and trading up.” Because of this, there are fewer homes for buyers to choose from but home sellers, on the other hand, enjoy increasingly favorable conditions. And yet, many current homeowners are staying put.

If more homeowners put their homes up for sale, and new home construction continues to improve, the market will balance in the coming months and home price increases will begin to moderate.

 

This advertisement is provided by Jennifer Bixby, part of the Bixby & Sorensen Team and the broker for Don Peterson and Associates Real Estate, 100 E. 6th St.  Jennifer can be reached at 402-721-9700 for answers to questions regarding real estate.

 

Don Peterson & Associates – Ask The Experts – KFMT 105.5FM – June 29, 2017

Brian Villwok and Kevin Prinz, two of our auctioneers, sit down to discuss the ins and outs of selling your property via auction and tag sale.  Listen on to find out more!

Today’s Typical Home Sells in Less than a Month

Home buyers are out in large numbers this spring. Proof of that can be found in the most recent sales report from the National Association of Realtors. Their monthly tally of how many previously owned homes sold the month before found that the typical home for sale was on the market for just 29 days in April, down from 34 days the previous month.

That’s a strong indication that buyer demand is outpacing the number of homes for sale this spring. And that’s saying something, especially since April saw a 7.2 percent increase in for-sale inventory by the end of the month. In other words, there are more homes coming on the market but still not enough to match the number of interested home buyers.

Lawrence Yun, NAR’s chief economist, says affordable homes are going fastest. “Homes in the lower and mid-market price range are hard to find in most markets, and when one is listed for sale, interest is immediate and multiple offers are nudging the eventual sales prices higher.” But despite the competition, buyers aren’t deterred. In fact, the number of first-time home buyers was up for the month and, a look at regional results, shows existing home sales are above or even with last year’s results in the South, West, and Midwest.

 

 

 

This article is provided by Jennifer Bixby, the broker for Don Peterson and Associates Real Estate and member of the Bixby & Sorensen Team, 100 E. 6th St.  Jennifer can be reached at 402-721-9700 for answers to questions regarding real estate.

Housing Markets Nationwide Hit Key Milestone

There are many ways to gauge the health of the housing market. But no matter which way you look at it, the ultimate goal is to figure out where things are headed and how that will affect home buyers and sellers, as well as current and future homeowners.

In other words, the data may differ but it’s all getting at the same question. Take the National Association of Home Builders’ Leading Markets Index – which compares current conditions to previous norms. The NAHB’s index looks at employment info, home prices, and building permits in 340 metropolitan areas across the country in an effort to determine how those markets have rebounded since the housing crash and what they should expect going forward.

According to the latest results, markets nationwide are running at an average of 100 percent of normal economic and housing activity. And, if that sounds good, it’s because it is. “This is the first time the LMI has reached this key milestone and it shows how much our industry has improved since the depth of the Great Recession,” Granger MacDonald, NAHB’s chairman, said in a press release. But though the data shows great strides across a majority of markets, it also shows that – while employment levels and home prices have rebounded strongly – building permits still lag behind. That’s an issue because many markets are in need of new homes to help provide options for buyers and keep affordability conditions under control.

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his article is provided by Jennifer Bixby, the broker for Don Peterson and Associates Real Estate, 100 E. 6th St.  Jennifer can be reached at 402-721-9700 for answers to questions regarding real estate.

 

Don Peterson & Associates – Ask The Experts – KFMT 105.5FM – June 15, 2017

Marj Scheer-Carlson and Jennifer Bixby briefly discuss property assessments and also steps you can take to prepare to  sell your home.  Listen to more here!

 

Don Peterson & Associates – Ask The Experts – KFMT 105.5FM – May 25, 2017

Erika Martinez and Nik Beninato sit down with the guys at KFMT and talk the buying process as well as the loan process.  Listen to the complete audio below!

What does it Mean when a Home’s Sale is Pending?

There are steps to buying a home. You don’t just find a house, make an offer, and move in as soon as it’s accepted. In fact, though having an offer accepted is a big step, it’s really just the first of the closing process.

There are many things that need to be done before your accepted offer becomes a final sale. During this process, the house you’ve chosen is taken off the market but not officially sold. Until you’ve got keys to the house, it’s considered a “pending sale” or “under contract”.

Pending sales are important because they can be a good indicator of where home sales are headed. Because of this, the National Association of Realtors keeps track each month of the number of homes that are under contract as a way of watching what’s ahead for the market. For example, the NAR’s most recent Pending Home Sales Index was virtually flat from the month before. These results show that low inventory may be holding home sales back. “Home shoppers are coming out in droves this spring and competing with each other for the meager amount of listings in the affordable price range,” Jennifer Bixby said.

In other words, what we can learn from how many pending sales there were in April is that buyers should be prepared to move fast this spring and sellers should expect to find favorable conditions.

 

 

 

This article is provided by Jennifer Bixby, the broker for Don Peterson and Associates Real Estate, 100 E. 6th St.  Jennifer can be reached at 402-721-9700 for answers to questions regarding real estate.