August 2022
U.S. REAL ESTATE OVERVIEW
Note: June 2022 data below are the most recent released by the National Association of Realtors.
Total existing-home sales) completed transactions that include single-family homes, townhomes, condominiums and co-ops) dipped 5.4% from May to a seasonally adjusted annual rate of 5.12 million in June. Year-over-year, sales fell 14.2% (5.97 million in June 2021).
Total housing inventory at the end of June was 1,260,000 units, an increase of 9.6% from May and a 2.4% rise from the previous year (1.23 million). Unsold inventory sits at a 3.0-month supply at the current sales pace, up from 2.6 months in May and 2.5 months in June 2021.
First-time buyers were responsible for 30% of sales in June, up from 27% in May and down from 31% in June 2021. NAR’s 2021 Profile of Home Buyers and Sellers – released in late 2021 – reported that the annual share of first-time buyers was 34%.
All-cash sales accounted for 25% of transactions in June, the same share as in May and up from 23% in June 2021.
WARRANTIES FOR OLDER HOMES
New homes come with warranties to protect the buyer in case of the unexpected. But what about existing homes? Fortunately, there are a number of companies today who offer warranties for existing homes. Sellers can now offer their buyers a level of assurance that was previously reserved for new construction, and buyers can buy with confidence!
If you are in the market to buy or sell, ask us about the advantages of a home warranty. You might be surprised at how much protection is offered at a very reasonable price.
SUMMER SELLING OPPORTUNITIES
Sellers, you have an excellent opportunity to sell your home this season if you have the right pricing strategy in place from the start! Studies show that the longer a property stays on the market, the less the seller will net upon the sale. It is very important to price your property at a competitive market value at the signing of your listing contract. The market is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell.
An Overpriced Home:
· Minimizes offers
· Lowers agents response
· Limits qualified buyers
· Lowers showings
· Lowers prospects
· Limits financing
· Wastes advertising dollars
· Nets less for the seller
When you are ready, contact us today for a personal market value analysis of your home. No hassles or obligation – just honest advice on how to get top dollar for your home!