Home sellers have confidence to repurchase
Home sellers are more optimistic about repurchasing a home than in the past few years, thanks to strong growth in home prices, record-low interest rates, and better personal financial situations, according to C.A.R.’s “2013 California Home Sellers Survey.”
More than two-thirds (69 percent) of home sellers purchased a home after selling their previous residence, up from nearly half (47 percent) in 2012, and from only 12 percent in 2011.
Nearly half of sellers (43 percent) believe that home prices will rise in one year, compared to just 9 percent in 2012, and nearly three of five sellers (58 percent) believe home prices will increase in five years, up from 12 percent in 2012.
Additional findings from C.A.R.’s 2013 California Home Sellers Survey include:
Home sellers are more optimistic about repurchasing a home than in the past few years, thanks to strong growth in home prices, record-low interest rates, and better personal financial situations, according to C.A.R.’s “2013 California Home Sellers Survey.”
More than two-thirds (69 percent) of home sellers purchased a home after selling their previous residence, up from nearly half (47 percent) in 2012, and from only 12 percent in 2011.
Nearly half of sellers (43 percent) believe that home prices will rise in one year, compared to just 9 percent in 2012, and nearly three of five sellers (58 percent) believe home prices will increase in five years, up from 12 percent in 2012.
Additional findings from C.A.R.’s 2013 California Home Sellers Survey include:
- The reasons for selling changed significantly in just one year. In 2012, the majority of sellers sold primarily because of financial difficulties, but as home prices surged, a desire to trade up became the top reason for selling in 2013. Others wanted to take advantage of low interest rates to finance their next home, and some sellers believed the price of their home had peaked and wanted to cash out.
- The Internet continued to be the most common resource for sellers to find an agent, with 51 percent of sellers finding their agent online. One-fourth of sellers used the agent with whom they had previously worked, up significantly from just 3 percent in 2012.
- Website listings were an integral part of the selling process, with more than two-thirds of sellers finding Realtor.com as the most important website in the selling process.
Obama Administration Releases December Housing Scorecard
The U.S. Dept. of Housing and Urban Development (HUD) and the U.S. Dept. of the Treasury have released the December edition of the Obama Administration's Housing Scorecard – a comprehensive report on the nation’s housing market. The latest data show progress among many key indicators. Home values continue to rise, contributing to both an increase in homeowners’ equity and a decline in underwater borrowers. While there is much good news in this scorecard, officials caution that the overall recovery remains fragile.
The December Housing Scorecard features other key data on the health of the housing market and the impact of the Administration’s foreclosure prevention programs, including:
The U.S. Dept. of Housing and Urban Development (HUD) and the U.S. Dept. of the Treasury have released the December edition of the Obama Administration's Housing Scorecard – a comprehensive report on the nation’s housing market. The latest data show progress among many key indicators. Home values continue to rise, contributing to both an increase in homeowners’ equity and a decline in underwater borrowers. While there is much good news in this scorecard, officials caution that the overall recovery remains fragile.
The December Housing Scorecard features other key data on the health of the housing market and the impact of the Administration’s foreclosure prevention programs, including:
- As of October 2013, the Federal Housing Finance Agency (FHFA) purchase-only index rose 8.2 percent from last year and ticked up 0.5 percent (seasonally adjusted) from September, showing that home values are now on par with prices in early 2005. The S&P/Case-Shiller 20-City Home Price Index for October posted returns of 13.6 percent over the past 12 months and was up 0.2 percent (not seasonally adjusted) over September, indicating that home values are at the same level as in mid-2004.
- Over 1.9 million homeowner assistance actions have taken place through the Making Home Affordable Program, including more than 1.2 million permanent modifications through the Home Affordable Modification Program (HAMP), while the Federal Housing Administration (FHA) has offered more than 2.1 million loss mitigation and early delinquency interventions through November. The Administration’s programs continue to encourage improved standards and processes in the industry, with HOPE Now lenders offering families and individuals more than 3.9 million proprietary modifications through October.
Fast Facts
Calif. median home price:November 2013:
- California: $422,210
- Calif. highest median home price by region/county November 2013: Marin, $942,070
- Calif. lowest median home price by region/county November 2013: Del Norte, $135,000
Calif. Pending Home Sales Index:
November 2013: Decreased 13.6 percent from 108.6 in October to 93.8 in November.
Calif. Traditional Housing Affordability Index: Third Quarter 2013: 32 percent (Source: C.A.R.)
Mortgage rates: Week ending 1/9/2014 (Source: Freddie Mac)
November 2013: Decreased 13.6 percent from 108.6 in October to 93.8 in November.
Calif. Traditional Housing Affordability Index: Third Quarter 2013: 32 percent (Source: C.A.R.)
Mortgage rates: Week ending 1/9/2014 (Source: Freddie Mac)
- 30-yr. fixed: 4.51% fees/points: 0.7%
- 15-yr. fixed: 3.56% fees/points: 0.6%
- 1-yr. adjustable: 2.56% Fees/points: 0.5%
Randy E. Guth
1450 University Ave. Suite F2 Riverside, CA 92507 Ph 951-300-1010 Fax 951-300-1021 Cell 951-347-9773 Rguth@exitgmw.com
1450 University Ave. Suite F2 Riverside, CA 92507 Ph 951-300-1010 Fax 951-300-1021 Cell 951-347-9773 Rguth@exitgmw.com
For a short video on the EXIT story please go towww.ExitRealty.com <http://www.exitrealty.com/> and click 'Up Close and Personal with EXIT'
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