Blog :: 11-2017

New Home Sales are at a High in this decade!

 According to Bloomberg- U.S. purchases of new homes unexpectedly advanced in broad fashion last month, reaching the strongest pace in a decade and offering an encouraging signal for residential construction, according to government data released Monday.

Highlights of New-Home Sales (October)

  • Single-family home sales rose 6.2% m/m to 685k annualized pace (est. 627k), the highest since Oct. 2007, a revised 645k rate
  • Purchases in the South increased for a third month, to the fastest pace in 10 years
  • Median sales price increased 3.3% y/y to $312,800
  • Supply of homes at current sales rate fell to 4.9 months, the smallest since July 2016, from 5.2 months; 282,000 new houses were on market at end of October

Key Takeaways

The report showed the U.S. South region continued to recover from a pair of hurricanes. Purchases in other areas of the country, including a 17.9 percent surge in the Midwest, also climbed.

The number of properties sold in which construction hadn’t yet started reached the highest level since January 2007, signaling residential construction will accelerate in coming months.

A steady job market and low mortgage costs are helping propel demand for real estate and pushing up property prices. At the same time, it’s a hurdle for some prospective buyers, especially younger Americans and those entering the market for the first time. The average selling price in October reached a record high $400,200, probably reflecting construction of higher-end homes.

New-home sales, tabulated when contracts get signed, account for about 10 percent of the market. They’re considered a timelier barometer than purchases of previously owned homes, which are calculated when contracts close and are reported by the National Association of Realtors.

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    5 Good Reasons to Buy a Home during the Holidays!

    Turkeys and tinsel and pumpkin pie. Yes friends, the holidays are here again, and it's the perfect time for ... house hunting? OK, we know you're busy enough planning family feasts and much-needed vacations while dealing with blustery weather, but hear us out. While it might seem counterintuitive to put a big-ticket item like a home on your holiday shopping list, it really does make sense.

    1. Less Competition

    2. Motivated Sellers

    3. Tax Advantages

    4. True picture of the House

    5. Great accessibility to Professionals

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      Get Ready for Winter!

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      Its important to take care of your home.

      This fall has been a balmy one, but winter is coming. For homeowners living in colder climates, the waning hours of daylight signal the time to start readying the home for snowy days and bitter nights ahead.

      Like a car, a home needs a regular tuneup: Heating systems need maintenance, chimneys need sweeping and windows need caulking. But keep on top of the hefty to-do list, and the chores become a routine you dutifully follow every year.

      “When it starts getting a little cold, we go into gear,” said Jenet Levy, 60, who has lived in a three-bedroom townhouse in Windsor Terrace, Brooklyn, with her husband, Rory Levy, 61, for 23 years.

      Even seasoned homeowners, however, can fall behind. With such an unusually warm autumn, Ms. Levy, an associate broker with Halstead, forgot to schedule an appointment to have her boiler serviced before she expects to turn it on. Now the maintenance company is booked until late November. “So I screwed up there,” she said.

      Neglect the chores entirely, though, and you could find yourself with a hefty repair bill or a furnace that peters out on a frigid January night — and probably in the middle of a three-day weekend, because isn’t that when things usually go awry? Forget to clean the gutters, and ice could build up, damaging your roof. Drafty windows and doors could send your heating bill soaring.

       

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