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April Housing Report

DENVER – April home sales finished just 1.1% below a year ago as selling times shortened and tight inventory held steady, according to the RE/MAX National Housing Report. Meanwhile, April’s median home price of $251,000 in the report’s 54 markets was up a mere 2.1% – the smallest year-over-year April increase in eight years.

April’s year-over-year sales decline of 1.1% marked the ninth consecutive month of year-over-year decreases, but April’s sales dip was the smallest during that time. At the same time, inventory increased 4.8% and marked the seventh consecutive month of year-over-year growth in number of homes for sale.

Compared to March, home sales in April sped up by a full week, taking an average of 52 days instead of 59. The average in April 2018 was 51 days. The Months Supply of Inventory in April decreased year-over-year from 3.0 to 2.6.

While the March-over-February increase in home sales of 28.8% was the smallest in five years, the April-over-March increase of 11.2% was an April-over-March record for the 10-year history of the report.

“April’s home sales blossomed, suggesting the typical seasonal jump in spring sales arrived later than usual this year,” said RE/MAX CEO Adam Contos. “Solid buyer interest and sellers with realistic price expectations advanced the market’s march toward equilibrium last month. That said, inventory remains constricted, and prices continue to climb, albeit at a slower rate. All in all, April’s results were encouraging, and we continue to be cautiously optimistic about the prospects of a healthy spring selling season.”

Closed Transactions 
Of the 54 metro areas surveyed in April 2019, the overall average number of home sales is up 11.2% compared to March 2019, and down 1.1% compared to April 2018. Leading the month-over-month sales percentage increase were Augusta, ME, at +30.4%, Des Moines, IA, at +23.6%, and Milwaukee, WI, at +22.9%.

Median Sales Price – Median of 54 metro median prices
In April 2019, the median of all 54 metro Median Sales Prices was $251,000, up 2.1% from March 2019, and up 2.1% from April 2018. Three metro areas saw a year-over-year decrease in Median Sales Price: San Francisco, CA, at -1.4%, Seattle, WA, at -1.0%, and Anchorage, AK, at -0.3%. Four metro areas increased year-over-year by double-digit percentages, with the largest gains in Boise, ID, at +14.8% and Birmingham, AL, at +13.8%.

Days on Market – Average of 54 metro areas
The average Days on Market for homes sold in April 2019 was 52, down seven days from the average in March 2019, and up one day from the April 2018 average. The metro areas with the lowest Days on Market were Omaha, NE, at 27, and Denver, CO, and San Francisco, CA, both at 30. The highest Days on Market averages were in Augusta, ME, at 116, Hartford, CT, at 89, and Miami, FL, at 86. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 54 metro areas
The number of homes for sale in April 2019 was up 3.3% from March 2019 and up 4.8% from April 2018. Based on the rate of home sales in April 2019, the Months Supply of Inventory decreased to 2.6 from 2.9 in March 2019, and decreased compared to 3.0 in April 2018. A six months supply indicates a market balanced equally between buyers and sellers. In April 2019, of the 54 metro areas surveyed, only Miami, FL, at 6.3 reported a months supply at or over six, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory were Boise, ID, Denver, CO, Manchester, NH, and Omaha, NE, all at 1.2.

Millennial Monopoly: 4 Real Estate Trends In 2019

What’s behind the rise in homeownership? Growing interest from millennials. Here are the 2019 millennial real estate trends you need to know about this year.Empowered with Knowledge
First-time, homebuying millennials are much more informed when it comes to renovations, repairs and real estate process than other generations. Growing up during the development of the internet has made them very tech and research savvy and able to find ways to access important information such as listings, neighborhood reports, HGTV home renovation videos and other types of industry information on their own. In 2019, they will rely on real estate agents to share information that they can’t find online such as neighborhood developments, local market forecasts, local housing regulations and more.

Buying homes – despite rising rates
Millennials continue to make up the largest segment of buyers, accounting for 45 percent of mortgages, compared to 17 percent of baby boomers and 37 percent of Generation Xers. While first-time buyers will struggle, older millennial move-up buyers will have more options in the mid-to upper-tier price point and will make up most of the millennials who close in 2019. As their housing needs adjust over time, millennials are on track to make up the largest share of homebuyers for the next decade.

Sweat Equity
Many millennials grew up watching renovations and makeovers on HGTV, which means many of them are ready to invest sweat equity in their new home. Millennial homebuyers, overall, are more aware of the costs, work and implications of renovations than the previous generations. This is good news as interest rates rise and buyers should be prepared to settle for homes in need of TLC.

New Buying Strategies
Social media continues to impact millennial homebuying habits. They rely on online reviews to make purchasing decisions, and a strong online reputation for real estate professionals is a must in catering to this market. In fact, a recent study showed that millennials would prefer to buy a house from a real estate agent influencer over a traditional real estate agent. Showcasing a home on social media, especially on visual-heavy platforms like Instagram, is essential for appealing to millennial buyers.

Research your way to the right real estate agent who can make all the difference. RE/MAX agents are more recommended because they recommend what’s right for you and your future. Find an agent today at remaxallpro.com.

March Housing Report

DENVER – Kicking off the spring homebuying season, March sales climbed almost 29% over February, according to the RE/MAX National Housing Report. But this remains the slowest start in five years, with March sales 8.6% lower than March 2018.

March was the eighth consecutive month of year-over-year sales declines and the sixth straight month of year-over-year inventory growth, with a 5.3% gain. Housing activity in the report’s 54 markets nationwide also saw the Median Sales price grow by 3.4% year-over-year – notably smaller than the year-over-year increases in February (5.5%) and January (4.6%).  However, the median sales price has risen by more than 3% year-over-year in 17 of the last 18 months.

Good News for Buyers and Sellers This Spring Selling Season

Whether you’re planning on buying or selling a home, there’s good news to report as the spring selling season approaches. Slowing sales and growing inventories benefit buyers while record prices benefit sellers, according to data in this February’s RE/MAX National Housing Report.“Trends of five months or more often indicate significant shifts, and the year-over-year trends in declining sales and rising inventory have both reached that length now,” said RE/MAX CEO Adam Contos. “The big picture supports an ongoing return to more balanced conditions, which is beneficial to buyers and sellers.”

Inventory Bounces Back
Inventory grew 5.8 percent over February of 2018, marking the fifth consecutive month of growth following a decade-long trend of shrinking inventory. Of the 54 metro areas surveyed in February 2019, the overall average number of home sales is down 4.2 percent compared to last February.

Rising Median Sales Price
Bucking downward trends, the Median Sales Price increased to $240,000, a year-over-year gain of 5.5 percent and a February record in the 10-year history of the report. Four metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Boise, Idaho; Cincinnati, Ohio; and Wilmington/Dover, Delaware.

Home Sales Down
Home sales in the 54-market report have declined year-over-year for seven consecutive months, though February’s downturn of 4.2 percent was the smallest since the 1.1 percent drop that started the streak in August 2018. Leading the month-over-month sales percentage increase were Houston, Texas; Birmingham, Alabama; and Raleigh-Durham, North Carolina.

“The next few months will determine whether the shift brings a wave of buyers into the market for the spring selling season,” added Contos. “Members of our network are reporting high local demand along with a need for even more inventory. The optimism for a solid spring exists — and a more balanced market certainly contributes to it.”

Whether you’re a buyer or a seller, find an experienced, top-producing agent on remaxallpro.com.

February Housing Report

 

DENVER – Riding two trends—declining sales and growing inventory— the U.S. housing market continued to transition from a seller’s market to a buyer’s market in February, according to the RE/MAX National Housing Report.

Home sales in the 54-market report have declined year-over-year for seven consecutive months, through February’s downturn of 4.2% was the smallest since the 1.1% drop that started the streak in August 2018. At the same time, inventory grew 5.8% over February of 2018, marking the fifth consecutive month of growth following a decade-long trend of shrinking inventory. The Months Supply of Inventory also grew in February from 3.1 in 2018 to 3.4 this year.

Find the complete report here

 

 

Tidying Up Tips Hit the Housing Market

 
 

Admit it — over the holiday break you found yourself binge-watching the hit show with superstar organizing consultant Marie Kondo and quickly realized your place is not sparking much joy. Never fear! The KonMari Method is here and the tidying-up trend can give sellers and buyers the gentle nudge needed to organize their personal spaces or clean up their financial houses before showings or placing a bid.

WE HAVE LIFT OFF!
The theme behind the hip, tidying trend is that by making changes in our living space we create a catalyst for change and give ourselves the momentum we need to take charge in other areas of life. A nicely organized and de-cluttered home shows well and knowing your financial story before hunting for a new home sets you up for success.

SPARK TIME SAVINGS
Just like the KonMari method can help organize your home, buyers are encouraged to tidy up their credit to save time too. Buyers who know their credit score, debt to income ratio and come with pre-approved home loans are saving time and headaches in the house hunting process which can mean the difference between deal or no deal. By building a strong financial foundation before you shop, your bid on the house of your dreams will have time on its side.

SHOW STOPPERS
For sellers, once your belongings are scaled back, you can reclaim some of that time you wasted on running around, cleaning up before a scheduled showing. Many sellers say the ultra-approach to simplifying has changed their lives and it helps them with the quick-clean when they are showing their homes to prospective buyers. By staying on top of the little things, like that big stack of papers, mail and books piling up on the dining room table – it’s easier to give your space a quick-clean before a last-minute showing.

SENSE OF SATISFACTION
The tidying-up method can make our brains happy and leave us with a sense of accomplishment. Order matters in avoiding debt and financial stress too. Earn, save and enjoy is key in tackling those finances. Concentrate on being proactive with your finances and stay financially responsible as you try to qualify for a home loan. Having your financial house in order feels as good as organizing that messy hallway closet.

SHOW YOUR BEST SIDE
If you have your home on the market, simplifying a space can help you sell. Agents often tell sellers with big kitchens to clean out the useless items and create that extra space – this allows buyers to get a feel for space and imagine where their own kitchen appliances would be placed or stored.

DECREASE FRUSTRATION
Buying or selling a home is hard, but the simple task of organizing can cut through the daily hassles of life. A well-organized home and a firm understanding of your finances can have wide-reaching effects on our mood, happiness and even relationships during the home buying or selling period.

Looking to simply the hunt for a house or to sell your home? Find an experienced agent at remaxallpro.com

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January Housing Report

A sixth consecutive month of declining home sales in January contributed to the largest year-over-year inventory increase in at least 10 years, according to the RE/MAX National Housing Report.

While year-over-year home sales dropped 11% – extending a streak that began in August – inventory grew year-over-year by an average of 6.4% across the report’s 54 U.S. metro areas. January marked the fourth consecutive month of year-over-year inventory growth – further reversing a decade-long trend of shrinking inventory.

Find the complete report here

8 Affordable Ways To Boost A Home’s Curb Appeal

Your home’s curb appeal could make or break the amount of showings you have. In the same way, curb appeal can attract potential buyers through your door, a less than spectacular home front can also be a detractor. From upgrading landscaping to refreshing paint, consider these eight affordable ways to boost your home’s curb appeal and entice buyers to add your home to their “must see” list:

  1. Update Outdoor Lighting

An easy way to instantly add interest and depth to an outdoor space is to replace dated lighting fixtures with new ones. There are many lighting options on the market in a wide range of colors and styles. Most choices are quite affordable and you will be amazed at what a few dollars can do in upgrading the overall look of your outdoor space.

  1. Keep It Mowed

A freshly mowed lawn is essential to boosting your curb appeal when trying to sell your home. Mowing your lawn on a weekly or 10 day basis will allow it to grow enough between mows so that you don’t damage the grass. Make sure to also allow time for edging and clear away any clippings before your house is shown to potential buyers. Keeping your lawn in top condition is always a good idea to boost curb appeal.

  1. Fix The Small Things

Do a thorough look through your front porch to find any small issues that have gone unnoticed for years. Fix small things like a slit in the window screen, tightening the mailbox, or replacing a burned out lightbulb. Attending to these small things can add up when it comes to receiving an offer for your home.

  1. Add Some Flowers

Pick up a few beautiful sets of flowers from the garden center and plant them in a pot next to the front door. Colorful flowers will add instant beauty to the space and welcome guests into your home. Consider adding a few different colors to help create an interesting and inviting atmosphere.

  1. Trim Up Shrubs

Get out your shears and trim up bushes and plants that have overgrown their spaces. All you need is a little bit of elbow grease to freshen up your landscaping. Trim bushes into eye pleasing shapes with rounded edges and give every plant in your garden enough room to shine while still being a part of the overall landscaping picture.

  1. Touch Up Paint

You most likely have a can of leftover paint in the garage or basement. Use this to touch up areas of your house that could use a fresh coat of paint. Consider items like the mailbox, house numbers, or plant pots that have seen a few years since their last painting. If your front door needs some help consider painting it to add a fresh look to your home.

  1. Power Wash It

You will be amazed by the amount of dirt a good power washing can lift from your home. Renting a power washer for a day is also a good and affordable way to add curb appeal to your home. Another affordable option is to consider borrowing one from a friend to save on expenses. Pay close attention to the outside of your home as well as gutters, patios, walkways, and patio furniture.

  1. Add Some Mulch

Picking up a few bags of mulch at a garden center is a great way to add instant curb appeal to your landscaping. Mulch not only looks great but it also provides essential help to plants by helping to retain water as well as keeping weeds at bay. Simply add a few inches of mulch around trees and garden beds to instantly raise the overall look of your home.

There are many ways that you can instantly increase your home’s curb appeal without breaking the bank. Consider ways that you can help your home for little to no cost. Doing any of the above tips things can help boost your home’s resale value.

Tori Fuller is a DIY enthusiast, taking any trash she can get her hands on and turning it into a luxury item to envy. When she doesn’t have her hands in a tin of paint you can find her perfecting her nature photography techniques.

Working with the right real estate agent who has the knowledge of the latest gadgets and amenities available in your area can make all the difference. RE/MAX agents are more recommended because they recommend what’s right for you.

Find an agent today at remaxallpro.com.

December Housing Report

December’s declining home sales and growing inventory solidified 2018 as the year the red-hot seller’s market moved toward a balanced market. Price growth also moderated, though December was the 33rd consecutive month of year-over-year increases in home prices, according to the RE/MAX National Housing Report, which includes 53 metro areas.

Find the complete report here

Is Your Home Smarter Than You?


How smart is your home? In 2019, it’s possible your house is smarter than you. Designed to provide energy efficiency, security and comfort conveniences, the smart home can do it all on command. Control lighting, heating, cooling, appliances, televisions, computers and other security features with smart technology that communicates with each other and can be remotely controlled via a smart phone or online. Internet connectivity and cloud storage makes all this smart home technology possible by bringing convenience and electronic intelligence right to your fingertips. If you’re technically-challenged, don’t worry – we suggest starting small to go big with technology with three easy technologies to make your home smarter this year.

  1. Set Smart Temperatures
    Most thermostats only read the temperature in one area (usually the hallway) which can make other rooms too hot or too cold. Technology like ecobee4 or Nest comes with room sensors to help manage hot or cold spots. When sensors are placed in the most popular rooms, the smart gadget can read the temperature, detect occupancy and adjust the temperature so it’s just right.
  2. Sensing Leaks
    Smart leak detection sensors monitor your home’s plumbing with the purpose of discovering leaks and malfunctions. They can assist you in preventing water damage and the growth of mold and mildew inside a wall due to a slow leak.
  3. Open and Shut
    If you have ever left home for the day or, even worse, been on vacation and suddenly you’re unsure if you left the garage door open – a smart garage door opener offers convenience, improved home security and peace of mind. Check the open or closed status of your garage door via an app on your smartphone as well as open it or close it remotely – in other words, it’s possible to be on the other side of the Earth and still control your garage door.

Working with the right real estate agent who has the knowledge of the latest gadgets and amenities available in your area can make all the difference. RE/MAX agents are more recommended because they recommend what’s right for you.

Find an agent today at remaxallpro.com.