The National Association of Realtors (NAR) just released their latest Existing Home Sales Report on Friday. Sales of existing homes rose by the largest increase every recorded as they rebounded 14.7% over November’s numbers and now stand at 7.7% higher than a year ago.
On a national scale, existing sales rose 14.7% over November and are 7.7% higher than December last year. That's good news! Real estate has long been the little engine that could insofar as the national economy is concerned and this is an encouraging fact to consider in terms of consumer confidence.
We've previously discussed the fact that real estate is local in the sense that national trends, be they good or bad, may or may not apply in your local area.
As a case in point, consider the negative trend for existing homes for sale in El Paso County, CO as shown in this graph, where there was a 19% decrease from November to December 2015 and a 18% decrease from December 2014.
And not that this is bad news. The law of supply and demand makes it so the decreased supply causes an increase in demand and with it an increase in prices, as you will see from the graph below.
In addition, depending on price range it can also bring nirvana to any seller, multiple offers which often exceed asking price.
Overall, the Colorado Springs real estate market is not only alive and well, but awaits your participation and the professionals at realestatesupermarkets.com are standing by to be of service with down payment assistance, referrals to quality lenders and service providers, as well as investor financing. Contact us anyway you can and let's get it started.
Fannie Mae recently released their “What do consumers know about the Mortgage Qualification Criteria?” Study. The study revealed that Americans are misinformed about what is required to qualify for a mortgage when purchasing a home.
According to Remodeling's 2016 Cost vs. Value Report, you'll recoup an average of 64% of what you paid for a renovation if you sell your home this year.
We've previously discussed Return on Investment (ROI) about how much more (or less) than an asset's cost it is (or will be) worth at resale. It went a little something like this.
OK. The same concept of ROI applies, perhaps but not always on a lesser scale, to the effect of improvements made after purchase to the resale value of that asset.
Many (not all) buyers want gorgeous granite, jacuzzi tubs, bedroom fireplaces and similar creature comforts. And where these add great value...prestige, will they amount to a dollar for dollar increase in financial value? It depends.
It's never good to have the most expensive house in the neighborhood. First, they can stand out like the a Taj Mahal near Quonset huts. Gaudy is definitely not good, IMHO. Worst, pride in ownership can be a bitter pill to swallow when no one cares how much that Italian marble tub cost. When it comes to comparable values, a tub's just a rub-a-dub-dub. Sorry, couldn't resist.
Quickly. What is relatively worth more, adding attic insulation or a bathroom that will relieve congestion come school time? Before we tell it, understand you'll recoup about 67% of improvements on average. Drum roll, please...
Attic insulation, by a long shot of 2:1. Sad but true.
So be careful what you ask for, you might not get it. Unless it's help to pay for remodeling projects on that would be perfect home were it not for the host of improvements needed to make it your castle, whether necessary or not.
With Fannie Mae's and Freddie Mac's HomeStyle Renovation and FHA's 203k loans, it is relatively easy to turn that ugly house into the nosy neighbor's bane of existence.
How about we add energy efficiency upgrades to our efforts and receive up to $8,000 in help to do so?! This is HOT! No pun intended. Learn more here.
Thanks for reading. Let us know how we can help?
As an incentive for new and existing homeowners to buy homes with high energy efficiency ratings or make upgrades (furnace, insulation levels, windows, etc.) to an existing home, the state of Colorado is offering up to $8,000!
There are hundreds, if not thousands of extra programs that help with adapting homes for folks with disabilities, down payment. closing and other costs. Check them all out here!