The Fed’s purchase of these bonds over the last few years has driven mortgage rates to historic lows. The program is part of an overall stimulus package geared at bringing back the national economy. The lack of clarity into theLast week, Bernard Bernanke startled many by announcing that the Fed will not wind down their bond buying program right now. Real estate revenue is sourced primarily from tenants, but leasing terms and market conditions can fluctuate over time, affecting your ability to create an accurate cash flow model. Improve your real estate cash flow analysis, forecasting, and commercial property valuations.
![]() ![]() In California, the statewide median sales price for single-family existing homes in July was $433,760 in Maryland, it was $286,758 and in New York, it was $241,947.The median is the midpoint half the homes sold for more, half for less. The statewide median sales price for single-family existing homes last month was $177,500, up 18.7 percent from the previous year.According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in July 2013 was $214,000, up 13.5 percent from the previous year. Closed sales typically occur 30 to 90 days after sales contracts are written.Meanwhile, pending sales – contracts that are signed but not yet completed or closed – for existing single-family homes last month rose 25.9 percent over the previous July. Florida’s housing market is growing and that’s good news for our economy.”Statewide closed sales of existing single-family homes totaled 21,238 in July, up 20.9 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. July marks the 19th consecutive month that we’ve seen the statewide single-family home median sales price increase year-over-year. This suggests that sellers are more eager to place their homes on the market. “Specifically, new listings have been up, year over year, for all of 2013. There are, however, some straws in the wind that would suggest that the inventory crunch may be easing,” said Florida Realtors Chief Economist Dr. NAR reported that the national median existing condo price in July 2013 was $209,600.The inventory for single-family homes stood at a 5-months’ supply in July inventory for townhouse-condos was at a 5.2-months’ supply, according to Florida Realtors.“Once again, the market is continuing its steady improvement. The statewide median price for townhouse-condo properties was $128,000, up 21.9 percent over the previous year. Meanwhile, pending sales for townhouse-condos last month increased 20.7 percent compared to the year-ago figure. Access Mris On For Real Estate Professional Stager IsIf that is not possible, the seller should at least be willing to remove all the clutter and ‘throw on’ a fresh coat of paint where necessary. Bringing in a professional stager is the ultimate answer. CONDITIONCondition goes a long way in determining whether or not a house sells. Any restrictions to showing the home will result in fewer buyers which could result in a lower price, a longer time on market or both. ACCESSA seller should be willing to give almost unlimited access to potential purchasers if they are looking to sell. Here is a checklist we put together. Perhaps, they would be willing to help the buyer out with a seller’s concession. Allowing FHA financing is an example. However, there are other mortgage options they perhaps should consider. Buyers shouldn’t forget about moving and possible home repair costs too in setting up a savings plan for a home purchase.▪ They have their credit in shape: Home buyers should know their FICO score and know how it can impact the mortgage rate they get. Here are some indicators MRIS members noted about willing, able and ready home buyers:▪ They are increasing their savings: MRIS suggests home buyers save enough money for six months of mortgage payments and at least a 3.5 percent of the purchase price for a down payment and closing costs. There are studies that have shown that listing a house at a price greater than the market warrants results in that home taking a longer time to sell and also selling for less money.MRIS, a large multiple listing service serving the Mid-Atlantic region, asked its real estate member network for some of the best signs for understanding whether potential buyers are really ready for the task of the taking on home ownership. To get a home sold the price has to be right. PRICEEvery house must be sold twice: to the buyer and to the bank if a mortgage is involved. Western digital passport software for macPotential buyers should be working to keep their cash reserves high and prove to lenders they can take on mortgage debt. Heithaus, CMO of MRIS.▪ They know what they can afford: Home buyers should get pre-qualified for a mortgage so they know how much they can afford, what types of loans they can qualify for, and set a comfortable monthly mortgage payment goal.▪ They avoid making other major purchases: Big-ticket purchases, like a car, should be put off until after they buy a home.
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