Autumn may typically be the time of year when home sales start to slow down but new numbers show sales of previously owned homes up for the second straight month and at their highest annual pace since February 2007. The data, from the National Association of Realtors, shows October sales up 2 percent over the month before and 5.9 percent above last year’s estimate. Lawrence Yun, NAR’s chief economist, says the past two months have been an autumn revival for the housing market. “October’s strong sales gain was widespread throughout the country and can be attributed to the release of the unrealized pent-up demand that held back many would-be buyers over the summer because of tight supply,” Yun said. “The good news is that the tightening labor market is beginning to push up wages and the economy has lately shown signs of greater expansion. These two factors and low mortgage rates have kept buyer interest at an elevated level so far this fall.” Sales were up in all regions, with the largest gains in the South, where home sales rose 2.8 percent. Also in the report, the typical home stayed on the market for 41 days in October, though 43 percent of homes sold in less than a month. More here.
Equity rich may not be a phrase you’re familiar with but it refers to homeowners whose loan-to-value ratio is 50 percent or lower – meaning homeowners whose mortgage is less than half of their home’s appraised value. Simply put, a homeowner’s loan-to-value ratio refers to the amount of their home’s value that is borrowed. For example, if you were buying a house valued at $100,000 but only borrowing $50,000 to purchase it, your loan-to-value ratio would be 50 percent.
Parker Scott Properties Rising Number Of Homeowners Are Equity Rich
Naturally, the lower a homeowner’s ratio, the more equity that homeowner has. A recent report from ATTOM Data Solutions looked at homeowners across the country and found 23.4 percent of all homeowners with a mortgage were equity rich, an increase of more than 2.6 million from the same time last year. Daren Blomquist, senior vice president at ATTOM, says the combination of people living in one place for longer periods and continued home price increases have led to the improvement. “Median home prices increased on a year-over-year basis for the 18th consecutive quarter in Q3 2016, and homeowners who sold in the third quarter had owned their home an average of 7.94 years – a new high in our data and substantially higher than the average homeownership tenure of 4.26 years pre-recession,” Blomquist said. More here.
Parker Scott Properties The Difference Between Modern And Contemporary House
When shopping for a home to buy, there are some styles that are easy to identify. If you came across a listing for a Victorian home, for example, you’d likely know what to expect and whether or not you are attracted to that style’s brightly colored exteriors and elaborate ornamentation.
The difference between modern and contemporary homes, however, is less well understood. You may have even assumed the terms were interchangeable. In fact, modern architecture refers to a very specific style popularized in the first half of the 20th century. Known for its simple lines, flat roofs, and minimalist aesthetic, modern residential architecture became popular because it was a break from traditional home styles. Which, in a way, means it was the contemporary design of its day. That’s because, contemporary – in its most general sense – refers to the architecture and design of today. But, since that incorporates many styles that change over time, it is most often taken to mean whatever is the most innovative or forward-looking design of its day. In other words, a contemporary home can include hints of modern design but a modern home can no longer be considered contemporary because that refers to the homes of one particular period of history. More here.
Whether you’re looking to buy a home or condo in the Savannah area or you’re ready to sell a home or condo in the Savannah area, home prices are likely a topic of great interest to you. For this reason, a couple of new reports deserve a closer look.
First, ATTOM Data Solutions just released their U.S. Home Sales Report for the third quarter. Among the results, the data shows that the median home price has now surpassed its pre-recession peak and is at an all-time high. In fact, the median price in the third quarter hit $230,000 – which is 1 percent higher than its previous peak of $227,000 in 2005. But though that sounds like bad news for buyers, there may be more to the story. That’s because another recent report shows that – though home prices continue to rise – in the Savannah area and elsewhere – so does the number of price reductions. That means, more sellers are adjusting their price after originally listing their house.
Whether this is because home sellers have just priced their property too high to begin with or are in markets where prices may have peaked is debatable. However, 70 of the largest 100 metropolitan areas saw an increase in price reductions. Of course, home price trends can vary from one location to the next. For example, ATTOM’s chief economist, Darren Blomquist, points out that, while prices have hit new peaks in some markets, there are also still markets where there are a high number of distressed properties and opportunities for buyers looking for a bargain. More here.
Studies from the Savannah Multi-list Corporation Combined Residential Sales Report for Bryan County, Chatham County and Effingham County, From January 2011 thru August 2016 with the results calculated from approximate 44,000 listings, not including new construction showed the monthly active listing per month in August 2016 on average have been 3,300 per month.
Savannah Multi-List Corporation Historic Count Activities Average Report January 2011 – August 2016
The average number of days on the market to sell, from August of 2011 at 139 days has declined in August of 2016 to 91 days on average.
Savannah Multi-List Corporation
Results calculated from 631 listings, not including proposed new construction, show the sales volumes of the top 20 zip codes from August of 2016; the Savannah southside area zip code 31419 sales volume was the highest with $25,728,812, the Richmond Hill Bryan County area zip code 31324 came in second with an estimated sales volume of $22,729,730, and the third zip code was the downtown area zip code 31401 with a sales volume of $14,721,575. The following seventeen zip codes may be seen on the chart below.
Savannah Multi-List Corporation Savannah Area Volume Sales by top 20 Zip Codes Average Report January 2011 – August 2016
Based on the Savannah Multi-List Corporation Report, the Home Sales Price Per Square Foot Ratio for homes in the Bryan County, Chatham County and Effingham County from January 2011 thru August 2016 have continued to rise. In August of 2011 the home sales price per square foot ratio for homes in these areas were $104 per sqft, in August of 2012 the prices dropped to $99 per sqft, the following August of 2013 we saw an increase in the Savannah and surrounding areas with $108 per sqft, prices continued to rise in 2015 at $116 per sqft and this year in 2016 we saw a larger gain at $124 per sqft on average.
Savannah Multi-List Corporation Savannah Area Home Sales Price Per Square Foot Ratio Report January 2011 – August 2016
Because they are the two markets Americans are most likely to invest in, the stock market and housing market are often compared. Analysts and economists will break down the numbers in an effort to decipher which is the better long-term bet for your bottom line. Most recently, David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, took a look at the past several years and compared home price increases and the stock market rebound. “Since the last recession ended in June 2009, the stock market as measured by the S&P 500 rose 136 percent to the end of August while home prices are up 23 percent,” Blitzer said. “However, home prices did not reach bottom until February 2012, almost three years later. Using the 2012 date as the starting point, home prices are up 38 percent compared to 59 percent for stocks.” But, though stock market gains have outpaced price appreciation, real estate has an edge when comparing total value. In fact, Blitzer notes that Americans’ homes are valued at around $22.3 trillion, while the value of stocks and mutual funds is $21.2 trillion. More here.
Everybody knows buying a house is a long-term commitment. After all, the typical mortgage is paid over 30 years and the typical home seller has been in their home for almost 10 years. In other words, homeownership isn’t for frequent movers or anyone with a strong case of wanderlust. But regardless of how long you stay in one place, you aren’t likely to outlast your house. That’s because most homes will last around 100 years, according to a new analysis from the National Association of Home Builders of numbers from the Department of Housing and Urban Development. In fact, just 0.59 percent of all housing units are lost each year. These homes are lost for various reasons – including demolition, disaster, conversions, mergers, and homes that are put to non-residential uses. And that rate is pretty consistent whether the home was built in 1983 or 1962. In fact, when broken down per decade, the annual loss rate is fairly steady, though it does accelerate to just over 1 percent for homes built before 1950. Overall, the data suggests most of the homes built recently will still be standing 100 years from now and, even if you bought a house built 40 years ago, it’ll likely still be standing strong in 2076. More here.
Parker Scott Properties Most Homes Will Last More Than 100 Years
In September, new home sales were 29.8 percent higher than they were at the same time last year, according to new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development. The data shows sales up 3.1 percent from the month before and at their second-highest level since the recovery began. That’s good news for the housing market because any increase in new home sales helps spur more new home construction, which raises for-sale inventory and moderates price increases on all homes up for sale. As it is, the median price of a new home sold in September was $313,500; the average sales price was $377,700. And, with the number of new homes for sale lower than the month before, prices will likely continue to rise in the near term. Still a more favorable labor market and low mortgage rates have helped balance higher prices and kept buyer demand high. As an example, economists and analysts predicted a sales decline for September, making the results both unexpected and a good indication that potential home buyers aren’t being deterred by higher prices. More here.
Having a car isn’t really a choice for a lot of Americans – and even some of us that are lucky enough to choose whether or not to have a car decide to have one. Put simply, cars are a fact of life for most us. So it comes as no surprise that an analysis of Census Bureau construction data done by the National Association of Home Builders found that an increasing number of new homes have garages and the size of those garages is also on the rise. For example, the share of homes with a three or more car garage jumped from 11 percent in 1992 to 20 percent in 2005. And, in the past decade, new homes built without a garage have become almost non-existent. Robert Dietz, NAHB’s chief economist and senior vice president for economics and housing policy, breaks down the numbers in a recent article. “For new single-family completions in 2015, 61 percent of homes offered a two-car garage,” Dietz writes. “Another 24 percent of homes possessed a garage large enough to hold three or more cars. Just 6 percent of newly-built homes had a one-car garage, and only 1 percent possessed a carport. Another 9 percent of new homes had no garage or carport.” Additionally, of the 9 percent of homes without a garage, 23 percent were townhomes. More Here
Parker Scott Properties Garage Data Shows Us Where We Park
Parker Scott Properties Welcomes The David Saba Realty Team to The Parker Scott Family!
We’re proud to welcome David Saba and his team to our agency of Top-Flight agents!
Realtor, David Saba has a great personality and an unquestionable work ethic. Saba’s knowledge of the West-Side, Pooler, Skidaway Island Communities and real estate sets the bar high. Our agents are enjoying teaming up with our new real estate family members sharing and collaborating.
Realtor Brian J Gros, Buyers Agent spent 10 years serving his country in the service, and he continues to serve, only now it’s with homebuyers and investors! He is excited to join the ranks of an organization where technology and traditional real estate have been combined to deliver the best tools and mechanisms for our agents.
Realtor Tannura Thomas, Buyers Agent has seen it all as a property manager and now she is ready to set sail in PSP’s sales division! Thomas embraces the Parker Scott concept “energy breeds activity and people are drawn to energy and excitement.”
Wanda Williams, Administrative Assistant works tirelessly to organizes and coordinate the daily task for Saba’s team. Williams upholds the company credence that learning from others, teamwork and collaboration are a critical part of development and at Parker Scott our goal is to enhance our agents so they can be the best advisors to their clients.
Join us in welcoming Saba and his team to Parker Scott Properties!
Parker Scott Properties Tee shirt Meet Up Was a Testimonial to PSP’s Teamwork; A Real Estate Family with Good Core Values, Professionalism, Hard Work & Smart Thinking!
Thank To Our PSP Team for an Evening of Relaxing & Mingling & a Fantastic Season!
Congratulation to our Tee Shirt Winners! Julia Hoffmann, Patty Zettler, and guest Jennifer Campbell!
Training to Empower Our Agents to Realize Their Dreams & Have the Tools Necessary to Achieve Their Goals!
