Monday Morning Market Update

Locally, June was a good month for real estate closings and new sales. Inventory is still fairly low in our area, resulting in less days on market and higher prices. For buyers, this means if you like a home,  make an offer or it may not be there tomorrow!
Below is my Keller Williams office sales statistics for June:

- Our agents had 287 written units which is a record!

- We had a record written volume of $71,893,064! 

- Our agents had 254 closed units processed, which is another record!! (prior to June, the highest closed units in a month were 209 units)

- We had a record closed volume of $65,028,514! (prior to June, the highest closed volume was in June of 2010)

Personally, June was one of my best months to date!

National Existing Home Sales by Price:

• Median prices in May were in the $100,000 to $250,000 price category in the Midwest and South but fell into the higher $250,000 to $500,000 category in the Northeast and West.  Looking at all homes in the country, the median falls into the $100,000 to $250,000 price range.
• The median price is the point at which the middle-priced home sold.  By definition, half of homes in an area sold at a higher price and half of homes sold at a lower price than the median.
• By price tier, sales were up from a year ago in all price categories in all regions except in the lowest price tier, although the Midwest was an exception to this categorization; sales were up slightly in the under $100,000 category in that region.
• Sales in the lowest price tier began to show less growth and even decline in some areas in 2012.  Unsurprisingly, this was the same period when we saw the biggest tapering off in reports of distressed sales in our survey of practitioners.  Still, even after the decline in sales in this category and growth in higher price tiers, one out of every six homes sold nationally is priced less than $100,000.
• In April, sales growth was highest in the higher price tiers but the highest growth tier varied by region.  In May, the highest-growth price tier for all regions was the $750,000 to under $1 million category.  In fact, in the Midwest and West, sales in that price tier were up more than 50 percent from a year ago.

Full Information here:

Existing Home Sales by Price Category

My parents home

I help people buy, sell and rent homes all the time. It's my job. But to be honest, sometimes I forget how many emotions go into a home transition. This past week I had a very personal real estate experience that reminded me that moving brings many different emotions- Scared, stressed, relief, anxiety, and excitement- whether you lived there for a year or 15 years.

I had the honor to list and sell my parents home this Spring.  In 1999, I came house hunting with my mom a few different times and was there the day they selected the model they wanted (I believe I had an influence in that decision too :) ) and signed the contract. Fourteen years later, my parents are transitioning with careers and life, so it was the ideal time to sell.

I didn't live in the home for the entire time they had it, not even really that much if you consider only summers for my college years. But it was still home. It was the only home that we lived in for over 10 years so that constitutes MANY memories with friends and family. Even my siblings that never lived there considered it home and are a little saddened by the sale.

I always tell my clients when they are moving that you need to look at the fun and exciting things that will happen in your new space. Remember that memories don't go away, just the property.

I'm excited for my parents and their new adventures. And I know they are too!

How to Sell Your Home and Buy Another at the Same Time

Today's real estate market is ideal for the 'Move Up' buyers. These buyers have lived in their current home, most likely their first home, for a few years and are now ready to buy something a little bigger, maybe in a different town or school district.
With interest rates so low and the limited inventory/competition, it's a great time to put your home on the market and buy your next one.

People often get nervous about this process. They aren't sure how the process works and how to make it work perfectly. Truth is, it's not guaranteed that you'll sell your current house first, find your dream home and submit an offer within X days, and have both settlements on the same day so you can move out then move in all on one weekend. But it can happen, as long as you have the right people helping and guiding you!

Below is an article outlining 3 different options
1. Seller first, then buy
2. Buy first, then sell
3. Buy and sell simultaneously

My personal recommendation is #1. This typically doesn't call for second mortgage and often I can negotiate a favorable settlement date on the current home to give my clients a good amount of time to find their new home. It may require a week or 2 in temporary housing if timing doesn't work perfectly, but hey, you sold your home (which is often people's biggest fear) and you're getting into a new one- a few uncomfortable days/weeks should be OK if you look at the big picture.

How to Sell Your Home and Buy Another at the Same Time