Real Estate

According to the national Realtor association home sales are up 17.4% in the last two months.

–quote–
November home sales leap –

NEW YORK (CNNMoney.com) — After surging 10% in October, sales of existing homes jumped again in November, growing 7.4% compared with October to an annualized rate of 6.54 million units, according to the National Association of Realtors.

"This clearly is a rush of first-time buyers not wanting to miss out on the tax credit," said NAR’s chief economist, Lawrence Yun.

November was originally going to be the last month in which sales to first-time homebuyers would qualify for a federal tax credit of up to $8,000. However, that deadline was extended through June.

In addition, the tax credit was expanded to cover people who already own a home. They can qualify for a $6,500 tax credit if purchase a new house before the end of June. That should encourage "trade-up" buyers.

The strength of sales in November surprised the industry. A panel of experts compiled by Briefing.com had forecast month-over-month sales growth of just 2.5% to 6.25 million from 6.1 million a month earlier.

The sales total was also a huge improvement over a year ago. Sales rose 45.7% over the paltry annualized rate of 4.49 million units during November 2008.

The contribution made by first-time buyers is evident in a separate survey NAR conducted of its members. They estimate that 51% of sales in November were by newcomers to the market, up a point from 50% in October. Normally, first timers account for about 40% of sales.

Also propelling sales higher were rock-bottom interest rates. The average for a 30-year, fixed-rate loan during the month was just 4.88%, down from 4.95% in October and 6.09% a year ago.

With rates that much lower, homebuyers can save more than $150 a month on a $200,000 mortgage.

The industry expects home sales to slacken December, partially because of the tax credit’s originally scheduled demise. That caused some buyers to push up their closing, stealing sales from December.

However, sales will not fall off a cliff, though, according to Walter Molony, a NAR spokesman. "The psychology seems to be turning around," he said. "Potential buyers, who had been staying on the fence, now believe we’re at or near the market bottom."

One X-factor, however, is the vast numbers of homes that may come to market over the next few months. There is a large "shadow inventory" — homes owned by banks and mortgage companies — that have not yet been put up for sale. It could be as many as 1.7 million units, according to First American CoreLogic.

In addition, another spate of foreclosures could be hitting the market as a number of option-ARM mortgages are set to default.

All that may drive prices down, according to Shari Olefson, author of "Foreclosure Nation: Mortgaging the American Dream." And the impact of these renewed price declines could again alter the market psychology.

"People think that prices have bottomed," she said. "I don’t think they have. People will see price declines and that will discourage them from buying."

Mike Larson, a real estate analyst with Weiss Research has preached all through the bust that price declines are what will "fix" the housing crisis.

"We needed to see prices fall to make ownership competitive with renting again, and to restore the normal relationship of house prices to income," he said. "That has now happened and you’re seeing buyers come out of the woodwork as a result."

Still, they will have to come out in large numbers to offset the inventory overhang in some of the worst markets, according to Olefson. In the Florida condo market, for example, there is a 35-to-40 month supply of units at the current rates of sale, she said.

Prices still almost certainly have further to fall

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source:
http://money.cnn.com/2009/12/22/real_estate/november_existing_home_sales/index.htm

home sales were down again in November – and there are millions more homes that will probably be foreclosed in the next yr or two, which will keep house prices down – the real estate market has years to go before most homeowners (including me) have positive equity again

Well me and our buddies are gonna go buy luxury box tickets for the next home game for The New England Patriots home game.i’ve saved up fourty thousand dollars for the tickets and its a luxury box so it cost’s alot. so where can we buy them and how much do they cost?

Err…

How the heck did you manage to earn and save 40k without knowing the answer to that question? Are you a street dealer?

Well, ok. Here’s a source…

I am a Real Estate Sales Agent. I’ve been doing this about a year & now I have the opportunity to sell a huge warehouse in Brooklyn, New York. I normally handle houses, condos, etc…
This is huge. I don’t want to mess it up as it makes a big difference in my Real Estate career. I am looking for ideas as to how to market such a piece of property? How to catch the eye of the savvy investor, like people who want to open a Target, Lowe’s, and can afford $30 million, etc??? I really appreciate any advice. Thanks.

If you are really targeting the $30M plus market with this building, you might consider contacting a commercial brokerage regarding setting up a cooperative marketing agreement. I just mentioned this because, you are going to have a harder time getting this building in front of investors than a commercial broker that already has the contacts.

Now, that suggestion aside…

One obvious group of target buyers would be other owners of similar property in the immediate area. You can get that inforamtion from the tax roles.

Another group of logical targets would be companies that have purchases similar properties in neighboring areas. Same story on how to find the info.

You could also put out a sales package to some of the smaller equity investors in New York (you are in one of the hubs of real estate investment) to see what kind of response you get.

Good luck with this effort. I am sure it is an exciting one for you.

scroll down and fill out the search criteria to narrow it down or seach for it in the list
http://www.homegain.com/homes_for_sale/hs_results?action=search&propType=-1&foreclosures=1&entryid=5526&city=saint+petersburg&minPrice=10000&state=FL&maxPrice=3000000&distance=&beds=&order=d&search.x=Search

call or sign up online with a realtor that offers you access to the mls online through their website. Most make you sign up so they can get your business.

YOU

Your mortgage payments your rent your property tax your wages your dollars purchasing power

How is your town doing ? Is it printing "script"

Do you live in or around Detroit or another auto maker’s town? How is the local industry in your town or city ? The people I know who work for the auto sector have been laid off or had their hours severely reduced . I haven’t been to the towns which were dependent on the auto sector yet but I hear things are tough and getting worse

I live in one of the major cities in Canada

I don’t think that we have been hit as hard as the US has — but I believe it is coming — Maybe I am wrong

I am not impressed by the food prices — it has gone up by nickels and dimes here and there — But it is beginning to add up and change the totals at the end of the bill

The papers are not filled with jobs any more and although the TV just got finished telling me Auto sales were up I don’t believe them

I am beginning to notice empty buildings and the sold and moved out car lots are among them ( I like to believe what I see instead of the people on TV ) No it isn’t a lot — no it isn’t the doom and gloom all is lost feeling — but it is all there none the less

Condo sales continue to grow — at least condo building continue to be built (and what a scam that is)

The price of beer is outrageous — But I have been saying that for 15 yrs plus now so that might mean I am a Scottish / Canadian from rural Ontario

You’re lucky because the prices of everything here has gone up by dollars. Companies would be raising the prices even higher if they weren’t nor getting their products and raw materials from China more than ever. Stores are closing everywhere. My purchasing power is at least 40% lower because of it!

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Luxurious Private Mansion – Sale failed and home is back on the market for Sell or Lease – Draper, Utah

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Lake Norman, Denver NC, Luxury Homes, Custom Homes, Real Estate, Realty, New Homes For Sale, listings, home search

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