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Have You Thought About Selling?

Existing home sales in 2014 are expected to remain equal to 2013 levels.3

Home prices are on the rebound

Home prices were up more than 12% in 2013 from 2012.5 The

median price of an existing home was up 9.4% to $196,300

in 2013.1 The median price of a new home increased 10.6% to

$270,900 in 2013.1 Prices are expected to increase in 2014 due to

tight inventory.3

Home sales remain steadyHome sales have remained steady for the past

year. Existing home sales increased 6% in the

fourth quarter of 2013 to a seasonally adjusted

rate of 5.12 million homes.3

67% of Americans say that now is a good time to buy a home.6

Sources: 1. National Association of Home Builders 2. MarketWatch, January 17, 2014 3. National Association of REALTORS® , November 8, 2013 4. Fannie Mae 5. Housing Wire, October 1, 2013 6. Fannie Mae, January 7, 2014

If you’ve been thinking of putting your home on the market, now is a great time. Although the inventory of new and existing homes has been increasing, in many areas inventory is still considered low. According to national statistics, the inventory for new and existing homes is 4.3 months’ supply and 5.1 months’ supply, respectively as of November 2013.1

Although housing starts were up18% in 2013 from their 2012 level, the current level of construction is still below expected household growth.2 As a result, multiple buyers are bidding on listings and many sellers are getting the listed price for their home. There’s no doubt about it; now is a great time to sell if you’ve been thinking of putting your home on the market.

33%

33% of Americans think that now is a good time to sell, an increase from December 2012.4

Profile of a Seller1

68% of sellers have sold a home before.

What are they selling?81% of sellers sold a detached

single-family home, 7% sold a townhouse,

5% sold an apartment or condo, 2% sold a duplex and 6% sold another

type of home.

The average seller lived in the home a median of 9 years.

How long did their home take to sell?30% of sellers sold the home in 1 to 2 weeks. The median number of weeks a home was on the

market was 5.

How much did it sell for?37% of sellers sold their home

for 95% to 99% of the listing price,

21% sold their home for the full listing

price and 18% sold it for 90% to 94%

of the listing price.

53% of sellers did not reduce their asking price; 25% reduced the price once.

Where are they moving? On average, sellers

purchased a new home

within18 miles of

the one they sold.

The dream of owning a home remains alive and well in the minds of many Americans.2 The current homeownership rate in the United States is 65.3%.

3

Although the housing market has been challenging for many homeowners over the last few years, homeownership is still a top goal for many Americans.3

Why are they selling?19% Home is too small

15% Job relocation

13% Want to move closer to friends or family

10% Neighborhood became less desirable

10% Home is too large

Homeownership: Still the American Dream

80% of Americans believe that owning a home is part of their “American Dream.”4

Sources: 1. National Association of REALTORS®, 2013 Profile of Home Buyers and Sellers 2. TD Economics 3. United States Census Bureau 4. National Association of REALTORS®

Who’s selling?

Contact me to learn more about the local real estate market.