Market Trends Newsletter

Home Sale Decline 4 Percent in June But Home Prices on the Rise

According to reports just released from the Arkansas Realtors Association homes sales declined by 4 percent in June 2011 versus June 2010. 

Click to download a PDF of the full report.

 

Despite the decline, the assocation report on the 42-county area shows a rise each month of this year, beginning with 1,265 homes sold in January and reaching 2,346 homes sold in June.  First quarter results are 4,558 homes sold and 6,607 homes sold in the second quarter.

"Our data also shows that June home sales were 9 percent higher than May, and that home prices increased by 7 percent during the two months," Amy Glover Bryant, the Arkansas Realtors Association's communications director said. "I feel confident that this upward trend will continue and we will see a sizable jump in July's housing numbers."  This is welcomed news for home owners who need to sell their property.  Despite the summer heat homes sales have been good and a 6 percent rise in home prices may be just what sellers need to encouarge them to enter the market.

 

 

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The Low Cost of Financing

Home financing costs are at historic lows, making home ownership a reality for many first time buyers! Freddie Mac is reporting that the average commitment rate for a 30-year fixed rate loan was hovering around 4.64 percent at the end of May 2011. This is slightly below the 4.84 percent commitment rate available from the month before. Many experts see rate increases on the horizon, as our nation's housing markets improve and inventory stabilizes. If you are considering a home purchase or a refinance, be sure to work with a loan officer who understands your needs, has a reputation for excellence, and is able to fund your property in a timely manner. A little homework can save you thousands of dollars. Contact us today for our list of local recommended mortgage lenders.

Summer Selling Opportunity

Sellers, you have an excellent opportunity to sell your home this season, if you have the right pricing strategy in place from the start! Studies show that the longer a property stays on the market, the less the seller will net upon the sale. It is very important to price your property at a competitive market value at the signing of your listing contract. The market is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell.

An Overpriced Home:
· Minimizes offers
· Lowers agents response
· Limits qualified buyers
· Lowers showings
· Lowers prospects
· Limits financing
· Wastes advertising dollars
· Nets less for the seller

When you are ready, contact me today for a personal market value analysis of your home. No hassles or obligation - just honest advice on how to get top dollar for your home!