Today I attend a conference regarding the housing economy. One of our speakers was Lawerence Yun, the chief economist for the National Association of Realtors, according to him, he predicts home sales to increase by at least 15% in 2010.
He also predicts home prices to appreciate by about 3 to 5% from where the prices are at today. This is good news for sellers who want to sell their home or property next year in the Ashland and Medford area.
Three to 5 percent is a normal home appreciation since it matches normal inflation.Right now the overall housing inventory is at about 8 months which is down from last year, but not quite to normal at a 6 months supply as he is predicting for 2010.
Friday, November 13, 2009
Monday, November 2, 2009
Pending Home Sales Rise Again in Ashland and Medford area.
According to the National Association of Realtors:
Washington, November 02, 2009
Pending home sales rose again, marking eight consecutive monthly gains – the longest streak since measurement began in 2001, according to the National Association of Realtors®.
The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in September, rose 6.1 percent to 110.1 from a reading of 103.8 in August, and is 21.2 percent higher than September 2008 when it stood at 90.9. The gain from a year ago is the largest annual increase on record, and the index is at the highest level since December 2006 when it was 112.8.
Lawrence Yun, NAR chief economist, said the momentum is understandable. “What we’re witnessing is a rush of first-time buyers trying to beat the expiration of the tax credit at the end of this month,” he said. “Home values will stabilize sooner rather than over-correcting. That, in turn, will mean wealth stabilization for the vast number of middle-class families and lay the foundation for a durable economic recovery.”
NAR estimates approximately 3 million renters are now financially well-qualified to buy a median-priced home. “As long as buyers do not overstretch and stay well within their budget, a sizable pent-up demand can be tapped among financially qualified potential buyers,” Yun said. “Although the tax credit is greatly reviving the existing home market, new-home sales may continue to struggle as home builders hold back production to drive down inventory. In addition, there remains an ongoing credit crunch for construction loans.”
The Pending Home Sales Index in the Northeast slipped 2.0 percent to 83.6 in September but remains 16.9 percent above September 2008. In the Midwest the index rose 8.1 percent to 98.2 in September and is 17.8 percent higher than a year ago. In the South, pending home sales increased 4.9 percent to an index of 109.7 and is 22.8 percent above September 2008. In the West the index jumped 10.2 percent to 143.8 and is 23.7 percent above a year ago.
Yun added that strong near-term reports should not be overstated. “We’re clearly not out of the woods because an excess of homes remains on the market despite recent improvements,” he said. “Although current inventory is getting closer to price equilibrium, foreclosures will continue to enter the pipeline. An extended and expanded tax credit would help absorb this incoming inventory.”
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
# # #
*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.
The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity from 2001 through 2004 parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.
An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.
A forecast for housing and the economy will be released November 13 at 11 a.m. PST at the 2009 REALTORS® Conference & Expo in San Diego. Existing-home sales for October will be reported November 23 and the next Pending Home Sales Index will be on December 1; release times are 10 a.m. EST.
Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section. Statistical data, tables and surveys also may be found by clicking on Research.
NAR at a Glance
Economic & Housing Indicators
NAR Fact Sheet
NAR Officer Bios
NAR Annual Report
REALTOR® Logo & Usage
REALTORS® in the Community
NAR Meetings & Expo
Register for News!
Washington, November 02, 2009
Pending home sales rose again, marking eight consecutive monthly gains – the longest streak since measurement began in 2001, according to the National Association of Realtors®.
The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in September, rose 6.1 percent to 110.1 from a reading of 103.8 in August, and is 21.2 percent higher than September 2008 when it stood at 90.9. The gain from a year ago is the largest annual increase on record, and the index is at the highest level since December 2006 when it was 112.8.
Lawrence Yun, NAR chief economist, said the momentum is understandable. “What we’re witnessing is a rush of first-time buyers trying to beat the expiration of the tax credit at the end of this month,” he said. “Home values will stabilize sooner rather than over-correcting. That, in turn, will mean wealth stabilization for the vast number of middle-class families and lay the foundation for a durable economic recovery.”
NAR estimates approximately 3 million renters are now financially well-qualified to buy a median-priced home. “As long as buyers do not overstretch and stay well within their budget, a sizable pent-up demand can be tapped among financially qualified potential buyers,” Yun said. “Although the tax credit is greatly reviving the existing home market, new-home sales may continue to struggle as home builders hold back production to drive down inventory. In addition, there remains an ongoing credit crunch for construction loans.”
The Pending Home Sales Index in the Northeast slipped 2.0 percent to 83.6 in September but remains 16.9 percent above September 2008. In the Midwest the index rose 8.1 percent to 98.2 in September and is 17.8 percent higher than a year ago. In the South, pending home sales increased 4.9 percent to an index of 109.7 and is 22.8 percent above September 2008. In the West the index jumped 10.2 percent to 143.8 and is 23.7 percent above a year ago.
Yun added that strong near-term reports should not be overstated. “We’re clearly not out of the woods because an excess of homes remains on the market despite recent improvements,” he said. “Although current inventory is getting closer to price equilibrium, foreclosures will continue to enter the pipeline. An extended and expanded tax credit would help absorb this incoming inventory.”
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
# # #
*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.
The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity from 2001 through 2004 parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.
An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.
A forecast for housing and the economy will be released November 13 at 11 a.m. PST at the 2009 REALTORS® Conference & Expo in San Diego. Existing-home sales for October will be reported November 23 and the next Pending Home Sales Index will be on December 1; release times are 10 a.m. EST.
Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section. Statistical data, tables and surveys also may be found by clicking on Research.
NAR at a Glance
Economic & Housing Indicators
NAR Fact Sheet
NAR Officer Bios
NAR Annual Report
REALTOR® Logo & Usage
REALTORS® in the Community
NAR Meetings & Expo
Register for News!
Sunday, October 4, 2009
Ashland Oregon Homes Sales are Increasing?
According to recent article by Los Angeles Times, Peter Y. Hong (9/27/09)
"Over the next few decades, "We can expect a gradual rise [in home values], but not the bonanza we've become accustomed to between the end of World War II and 2006, and especially the last 20 years," says Robert Reich, public policy professor at UC Berkeley and U.S. Labor secretary in the Clinton administration.
The reasons cited for the change include the absence of pent-up demand that followed the Great Depression and World War II and the aging of the baby boomers who carried that housing demand forward, says housing consultant Thomas Lawler."
This opinion contradicts the National Association of Realtors general housing outlook which cites the increase in population due to birth rates and immigration are creating pent-up demand which is part of the recent surge in buyer activity.
"Over the next few decades, "We can expect a gradual rise [in home values], but not the bonanza we've become accustomed to between the end of World War II and 2006, and especially the last 20 years," says Robert Reich, public policy professor at UC Berkeley and U.S. Labor secretary in the Clinton administration.
The reasons cited for the change include the absence of pent-up demand that followed the Great Depression and World War II and the aging of the baby boomers who carried that housing demand forward, says housing consultant Thomas Lawler."
This opinion contradicts the National Association of Realtors general housing outlook which cites the increase in population due to birth rates and immigration are creating pent-up demand which is part of the recent surge in buyer activity.
Saturday, August 15, 2009
Time is running out so Buy a Home in Ashland Today!
A friendly reminder to all of you first time home buyers....The last day to purchase a house a get the first time home buyer credit of $8000 is November 30, 2009. That might seem like you still have time, but if you do the math, you will see it is not. In order to close by Nov 30, you need to be in a signed contract no later than Oct. 15th, but that assumes there are no glitches or big repairs, and you actually close and buy the home. So really that means you need to be in contract by Oct 1st so if that house does not work out or there is a glitch, you can still make the Nov 30th dare.But...that means all the other buyers are thinking the same thing and they will be rushing around to get a property in contract by Oct 1st so that really means you need to be in contract by Sept 15th.Okay....Now you can see what I mean, time is running out. You really have less than one month. Call me today! 482-5590.
Go to my website at http://www.ashlandprowest.com/ and click on the dollar bill logo.
Tuesday, July 21, 2009
Rogue Valley's Realtor of the Year - Krista Bolf
This is one time when I will toot my own horn. I was recently honored with the Realtor of the Year Award. You can view the article here.
Ashland Oregon's Cutest Craftsman Home!!
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Wednesday, July 8, 2009
Easy Ashland Home and Real Estate Search
Visit our new website and try out our new real estate search tools. It is free and we won't contact you if you don't want. You can search by map or price range. I really like the map version since you can look easily in the neighborhoods you want to buy a house in.
You click on the balloons and it will showcase the house and general information.
Tuesday, July 7, 2009
Beautiful Ashland Home - $355,000!
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Affordable Ashland Condo Walking Distance to Downtown
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Wednesday, June 24, 2009
Ashland Oregon Home Sales Information
This graph shows the last 13 months of Ashland Oregon real estate sales activity. The number of Ashland Home sales are up this year compared to last year same time period. For more information contact me.
Tuesday, June 23, 2009
Ashland Oregon View Home
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