HOUSING GLUT GIVES BUYERS UPPER HAND
Amid a continuing glut of homes for sale in most of the country, buyers should have plenty of choices and lots of bargaining power in the spring selling season--typically the busiest time of the year. Many builders and real estate brokers, for their part, hope the housing market will start recovering this year as buyers respond to price cuts and other sweeteners offered by increasingly nervous sellers. In some markets, agents say, buyer traffic has picked up in the last month or two. But any recovery is likely to be gradual. Donald Tomnitz, chief executive officer of DR Horton Inc., a home builder, told investors this week that the market, which began slumping in 2005, may bottom out by mid-2007, but that "we don't see any rapid improvement thereafter."
(Source: RealEstateJournal.com)
Diane McLafferty
Associate Broker -ABR, GRI, e-Pro
www.soldonithaca.com
The future is now: Click here: E-Pro Your Internet Professional.
Warren Real Estate
830 Hanshaw Road
Ithaca, New York 14850
Office: (607) 257-0666 ext. 5243
Diret: (607) 330-5243
Fax: (607) 257-8801
Friday, January 26, 2007
Friday, January 19, 2007
Items to Consider Before Dropping the Price
Daily Real Estate News January 19, 2007
5 Items to Consider Before Dropping the Price
When a house won’t sell, the answer is often to drop the price, but how much and when?The following are some items to consider before dropping a home's price, according to several real estate professionals, mostly based in Long Island, N.Y.:
1. Price the house right to begin with — it will get the most activity when it first goes on the market.
2. Lower the asking price sooner rather than later while it's still fresh in buyers' minds.
3. If there has been no offer in one to two months — six at the most — consider dropping the price, then re-evaluate every two to four weeks.
4. When you drop the price, lower it by enough to make the home the top house in a lower price range rather than the bottom house in a higher range.
5. The more expensive the house, the greater the decrease needs to be to attract new buyers.
Source: Newsday, Abigail W. Leonard (01/19/07)
5 Items to Consider Before Dropping the Price
When a house won’t sell, the answer is often to drop the price, but how much and when?The following are some items to consider before dropping a home's price, according to several real estate professionals, mostly based in Long Island, N.Y.:
1. Price the house right to begin with — it will get the most activity when it first goes on the market.
2. Lower the asking price sooner rather than later while it's still fresh in buyers' minds.
3. If there has been no offer in one to two months — six at the most — consider dropping the price, then re-evaluate every two to four weeks.
4. When you drop the price, lower it by enough to make the home the top house in a lower price range rather than the bottom house in a higher range.
5. The more expensive the house, the greater the decrease needs to be to attract new buyers.
Source: Newsday, Abigail W. Leonard (01/19/07)
Saturday, January 13, 2007
Gradual Rise Projected for Home Sales
Gradual Rise Projected for Home Sales
After bottoming in the fourth quarter of 2006, existing-home sales are forecast to gradually rise through 2007 and into 2008, while new-home sales should turnaround by summer, according to the latest forecast by the National Association of Realtors.
After bottoming in the fourth quarter of 2006, existing-home sales are forecast to gradually rise through 2007 and into 2008, while new-home sales should turnaround by summer, according to the latest forecast by the National Association of Realtors.
Friday, January 05, 2007
Fed's Housing Concerns Behind Rate Decision
Daily Real Estate News January 4, 2007
Fed's Housing Concerns Behind Rate Decision
Policymakers’ concern over the housing slump kept them from raising the key short-term interest rate, according to the minutes of the Federal Reserve Board's most recent meeting in December, which were released Wednesday.One Fed member, who wasn’t identified in the minutes, wanted the public statement to include a suggestion of a potential rate cut, but his wording didn’t make the final version.The Fed is expected to let the benchmark rate stand at 5.25 percent at its next meeting at the end of this month. But many analysts predict a rate cut in the coming months.
Source: Washington Post, Jeannine Aversa and Tim Paradis (01/04/07)
Diane McLafferty
Associate Broker - GRI, e-Pro
www.soldonithaca.com
The future is now: Click here: E-Pro Your Internet Professional.
Warren Real Estate
830 Hanshaw Road
Ithaca, New York 14850
Office: (607) 257-0666 ext. 5243
Cell: (607) 280-6664
Fax: (607) 257-8801
Fed's Housing Concerns Behind Rate Decision
Policymakers’ concern over the housing slump kept them from raising the key short-term interest rate, according to the minutes of the Federal Reserve Board's most recent meeting in December, which were released Wednesday.One Fed member, who wasn’t identified in the minutes, wanted the public statement to include a suggestion of a potential rate cut, but his wording didn’t make the final version.The Fed is expected to let the benchmark rate stand at 5.25 percent at its next meeting at the end of this month. But many analysts predict a rate cut in the coming months.
Source: Washington Post, Jeannine Aversa and Tim Paradis (01/04/07)
Diane McLafferty
Associate Broker - GRI, e-Pro
www.soldonithaca.com
The future is now: Click here: E-Pro Your Internet Professional.
Warren Real Estate
830 Hanshaw Road
Ithaca, New York 14850
Office: (607) 257-0666 ext. 5243
Cell: (607) 280-6664
Fax: (607) 257-8801
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