Tuesday, May 25, 2010

Existing-Home Sales Up 7.6% in April

Existing home sales rose again in April with buyers motivated by the tax credit, improving consumer confidence, and favorable affordability conditions, according to the NATIONAL ASSOCIATION OF REALTORS®.

Existing-home sales — completed transactions that include single-family, townhomes, condos, and co-ops — increased 7.6 percent to a seasonally adjusted annual rate of 5.77 million units in April from an upwardly revised 5.36 million in March, and are 22.8 percent higher than the 4.70 million-unit pace in April 2009. Monthly sales rose 7.0 percent in March.

Lawrence Yun, NAR chief economist, said the gain was widely anticipated. “The upswing in April existing-home sales was expected because of the tax-credit inducement, and no doubt there will be some temporary fallback in the months immediately after it expires, but other factors also are supporting the market,” he said. “For people who were on the sidelines, there’s been a return of buyer confidence with stabilizing home prices, an improving economy, and mortgage interest rates that remain historically low.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 5.10 percent in April from 4.97 percent in March; the rate was 4.91 percent in April 2009.

Total housing inventory at the end of April rose 11.5 percent to 4.04 million existing homes available for sale, which represents an 8.4-month supply at the current sales pace, up from an 8.1-month supply in March. Raw unsold inventory is 2.7 percent above a year ago, but remains 11.6 percent below the record of 4.58 million in July 2008.

“Although inventory levels remain above normal and much of the gain last month was seasonal, the housing price correction appears essentially over,” Yun said. “In fact, a majority of the markets have seen price gains recently. A return to old-fashioned responsible lending and buying will help the housing market avoid disruptive and painful bubble-bust cycles.”

Home Prices Improve

The national median existing-home price for all housing types was $173,100 in April, up 4.0 percent from April 2009. Distressed homes accounted for 33 percent of sales last month, compared with 35 percent in March.

Single-family home sales rose 7.4 percent to a seasonally adjusted annual rate of 5.05 million in April from a pace of 4.70 million in March, and are 20.5 percent above the 4.19 million level in April 2009. The median existing single-family home price was $173,400 in April, up 4.5 percent from a year ago.

Single-family median prices rose in 18 out of 20 metropolitan statistical areas reported in April from a year ago; six of the areas experienced double-digit increases. In data recently reported for the first quarter, 91 out of 152 metros saw price gains.

Here’s a look at the number region-by-region:

• Northeast: Existing-home sales surged 21.1 percent to an annual level of 1.09 million in April and are 41.6 percent higher than a year ago. The median price was $243,000, up 2.1 percent from April 2009.

• Midwest: Existing-home sales rose 9.9 percent in April to a pace of 1.33 million and are 29.1 percent above a year ago. The median price was $146,400, up 5.8 percent from April 2009.

• South: Existing-home sales increased 8.6 percent to an annual level of 2.14 million in April and are 23.0 percent higher than April 2009. The median price was $150,000, up 1.2 percent from a year ago.

• West: Existing-home sales fell 6.2 percent to an annual rate of 1.21 million in April but are 5.2 percent above a year ago. The median price was $212,400, up 3.8 percent from April 2009.

— Article Copied from Realtor.org/Realtormag

Horowitz Team Receives Rave Review...

"Remax peabody is amazing. Anita and her team worked so hard to find my husband and I the perfect home. The team is qualified, patient, knowledgeable and professional. When you buy with Anita and Bernie you know you are buying right!" ~ Dr. Lindsay Weiss

Wednesday, May 12, 2010

Homeowner Oil Heating System Upgrade and Insurance Law

By July 1, 2010, you must upgrade your home heating system equipment to prevent leaks from tanks and pipes that connect to your furnace. By making a relatively small expenditure now, you can prevent a much greater expense in the future.

Massachusetts has a new law to address oil leaks from home heating systems (see Chapter 453 of the Acts of 2008). This law has two major provisions that require:

  • the installation of either an oil safety valve or an oil supply line with protective sleeve on systems that do not currently have these devices; and
  • insurance companies that write homeowner policies to offer coverage for leaks from heating systems that use oil.

Most homeowner policies do not currently include such coverage, leaving many to pay for costly cleanups out of their own pocket. Although it is mandatory that insurance companies offer this coverage, the insurance is an optional purchase for homeowners. The effective date for both provisions is July 1, 2010.

Log onto http://www.mass.gov/dep/cleanup/laws/hhsl.htm for more info!

Tuesday, May 11, 2010

Horowitz Team welcomes newest Trilingual member!


Robert Saenz has joined RE/MAX Advantage Real Estate in Peabody as the newest member in Anita Horowitz's dynamic team! As a Trilingual agent, Robert Saenz, husband of long time Peabody resident, Catarina Veludo, has helped English, Spanish and Portuguese speaking clients achieve the American Dream by servicing them in their own language. Known to his clients and associates as an ethical and hard working Realtor, he has found success throughout his career both in the RE/MAX system and in independent brokerages. As a life long North Shore resident along with his long career in real estate he can help any seller or buyer navigate the North Shore real estate market.

"I am very proud and happy to be back in the RE/MAX organization and to be part of the RE/MAX Advantage real estate team."

RE/MAX Advantage Real Estate is located at 515 Lowell Street, Peabody, MA 01960. Reach Robert directly at 781.244.7727 or Rob@northshorehomeinfo.com. Visit us on the web at www.NorthShoreHomeInfo.com.