The Wall Street Journal sees encouraging news for home sellers

Would a Realtor lie to you?

Would a Realtor lie to you?

Time to try selling your house? Maybe so.

Seven years after the housing market began to collapse, rising prices and thinner inventories are presenting new opportunities for home sellers. Some hot markets are even seeing multiple offers for the same property—a phenomenon rarely seen since the boom years—as buyers become more confident and seek to take advantage of today’s near-record-low mortgage rates.

Home prices nationally climbed 8.3% in December from the same period a year earlier, according to CoreLogic, CLGX -8.15% a real-estate analytics company. The increase was the largest since May 2006 and the 10th consecutive monthly gain. The CoreLogic figures include foreclosures and other distressed sales.

The gains are good news for would-be sellers who have been stranded on the sidelines since home prices peaked in 2006. Nearly one in four homeowners and renters say now is a good time to sell a home, according to a survey released this month by Fannie Mae,FNMA -1.40% the government-backed mortgage company, up from 11% a year earlier.

“You will unambiguously see more people test the water,” says Thomas Lawler, an independent housing economist in Leesburg, Va. He expects home prices to rise another 3% this year.

Thinking about selling? You are likely to find a buyer more quickly and at a better price if you factor in local market conditions and recent sales before setting an asking price, burnish your home’s Internet profile and plan ahead for a home appraisal. [emphasis added]

Acting soon may pay off as well. While trends vary by region, buyer search activity generally peaks in March and April, while seller listings peak in July, says Jed Kolko, chief economist at real-estate website Trulia.com. “Most sellers would be better off if they pushed the process up a couple of months,” he says.Sellers could face headwinds if mortgage rates jump or the economy weakens, while the supply of homes for sale is likely to increase over the next few months, creating more competition, say real-estate agents.

8 Comments

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8 responses to “The Wall Street Journal sees encouraging news for home sellers

  1. Walt

    Dude –
    You want today’s Ashley and Jim Morrison update? I know you do!! OK than!! From today’s NY Post:

    http://www.nypost.com/p/news/local/anchor_ex_wasn_his_mistress_QTaLE4TRYVtgdDjTU7w4oO

    Jim’s mistress is denying an illicit affair with the drunken, abusive, ex talking head. But she is not denying a menag a tr.. a mang a …she is not denying an orgy scene. So we still have that going.

    The article contains a very unflattering photo of Princess Ashley, with no cleavage showing, so I just realized she has a face. And she is sans makeup. Sans?

    Anyhows, I continue to believe Ashley needs an intervention. Between silk sheets, with proper makeup, and red FMP’s. Safe in her knowledge that the dildo craving abuser will never return.

    And she bought the board game “Operation” Dude! She is sending me subliminal sex messages!! She is looking for a probing. I know it. Why else would she buy that game? Why not Yahtzee?

    What do you think?
    Your Pal,
    Walt

  2. Cf, you could have written this article .. Clearly the following statement is from somebody that is a million miles from Greenwich:
    “Properly priced homes are likely to get eight to 10 showings their first week on the market and an offer soon after, Mr. Fox says. If not, “you have missed the market” and it’s likely a price cut is in order, he adds.”

    A price cut after 10 days? That must seem fast and drastic to almost everybody.

    • I agree with you Shedless, but as you point out, the man isn’t talking about Greenwich prices – it does take a while at that price range. Still, in a hot spring market like this one, an owner should get that many showings and if no offers come in after ten days, he should at least consider the possibility that he’s done gone and overpriced the thing. I’d definitely cut the price of anything under $1.35, say, if no offers because at that price range, there are multiple buyers, all ready to jump. If none do, you’re hearing the unanimous market opinion. Higher ranges (up to $3.5), wait, but 30 days and still no offer? I think you blew it.

  3. Riverside Chick

    I got a flyer in my mailbox yesterday from a broker at Prudential saying that there is no inventory in Riverside and that she has multiple buyers for my house. Same flyer showed up at my friends house on Bramble.

  4. Got the same flyer. What it should say is “we have a buyer for your house if you list with us and are willing to wait”.