Existing Home Sales Jump
Looks like the holidays didn’t mean a slow down for the real estate market. Sales of existing homes jumped 12.3% during December – a great sign for the home seller and still great for the home buyer in the market. It’s the highest surge we’ve seen in the economy since the new homebuyer tax credit ended last year.
Overall sales were down nearly 3% from this time last year, and we’re still seeing rock-bottom pricing. While we’re experiencing this time of the market, here are some tips for homeowners and potential buyers looking to make the most of the current conditions:
Homeowners
- Home improvements – Now is the time! Head to your local home improvement warehouse and hire the contractors. Take a look at the smaller and even large-scale projects that can improve future saleability to your home…and in the meantime, livability!
- Neighborhood Associations – Get your board together and figure out what you can do as a community to maintain curb appeal and keep your community’s property values where they should be. Try community-wide projects like landscaping or road repairs.
Home Buyers
- Know Your Market – Current market conditions don’t preclude sellers from having unrealistic expectations. Hold fast to your guns, and work with your Realtor to understand recent sales in the area of your prospective new home. Comps hold value, but each property is unique.
- Keep the Finances in Line – Buying a home in today’s market can take a bit. This means you should have a conversation with your mortgage consultant about what needs to remain exactly the same in your financial picture. Seasoned assets, credit inquiries and new major purchases – keep an eye out.
We hope to see you around the neighborhood soon as well! Be sure to check our local events calendar for Ouray, Telluride, Montrose and Ridgway. We’ll see you back here next week and until then – enjoy the season!
The Staff at San Juan Realty, Inc.
Tags: home improvements, Home Selling Tips, home values, housing news
