Heading into Spring Buying Season,

Home Prices and Inventories

Home prices and the limited number of homes for sale are the top concerns. "The spring

buying season is right around the corner and current supply levels aren't even close to what's needed to accommodate the subsequent growth in housing demand," says Yun. "Home prices ascending near or above double-digit appreciation aren't healthy, especially considering the fact that household income and wages are barely rising."  

The median existing-home price for all housing types last month was $213,800, up 8.2 percent from a year ago ($197,600). The price increase in January was the largest since April 2015, when home prices moved 8.5 percent higher compared to a year ago.

Meanwhile, total housing inventory at the end of January rose 3.4 percent to 1.82 million existing homes available for sale. Inventories remain 2.2 percent lower than a year ago. At the current pace, unsold inventory is at a four-month supply, up slightly from 3.9 months in December 2015.
In January, properties typically stayed on the market for 64 days, below the 69 days average from January 2015. Thirty-two percent of homes for sale in January sold last month in less than a month.

So if you’ve been thinking about selling your home, now may be a good time to take advantage of the current seller’s market. There just are not enough good homes on the market right now. I know you may have questions about making a move, what your home might be worth, and what’s involved in putting a home up for sale. I’m happy to walk you through the process and answer any questions you may have. Please give me a call or e-mail me today and we’ll get started. Source: Rosa Pace

More Equity Than Owners May Realize

Home owners are increasingly optimistic about gaining equity in their homes this year, but they’re

still conservative on how much they’ve truly gained.
Forty-six percent of home owners with a mortgage say they believe they’ll see their equity increase in 2016, and the majority expect to see a gain by as much as 10 percent, according to a new study of 1,000 home owners conducted by the lender loanDepot.

Indeed, about a quarter of home owners surveyed say they expect their equity to increase between 6 and 10 percent this year while 58 percent say they expected equity to increase 1 to 5 percent. Economists have largely predicted equity gains to be between 2.3 and 4.7 percent this year.

Despite the equity optimism, 80 percent of home owners underestimate the amount of value their home has gained since the housing recovery, according to the loanDepot survey.
"Home owners who bought during the housing boom are regaining equity many thought was lost forever, yet too many are not aware of the equity they have gained or they are unclear about how to determine changes in their equity," says Bryan Sullivan, chief financial officer of loanDepot, LLC.

"People who bought after the housing boom when prices were low are realizing home ownership can be a great investment and an asset that they can now leverage through equity to realize many dreams. Whether they choose to leverage their home equity now or reserve it for future needs, millions of home owners have choices today not available just a few years ago."

Home owners who purchased their home prior to the housing boom or during it – and who then watched their equity fade during the 2007 to 2009 bust – have different views on the equity picture than home owners who purchased post-2009. For example, the study found that more buyers who purchased after 2009 believe:

• 64% believe their home has gained value since 2013 compared to 58 percent of pre-2009 owners.
• 50% expect to gain more equity this year compared to 43 percent of pre-2009 buyers.
• 65% believe they have adequate equity now to take out a home equity loan compared to slightly over half (52%) of post-2009 buyers.

Spring Season inches Closer

As the Spring season inches closer, the real estate market is beginning to warm up. 
If you’re in the market to sell your home, check out these Six Tips for a Quick Home Sale in 2016.

For both the home buyers and sellers out there, take a look at these 10 Tips for Home Buying and

Selling. I’m happy to speak with you about these and other tips in more detail. 
For the homeowners out there, I think you may enjoy the following home improvement articles:

Your Top Home Improvement Tips, Answered
5 Easy DIY Weekend Projects Under $300

As always, let me know if you have any questions for me! Source Rosa Pace

Why Pets Are the Best in Showings

Are you doing what you can to market yourself as pet-friendly?

65 percent of American households own a pet, and of those, 83 percent consider their pet to be a member of the family. These pet-popularity stats show why it's important for real estate pros to know how to help buyers find a home that fits the needs of their entire family, Fido included.

When it comes to selling, the properties' pet appeal can be a big selling point. Make sure to showcase pet-friendly home features and highlight if the property is near a dog park or businesses that are dog-friendly. Agents can also appeal to a pet-loving crowd by using animals in marketing videos and even in head shots, and by staging listings to include pet accessories.

The rise in pet power recently inspired the National Association of REALTORS® to create an infographic with facts about pet ownership and tips on how owners can make a home pet-friendly. In conjunction with the 140th annual Westminster Kennel Club Dog Show, which aired Monday and ends tonight with the Best in Show judging, NAR's social media accounts are encouraging followers to share photos of their dogs using the hashtag #RealtorDogs. Read more: The Power of Pets

Curb Appeal with $100 in 4 Easy Steps

Does your Home need a more inviting first impression from the outside?

Stager Cora Sue Anthony with Antony Staging in Oakland, Calif., says you don’t have to break the bank to get an instant lift to a home’s curb appeal. In fact, in a short video she highlights how spending just $106 on some paint and a new light fixture could instantly amp up a home’s curb appeal.



Here are four steps that can entice buyers:
1. Paint the front door. Try out a bold color – such as red – to get buyers’ attention focused on the door.
2. Paint the mailbox. Try either red or black. Anthony says since she painted the home’s door red in the video example, she painted the mailbox the opposite color – black.
3. Paint the railings. Use black to add depth.
4. Change out the light fixture. Make sure the new light fixture matches the aesthetics of the home’s exterior, but this can dress up the outside while also brightening the space.
Watch the video.
Need more help for sprucing up your Home exterior? Check out these helpful hints:

• Crafty Ideas for Winter Curb Appeal
• Curb Appeal: Staging for Streetview
• 5 Ways to Add Condo Curb Appeal
• Amp Up Curb Appeal: 5 Easy Steps

Source: RosaPace@realtor.com® (Feb. 5, 2016)