What can we expect from the housing markets as this year’s selling season kicks off? With housing markets across the nation showing signs of improvement, we’re faced with quite a different picture to what we’ve become accustomed to. What follows are a few unfamiliar trends that we’ve seen emerge over the spring.
Archives for April 2012
Since 2006, housing prices have fallen 30 to 40 percent in most areas; millions now owe more on their mortgages than their houses are worth, and millions more have only slivers of equity. The average homeowner today has 7 percent equity in his or her home, versus 45 percent as recently as 1990.
Latest statistics released by the MLS® Home Price Index, the chief sales index in Canada, showed prices rose in March, year on year, but gains have been slowing. The sales increase seen in March was the slowest since June 2011, rising by just 5.1% compared to March of the previous year.
Finding a good realtor, one that you can really “click” with, is a bit like finding the right person to marry – takes a bit of searching, perhaps you kiss a few toads, but one day, you meet the right one, and “bam”, it’s simpatico!
For home sellers, there is no time quite like the present. The majority of sellers are looking to find a buyer as fast as they possibly can, getting the best possible price in the shortest time frame they can. That’s easier said than done in today’s bloated, foreclosure-hit markets of course, but by paying heed to the following advice, sellers might just be able to cash in sooner than they think.
Realty Trac released their latest report on foreclosure activity. They use the term “mixed” to describe the results. While that is generally true, the real story is found in the states where the cities in the report are located. Those cities showing increases in foreclosure activity are located in “Judicial Foreclosure” states
A tree house in Canada recently hit the headlines, as its builder finally decided to share its existence with a well-known design magazine. Whether or not this was a good idea is somewhat debatable.
Banks can rent out foreclosed homes as part of an orderly strategy to unload properties, provided the properties are safe and rented under local rules and regulations as well as federal fair housing law. Good luck with that.
Renters? Cover your assets.
Dozens of vacant homes in Detroit have been set ablaze in recent weeks by a spate of arson attacks. In a surprising response, firefighters in the city have controversially proposed to let the homes burn rather than trying to save them, in order to save money.
According to the latest Halifax Housing Market Confidence tracker, Britons are beginning to feel more confident over the housing market, with more than one in three predicting house prices will increase during the next twelve months. Just 20% expect house prices to fall.