Let's Talk Real Estate

Home prices nationwide soared 10.2% in February!   This is the largest year-over-year increase in home prices since March 2006, according to CoreLogic.   It also marks the twelfth consecutive monthly increase in national home prices. According to CoreLogic’s report, these figures includes distressed sales.   When excluding distressed sales, home prices rose 10.1% year-over-year in February. Nationally, home prices improved at the best rate since mid-2006, marking a full year of annual increases.   CoreLogic predicts that home prices (excluding distressed sales) are expected to rise 11.4% year-over-year from March 2012. Off to a great start in 2013!             For more more real estate news , visit my website at CristinaTheREALTOR.com .  

February existing-home sales and prices affirm a healthy recovery is underway in the housing sector, according to the National Association of REALTORS® . Sales have been above year-ago levels for 20 consecutive months, while prices show 12 consecutive months of year-over-year price increases. Total existing-home sales , which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 0.8 percent to a seasonally adjusted annual rate of 4.98 million in February from an upwardly revised 4.94 million in January, and are 10.2 percent above the 4.52 million-unit level seen in February 2012. February sales were at the highest level since the tax credit period of November 2009. For more more real estate news , visit my website at CristinaTheREALTOR.com .

Courtesy of: Dona DeZube   (Published: January 10, 2013)   From the mortgage interest deduction to energy tax credits, here are the tax tips you need to get a jump on your returns. Mortgage interest deduction Private mortgage insurance deduction Prepaid interest deduction Energy tax credits Vacation or second home tax deductions Home buyer tax credit repayment Property tax deduction Mortgage interest deduction One of the neatest deductions itemizing home owners can take advantage of is the mortgage interest deduction, which you claim on Schedule A. To get the mortgage interest deduction, your mortgage must be secured by your home — and your home can even be a house trailer or boat, as long as you can sleep in it, cook in it, and it has a toilet. Interest you pay on a mortgage of up to $1 million — or $500,000 if you’re married filing separately — is deductible when you use the loan to buy, build, or improve your home. If you take on another mortgage (including

Continued great news! In a press release to the media today, Maine Listings reports that Maine home sales increased 21.39% in January 2013 compared with January 2012. In that same time period, the median sales price increased 3.18% to $162,000.   To read more, visit: http://mainerealtors.com/ Statistics/2013PressReleases/ MaineHousingReport- January2013.pdf

According to the National Association of REALTORS®, resales of single-family homes, townhouses, condominiums and co-ops increased 2.3% in July from June to a seasonally adjusted annual rate of 4.47 million after an unexpected fall in June. Resales jumped 10.4% compared with the same month last year. Economists at the association believe sales could reach 5 million next year. Nationwide, prices have increased substantially, with the median rising 9.4% from a year ago to $187,300 last month. The increase is the largest since a 10.2% boost in January 2006. According to economists, demand is stronger due to low mortgage interest rates and rising rents.  Distressed homes, which include foreclosures and short sales, made up 24% of sales in July, down from a quarter the previous month and nearly 30% a year earlier. The median price of a single-family home was $188,100, up 9.6% from the same period in 2011. Sales of such properties rose 9.9% over the same period to an annual rate of

As we see signs of a housing market recovery and the glimpse that things seem ready to return to normal, major markets across the U.S. are about to be impacted by a new housing crisis… a shortage of housing. According to the National Association of Realtors, a comparison of the second quarter of 2011 to the second quarter of 2012 indicates: Existing home sales are up 8.6% Existing inventory for sale is down 24.4% Median home prices are up 7.3% Individually, each of these statistics indicates a major market transition. Collectively, they show unprecedented one-year movement in the housing market. According to the U.S. Census, the recent history of housing construction has been relatively consistent (between one and two million homes produced since 1968): Between 1968 and 2008 at least one million homes were constructed each year The year with the greatest output was 1973 at 2,100,500 homes The year with the lowest output was 1982 at 1,005,500 homes The average output

For some time now, we have attempted to shed light on the fact that pricing in today’s real estate market, as it is in the markets for every other saleable item, will be determined by the concept of ‘supply and demand’. According to dictionary.com, “the relationship between supply and demand determines the price of a commodity. This relationship is thought to be the driving force in a free market.” In real estate, supply and demand is represented as the current month’s supply of homes for sale (the number of homes for sale divided by the number of homes sold in the previous month). Most real estate professionals know, or at least have a good idea of, the month’s supply of inventory in their market. But why? Because of its effect on pricing moving forward. While there is no steadfast rule that will apply to pricing in every category of housing, here is a great guideline by which to go: 1-4 months’ supply creates a sellers’ market where there are not enough homes to satisfy b

According to forecasters surveyed by The Wall Street Journal, the housing market has reached bottom. Of 44 economists surveyed only three said they didn’t think the market had reached bottom yet. The recent momentum in housing has many economists and forecasters convinced that the worst is behind us. Many real estate indexes indicate that home prices are up, sales of existing and new homes are picking up year-over-year, and inventories of for-sale homes have fallen dramatically. Many economists believe that the decrease in for-sale inventory is the key and will likely help maintain the rise in home prices.  According to the Wall Street Journal, the number of vacant homes is at its lowest point since 2006. Now that the “bottom” has been reached, economists admit there’s still a long way to go for a full recovery.  In particular, more than one in every four home owners with mortgages are still underwater, owing more on their loan than their home is currently worth. However, analy

As you gather up your belongings and pack them away to prepare your home for potential buyers, try to picture your home through the eyes of a buyer. Consider which items should be left out for buyer appeal. Often the wrong items are left on display -- things like family photos, personal keepsakes, and treasured belongings. All of these items should be safely packed away which very often creates open space (a plus for buyers) on shelves, refrigerator doors, and desktops. Buyers often make a decision within just seconds of seeing your home about whether or not they want to buy it. So What do you see in about 10 seconds? When you walk up do you see children’s toys scattered across the front lawn. Do you see overgrown shrubs and weeds? Do you see chipped paint on the front door, a screen that’s torn? Do you spot oil spills on the driveway? Answering yes to just one or two of these questions can be damaging to the buyer's first impression of your home -- before the buyer has eve

A lower cost funding source has allowed a reduction in interest rates for MaineHousing . The interest rate decrease is effective immediately. MaineHousing offers programs and services that make housing more affordable to Maine people. For more information on a mortgage visit the MaineHousing website or click here . For more more real estate news , visit my website at CristinaTheREALTOR.com .