Home Buying Archives - Accent Realtors

April 16, 2024April 24, 2024

Real Estate Terms: Understanding the ABCs of Jargon for Buyers and Sellers

Navigating the world of real estate can be daunting, especially with the industry-specific jargon used by professionals. Whether you are looking to buy or sell a home, understanding common real estate terms is essential. As your dedicated real estate experts, we’re here to break down the most important terms you’ll encounter, ensuring you’re well-prepared for the journey ahead.

real estate meeting with happy homesellers

Terms For Home Sellers

1. Listing Agreement: This is a contract between you, the homeowners, and a real estate agent (like us), authorizing the agent to represent you and sell your home. Let’s discuss how we can represent your interests.

2. Asking Price: The initial price you set when your home is put on the market. It’s crucial to set a competitive asking price that reflects the current market conditions. We can provide a market analysis to help you set the right price.

3. Home Inspection: A thorough examination of your property by a professional who will check for structural and mechanical issues. Opting for a pre-listing inspection can be a smart move to fix any problems before putting the house on the market, making it more attractive to buyers.

4. Curb Appeal: The attractiveness of your property when viewed from the street. Together, we can enhance your home’s curb appeal to make a lasting first impression and potentially increase the property’s value.

5. Staging: The process of decorating your home to impress potential buyers and sell it quickly at the highest possible price. We can guide you through staging your home to showcase its best features.

6. Closing Costs: These are expenses over and above the price of the property in a real estate transaction. As your agents, we will help you understand what costs you might be responsible for and negotiate the best terms.

7. Escrow: An account held by a third party on behalf of the buyers and sellers. It holds funds, including the earnest money deposit, until the deal is closed. We’ll ensure that your transaction is secure and transparent.

Terms For Home Buyers

1. Pre-approval: A lender’s commitment to lend you a specific amount based on your creditworthiness and financial position. Getting pre-approved is crucial, and we can connect you with reputable lenders to strengthen your buying position.

2. Mortgage: A loan specifically for purchasing real estate, with the property itself securing the loan. We can help you understand different types of mortgages and find the best one for your needs.

3. Appraisal: A professional assessment of a home’s market value. Most lenders require appraisals to ensure the property is worth more than the loan amount. We can help coordinate this process to ensure everything runs smoothly.

4. Home Warranty: A service contract that covers the repair or replacement of important home system components and appliances that break down over time. Ask us about how a home warranty can give you peace of mind.

5. Title Insurance: Insurance that protects you and the lender from any losses incurred from disputes over the title of a property. We will guide you through the process of obtaining title insurance to ensure your new home is free of liens or conflicts.

6. Contingencies: Conditions that must be met for the real estate transaction to proceed. We will help you understand and negotiate these contingencies to protect your interests.

7. Closing: The final step in executing a real estate transaction. This is when the transfer of funds and ownership takes place. We will be by your side to ensure that your closing goes as smoothly as possible.

Real Estate Terms are Key to Success

Whether you are buying or selling, understanding these real estate terms will help you navigate the complexities of real estate transactions with confidence. As your real estate experts, we are here to provide the knowledge and support you need to make informed decisions that align with your real estate goals. Contact us today to get started on your real estate journey with trusted advisors by your side.

April 2, 2024April 24, 2024

What the Latest NAR Settlement Means for You

The recent settlement in the National Association of Realtors (NAR) case has sparked widespread discussion and, unfortunately, some misconceptions. Despite what the headlines may suggest, the NAR settlement is not about diminishing the value that real estate professionals provide. Instead, it’s an opportunity to enhance transparency, flexibility, and ultimately, the consumer experience in real estate transactions. It is a chance to show consumers how we, as dedicated agents, play a crucial role in this new era of real estate.

To read more about the settlement, please visit the NAR Lawsuit in Tulsa page on the Accent Realtors website, or the NAR Settlement Overview on the National Association of Realtors website.

The Reality of Broker Fees

The settlement does not mandate changes in broker compensation. It rather ensures that real estate fees remain as they have always been – negotiable and diverse. As a buyer or seller, this translates to a variety of choices in service levels and pricing. It provides the flexibility to find options that align with your financial plans and needs.

clients and realtor discussing NAR settlement on ipad

The NAR Settlement Clarifies Agent Compensation

Addressing a common misconception, the NAR settlement does not disrupt the seller’s established role in compensating the buyer’s agent. Indeed, as a seller, you retain the discretion to decide on this aspect. This element of the settlement enhances the existing flexibility, as a matter of fact. It empowers sellers to make strategic decisions that align with their unique goals.

man and woman reviewing documents with realtor

Enhancing Market Dynamics

While the NAR settlement won’t revolutionize housing affordability overnight, it does bring to light the intricate dynamics of real estate pricing. With or without changes in commission structures, our role as agents is to navigate these dynamics to your advantage. Whether you’re buying or selling, we’re here to ensure you understand the market forces at play, helping you make informed decisions that align with your financial and lifestyle goals.

The True Value of Real Estate Professionals

Amid discussions of financial restitution and industry practices, it’s essential to remember the value that experienced real estate professionals bring to your journey. Beyond transactions, we are advisors, negotiators, and advocates who strive to make your real estate dreams a reality. The NAR settlement reaffirms our dedication to serving you with integrity, professionalism, and also a deep commitment to achieving your goals.

happy homeowners celebrating real estate transaction after NAR settlement changes to the process

Embracing the Future of Real Estate After the NAR Settlement

The NAR settlement marks a step toward a more transparent and adaptable real estate landscape. Meanwhile, for consumers and agents alike, this is a moment to embrace positive change. As your trusted agents, we’re excited about the opportunities this new landscape presents. Together, we can navigate the changes, leveraging our expertise and commitment to ensure a seamless, rewarding real estate experience for every client.

In this evolving journey, our promise to you remains unchanged: to provide guidance, support, and unwavering dedication, ensuring your real estate decisions are informed, strategic, and successful. Staying informed and understanding these developments is crucial, especially if you’re entering the market. The real estate industry continues to be dynamic and full of opportunities. If you have questions about how the settlement affects you, our team is here to guide and support you. We’re committed to ensuring a positive and seamless real estate experience, helping you realize your dreams and achieve your goals with confidence and excitement.

March 1, 2024April 24, 2024

A Real Estate Agent is a Game-Changer for Homebuyers

Welcome to the adventure of homebuying—a journey filled with endless possibilities. With Accent acting as your real estate agent, this complex endeavor transforms into a rewarding pursuit.

Local Market Insights Tailored for You By Your Real Estate Agent

Begin your journey by exploring the unique qualities of each neighborhood. With our knowledge of the local market, you’re positioned to make informed choices that are match your lifestyle and preferences. Gain insights into the life of communities, property values, and their features. It’s our job to make sure that every decision you make is deeply rooted in understanding.

Additionally, to keep you informed in your home search, we offer personalized new listing alerts. Imagine having a devoted scout tirelessly combing through listings, all with your dream home in mind. You’ll receive updates on homes that match your criteria directly to your inbox, ensuring you’re always one step ahead. This way, you will never miss out on potential opportunities!

Real Estate Agent Advantage in Negotiations

Navigating negotiations during the home purchase process can be daunting. However, with a seasoned advocate by your side, all challenges are surpassed. Our negotiation skills are your secret weapon. We’re committed to securing the best deal possible, advocating for your interests throughout the process. Finally, a good real estate agent has well-established relationships within the industry to unlock exclusive opportunities and facilitate smoother transactions. This gives you a competitive edge in your quest for the perfect home.

Simplifying the Paperwork for You

Let’s be honest—maneuvering through a sea of paperwork and jargon on the path to homeownership can be overwhelming. But don’t worry! We’ve got you covered. We speak the language of real estate. Our team handles all forms, reports, disclosures, and legal documents with meticulous attention to detail, ensuring a seamless and stress-free experience. By managing the paperwork process with precision, a real estate agent eliminates errors and delays. In other words, we allow you to focus on what’s important: finding your dream home.

Your Advocate and Advisor: Supporting You Every Step of the Way

We’re not just service providers—we’re your dedicated advocates and trusted advisors. Because we understand that buying a home is a deeply personal journey, we’re here to support you every step of the way. Whether it’s understanding your budget, exploring financing options, or deciphering market trends, we’ve got your back. With our resources and expertise, you’ll receive personalized guidance at each stage of the homebuying process. We empower you to make confident decisions.

happy couple receiving guidance from real estate agent

Begin Your Journey to the Perfect Home

Start your journey towards finding your dream home with a partnership centered on your needs and desires. Explore our free and user-friendly home search tool, designed to help you find the perfect home in your ideal area.

Contact us today to kick-start your search with confidence. We’re here to guide you through every step of the buying process. We can answer your questions and schedule showings for your dream home. Let’s turn your homebuying hopes into a reality, together.

January 16, 2024April 24, 2024

Spring into Success: Navigating the 2024 Real Estate Market with Strategy and Confidence

Welcome to the new year! There’s a buzz in the air as the spring real estate market seems to be starting earlier this year. Whether you’re looking to sell and aim for a top-dollar deal, or you’re on the hunt for your dream home, now’s the perfect time to gear up. Let’s dive into strategies that blend creativity and effectiveness, ensuring your journey in this vibrant market is as successful as it is exciting. It’s time to bring your 2024 real estate goals to life!

Tapping into the 2024 Real Estate Market’s Rhythm

Spring in real estate is lively, offering a diverse range of options for buyers and increased interest for sellers. While more buyers may enter the market, anticipating a slight shift in interest rates, it’s important to approach this season with a blend of enthusiasm and strategy. Buyers look forward to exploring more choices, and sellers get ready to welcome serious prospects.

Sellers: Enhancing Your Home’s Appeal

This season is your chance to shine. A little effort in staging your home and boosting its curb appeal can go a long way. These thoughtful touches not only attract potential buyers but also help your property stand out. It’s about creating an inviting atmosphere that resonates with buyers. You don’t want to start making updates without knowing which are going to provide you with the best return on your 2024 real estate investment. We can help you determine what areas to focus on.

Buyers: Stepping Up with Confidence

For buyers, the key is preparation. The first step for anyone thinking about buying a home is obtaining mortgage pre-approval – it clarifies your budget and shows sellers your commitment. In a market that’s picking up pace, this preparation puts you in a position of strength, allowing you to act decisively when you find the right home. When it comes to finding a home, we can set up a property search. A property search will notify you as soon as homes that match your criteria become available. By working with a real estate agent, not only do you benefit from our knowledge and expertise, you have access to homes before the hit the market. We are available to answer all of your real estate buying questions.

Informed Decisions Lead the Way

Staying updated on market trends is crucial, whether you’re selling your home or looking to buy. A good grasp of the 2024 real estate landscape enables you to navigate the market with confidence. Keep an eye on local trends and seek insights that align with your goals.

Clarifying Your Goals

Take a moment to outline your objectives for this spring. Sellers, once you know the value of your home, we can discuss if there are any steps that will make your property more appealing. It’s also the perfect time to think about what your move will be after the sale – are you looking to upgrade, downsize, or relocate? Buyers, think about what you’re looking for in a home and outline your wishlist. Clear goals are your roadmap in this exciting market.

Decorated table featuring a vase filled with beautiful flowers.

Ready for a Successful Spring?

The 2024 spring market is ripe with possibilities. With thorough preparation and a clear vision of your goals, you’re well-equipped to take on the real estate opportunities this season presents. From staging tips to mortgage lender recommendations, we are here to provide you with expert guidance and support – just give us a call! We look forward to helping you achieve your real estate goals in 2024!

December 16, 2023April 24, 2024

Get Ready for Homeownership in 2024: Your Ultimate Prep Guide!

As we quickly approach 2024, let’s gear up for one of the most exciting adventures of your life – buying your own home! Whether you’re a first-time buyer or planning to find your next home, this journey is all about smart preparation and setting the stage for a successful home purchase. Let’s explore some super helpful steps to ensure you’re perfectly poised for homeownership this year.

1. Boosting Your Credit Score – The Smart Start:

Your credit score is like your financial fingerprint, and you want it looking its best. Pay down those debts, keep up with bill payments, and watch your score soar. A great credit score can unlock better mortgage rates and terms – a real game-changer!

2. Pre-Approval Power:

Before you even start eyeing those dream homes, getting pre-approved for a mortgage is your secret weapon. It’s like having a financial green light that tells sellers you mean business in your pursuit of homeownership in 2024. Plus, it gives you a clear budget, so you know exactly what you can afford.

3. Savvy Saving for That Down Payment:

While you’re navigating the pre-approval maze, start beefing up that down payment fund. Remember, the bigger the down payment, the smaller your loan (and possibly your mortgage payments). Every dollar saved is a step closer to your dream home.

4. The Big No-No: Avoid Major Purchases:

Here’s a pro tip – hold off on big-ticket buys like a new car or lavish vacation before buying a home. These can affect your debt-to-income ratio and might impact your mortgage approval. Stay focused on the big picture – your new home!

5. Understanding the Homeownership in 2024 Market:

Get to know the real estate market. What’s hot, what’s not, and where you can find the best value for your money. This isn’t just about finding a house; it’s about making a wise investment in your future.

6. Learning the Ropes:

There’s a lot to learn about buying a home – from understanding mortgage options to knowing what to look for during a home inspection. Use this prep time to educate yourself. Knowledge is power, and power means confidence!

7. Creating Your Home Wishlist:

While you’re getting your ducks in a row, start dreaming up your ideal home. City or suburbs? Big yard or cozy condo? Prioritize what matters most to you. This will be super helpful when it’s time to start house hunting.

Turn Homeownership in 2024 into Reality: We’re Here to Help!

Ready, set, prep! 2024 is right around the corner, and it’s the perfect year to achieve your homeownership goals. By taking these preparatory steps, you’re not just dreaming – you’re actively paving the way to your new home. And if you need guidance or advice, our team is here to help. Reach out to us for support in navigating the market, securing financing, or simply for expert advice. Let’s work together to turn your dream of homeownership in 2024 into a reality!

November 1, 2023April 24, 2024

Seize the Season: Opportunities in Holiday Home Buying

Key Takeaways:

Reduced Competition: The holiday season sees fewer active buyers, giving you a distinct advantage in terms of choice and negotiation power.
Motivated Sellers: People listing their homes during the holidays are often keen to close quickly, offering you leverage for better deals and terms.
Seasonal Goodwill: The holiday spirit often leads to smoother negotiations and a more enjoyable home buying experience, benefiting both buyers and sellers.

The holiday home buying season is just a few weeks away, and while your thoughts may be on gifts and gatherings, don’t overlook the prime homebuying opportunities that this season offers. Here’s a sneak peek into why buying a home during the holidays could be the smartest move you make all year.

Limited Competition During Holiday Home Buying

Pro: During the holiday season, many prospective buyers are busy with celebrations and travel, giving you less competition and a greater selection of homes.

Opportunity: With fewer buyers on the hunt, you have a better chance to negotiate favorable terms, prices, and even added perks like included upgrades or closing cost assistance.

man moving homes during the holiday home buying season

Sellers Eager to Close

Pro: Homeowners who list during the holiday season typically have a compelling reason to sell quickly, be it for tax advantages or an upcoming move.

Opportunity: A seemingly fast-paced timeline actually benefits you. Motivated sellers are more willing to negotiate terms and prices, making for a win-win scenario.

woman on laptop with home decorated for the holidays

What About Holiday Home Buying Mortgage Rates?

Pro: Many financial institutions typically offer special mortgage rates leading up to the holidays to stimulate what’s generally considered a slower business period.

Opportunity: Though you might fear delays due to the holidays, the reality is that fewer loan applications usually result in quicker approvals and a smoother transaction.

Seasonal Goodwill

Pro: The holiday season tends to bring out the spirit of goodwill and generosity, which can positively influence real estate transactions.

Opportunity: This festive atmosphere often leads to smoother negotiations, a quicker process, and a more enjoyable experience for everyone involved.

Unwrap the Gift of Homeownership This Holiday Season

The holidays will be here before you know it, and with them comes a unique set of circumstances that make this season an ideal time for homebuying. From the reduced competition to the availability of motivated sellers and mortgage rates, the stage is set for you to make a highly advantageous move.

Ready to seize the holiday home buying opportunity? Contact us today to learn more about how you can capitalize on the unique benefits of buying a home during the upcoming holiday season, or to commence your home search.

Don’t let the holiday bustle distract you from this golden opportunity. Start your new year in a new home—it’s the gift that keeps on giving.

Selling, not buying? See our Holiday Home Selling post for tips!

September 15, 2023April 24, 2024

First-Time Homebuyers Guide: Your Path to Homeownership

Key Takeaways:

Timing Matters: The 2023 housing market has its unique rhythms, but with the right insights and team, first-time homebuyers can find their perfect moment to dive in.
Affordability Explored: Beyond the home’s price tag, factors like mortgage rates, credit scores, and additional costs paint the full picture of homeownership affordability.
Support on Your Journey: With the blend of innovative tech tools and dedicated real estate experts, navigating the 2023 market becomes a smoother and more confident experience.

Embracing the Real Estate Scene: First-Time Homebuyers’ Blueprint

realtor showing an expecting couple a home

Every year, countless individuals decide to take the leap into homeownership, and 2023 is no exception. Whether it’s the dream of escaping the cycle of renting, desiring a personal space to call your own, expanding a family, or viewing a home as a long-term investment, the motivations are as diverse as the buyers themselves.

Buying a home, especially for the first time, is a significant milestone filled with opportunities and challenges. With the 2023 real estate landscape as your backdrop, having the right knowledge in your toolkit and a dedicated team by your side can turn those challenges into triumphs. Here’s the lowdown on what you need to know to navigate this year’s market with confidence.

1. Timing is Everything: While there’s no one-size-fits-all answer, understanding local market trends can help you find that sweet spot for your purchase. We are constantly monitoring the market, ensuring you’re equipped with the latest insights.

2. Partner with Our Expert Team: We are more than just experts; we’re your dedicated partners in this journey. We offer you firsthand market insights, unwavering support, and a streamlined experience tailored to your needs.

3. Learn the Lingo: Any journey is easier if you can read the road signs. Check our our guide to some of the real estate terms you will encounter.

4. Stay Curious: Markets change. Dive into the latest news, explore neighborhoods, and keep that learning spirit alive.

Making Sense of the Money: Mortgage & Down Payment Insights For First-Time Homebuyers

a happy couple reviewing documents with agent

Navigating the financial side of buying a home in 2023 is all about understanding your options and finding what aligns with your goals. Here’s what you should know:

1. Mortgage Rates: It’s essential to find a rate that aligns with your long-term financial plan. We always recommend engaging with trusted lenders who can guide you through the process, ensuring you land on a rate that feels right for you.

2. Flexible Down Payments: The beauty of today’s market is its flexibility. You might find options that allow as little as 3% down. Remember, it’s about striking the right balance for your budget as first-time homebuyers.

3. Maximize Your Down Payment: If possible, consider putting down more initially. A larger down payment can reduce your monthly obligations and potentially get you a more favorable rate.

4. Leveraging Gifts and Assistance: There are avenues to bolster your down payment, whether it’s through generous family members or assistance programs. Every bit helps in kickstarting your path to homeownership.

Taking the Leap: Turning Your Homeownership Dream into Reality

The drive to own a home can be fueled by various motivations – be it the allure of leaving behind the uncertainties of renting, the desire for a dedicated family space, or seeing it as a tangible investment for the future. The 2023 housing market surely presents its unique nuances. But with good advice, careful planning, and a solid team on your side, those dreams can transform into realities. Owning your first home can be a smooth and rewarding journey when armed with the right tools and insights. We know the market intricacies, and that’s why we’re here: to guide you, answer any questions, and celebrate with you when those keys are in your hand.

Ready to make ‘house hunting’ a thing of the past? Move forward with confidence and let us show you the way. Get in touch today, and let’s bring your homeownership aspirations to life.

June 22, 2015April 18, 2024

It’s a Great Time to Invest in Tulsa Real Estate!

What a great month is has been for buyers here on the Tulsa, OK real estate market!

After all, the average listing price has gone down as has the average price per square foot. What’s more, the total number of home sales has decreased.

This indicates that it’s a great time to get a good price for a home here in Tulsa – and then turn a nice profit down the road.

If you’ve been on the fence about whether to purchase a home here, continue reading to learn more about the current state of the market.

An Overview of Real Estate Activity in Tulsa

Here’s what every home buyer should know about the current state of the market here in Tulsa:

Currently there are 2,057 homes for sale on the market, including hundred that are some stage of the foreclosure process.
Between March and June, the average price per square foot for Tulsa homes was $84, down 3.4 percent from the same period a year ago.
Also during that time period, the median sales price for homes here was $136,500, based on 363 home sales.
When compared to a year ago, the median home sales price increased 1.1 percent, or $1,500.
And the number of home sales decreased 67 percent.
During the week ending on June 3, the average listing price for Tulsa homes was $254,059, down 0.3 percent from the week before.
During that previous week, the average listing price was $255,000.
Popular neighborhoods in Tulsa, including Lynn Lane and Maple Ridge, meanwhile, had average listing prices of $225,169 and $511,012, respectively.

We’ll Help With Your Next Tulsa Home Purchase

As you can see, it really is a great time to be a home buyer on the local housing market here in Tulsa.

Thus, if you’re ready to take that next step toward finding your dream home here, please make sure to connect with us at Accent Realtors.

We would love to assist you by answering any questions you might have as well as providing you with some valuable home buying resources. We’ll also tell you all about the available listings right now on the market.

Until next time,

Paul

June 15, 2015April 18, 2024

Plenty of Fun Things to Do in The Tulsa, OK Area This Month!

Summer is officially in full-swing here in the Tulsa area! We love this time of year because it’s a great time to kick back, unwind and enjoy the company of those who matter with you most!

To that end, we wanted to share with you some upcoming community events that we thought you and your family might be interested in checking out.

If you end up attending one of these community events, please let us know! We’d love to hear how it goes!

Mark Your Calendar For These Tulsa Area Events in June

So without further ado, here are some upcoming events that are worth checking out if you live in the Tulsa area:

Zoorassic Park: Take your kids back in time with this special showcase at the Tulsa Zoo. Zoorassic Park 2 features 26 giant displays, including 11 dinosaur species. The exhibit also features two super-sized bug displays, including a grasshopper and ladybug. It’s a fascinating exhibit for the whole family!

When: Now through August 31
Where: Tulsa Zoo
Admission: Admission to the special exhibit is just $5 per person with regular zoo admission or $4 per person for members.
More Info: Visit http://www.tulsazoo.org/roar

Warren Theatre Summer Kids Series: This series is free to the public and includes fabulous productions of such fan favorites as The Croods, Puss in Boots, How to Train Your Dragon, The Lego Movie and Turbo.

When: Now through August 4
Where: Broken Arrow Warren Theatre, 1700 W. Aspen Creek Dr. in Broken Arrow
Admission: FREE!
More Info: Call (918) 893-3545

Local Farmer’s Market: Even if you’re not grocery shopping, the Wagoner Farmer’s Market is a great way to get out and meet your neighbors. The market is open every Thursday evening from 6:00 to 8:00pm

When: Every Thursday
Where: Cherokee and Main Street in Wagoner, OK
Admission: FREE
More Info: Visit www.tulsaworld.com

Confidence Camps: This summer, bring your kids to this camp series at Guts Church in Tulsa. It’s a great way to keep them busy this summer while giving them a new skill they’ll learn for their entire lives!

When: Starting Monday, June 15 and repeating every week on Monday, Tuesday, Wednesday, and Thursday until July 27
Where: Guts Church, 9120 E Broken Arrow Expressway in Tulsa
Admission: $50 per child
More Info: Call (918) 622-4422

Interested in Relocating to Tulsa?

We hope you get a chance to check out at least one of these events this month in Tulsa. They really sound like they’ll be enjoyable events to experience!

For now, if you’re interested in relocating to Tulsa and making this your permanent home, please don’t hesitate to contact us at Accent Realtors today.

We would love to assist you by answering any questions you might have as well as providing you with some valuable home buying resources.

Until next time,

Paul

June 1, 2015April 18, 2024

US Housing Market Well Positioned for Busy Summer Home Buying Season

The summer months should be quite busy for home buyers, sellers and real estate agents alike!

As we head into June, real estate analysts are saying that the national housing market is poised for a successful (and busy!) summer home buying market.

Several factors are at play, experts say, including low housing inventory, pent up demand and increasingly optimistic sellers.

One thing’s for sure: The next few months should be very interesting from a national housing market perspective!

What Every Buyer and Seller Should Know About Market Activity

According to the latest sales figures released by the National Association of Realtors, sales of previously owned homes increased in March by the most in four years.

In fact, purchases increased 6.1 percent to a 5.19 million annualized rate, which is the highest level it’s been since September 2013.

On average, homes were being purchased in 52 days on average, which is the fastest sales rate the country has seen since July.

Here are some more highlights from the latest data report:

The share of first-time buyers increased slightly while distressed properties made up a smaller part of the market
The number of homes for sale increased in March for a second month.
In fact, that gain was the biggest since December 2010.
Figures from the Mortgage Bankers Association showed that the group’s index of purchase applications increased in recent weeks to the highest level since June 2013.
The Standard & Poor’s 500 Index increased 0.5 percent to 2,107.96 recently, which is within 12 points of a record high.
More sellers expressed confidence about buyers entering the market as the weather warms, further helping to increase the supply of properties for sale.
In fact, the number of existing properties for sale increased 5.3 percent to 2 million in March from a month earlier.
And sellers’ instincts about buyer interests appear to be spot on. For instance, 40 percent of homes sold in March were on the market for less than a month.
The median price of an existing home jumped 7.8 percent from March 2014 to March 2015, to $212,100. That’s the most since February 2014.
Meanwhile, the cost of a purchased house was 5.4 percent higher in February from the same time last year, which is tied with May 2014 for the biggest gain.
Purchases increased in all four U.S. regions, led by a 10.1 percent increase in the Midwest. They were up 6.9 percent in the Northeast, 6.3 percent in the West and 3.8 percent in the South.
Sales of single-family homes rose 5.5 percent to an annual rate of 4.59 million, which is the most it’s been since August 2013.
Meanwhile, closings on multifamily properties (including condominiums) increased 11.1 percent.
Purchases of distressed properties represented 10 percent of the total, which is down from 11 percent in February.
Also, the average rate for a 30-year fixed mortgage was 3.67 percent recently. The rate was 3.59 percent in February, which was the lowest in almost two years.

One Small Concern is On the Minds of Experts

Experts did express concerns about how fast home prices were rising, which they credited in part to low housing inventory. Thus, economists said the best way to fix that is to increase the supply of homes for sale on the market.
It will be interesting to see if enough sellers enter the market in the next couple of months to temper those price increases.

We’re Your Real Estate Market Experts!

We hope you have found the information above as insightful and encouraging as we did. Seeing the national housing market recover is definitely a welcome sight!

Please check back here soon for more updates on the state of the housing market. We’re confident that having this knowledge will help you make savvier decisions as a buyer or seller.