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Photo © by Jeff Dean

Photo © by Jeff Dean (Photo credit: Wikipedia)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The latest industry reports are showing housing prices on the rise, and it has made more sellers want to raise their asking price, according to industry insiders.

Shrinking inventories of for-sale homes with pent-up demand is allowing sellers to charge about 5 percent more than they could have just six months ago, Everett King, president of ERA King Real Estate in Birmingham, Ala., told USA Today.

Real estate companies are reporting that sellers are having more luck with their higher asking prices, too. For example, in Tucson, Ariz., home sellers are getting 96 percent of their asking price on average, USA Today reports.

Still, others caution that sellers can’t get too unrealistic with their price expectations. The economy is still sluggish and unemployment is still high. Plus, Stan Humphries, Zillow.com’s chief economist, cautions that a shortage of lower-price homes for sale in many markets may be inflating asking prices.

 

For all your real estate needs
Email or call today:

John J. O’Dell Realtor® GRI
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Email jodell@nevadacounty.com

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Higher home prices offset record-low interest rates and lowered housing affordability in California in the second quarter of 2012, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) recently reported.

 

  • The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California fell to 51 percent in the second quarter of 2012, down from 56 percent in first-quarter 2012, but matched the 51 percent recorded in second quarter 2011, according to C.A.R.’s Traditional Housing Affordability Index (HAI).
  • C.A.R.’s HAI measures the percentage of all households that can afford to purchase a median-priced, single-family home in California.  C.A.R. also reports affordability indices for regions and select counties within the state.  The Index is considered the most fundamental measure of housing well-being for home buyers in the state.
  • Home buyers needed to earn a minimum annual income of $62,390 to qualify for the purchase of a $316,230 statewide median-priced, existing single-family home in the second quarter of 2012. The monthly payment, including taxes and insurance on a 30-year fixed-rate loan, would be $1,560, assuming a 20 percent down payment and an effective composite interest rate of 3.92 percent.  The effective composite interest rate in first-quarter 2012 was 4.16 percent and 4.85 percent in the second quarter of 2011.
  • The San Francisco Bay Area experienced the largest quarterly declines in housing affordability, resulting from double-digit price increases with little movement in the interest rate.  However, when compared with the previous year, changes to the affordability index were minimal, thanks to a near-one percent drop in the effective composite interest rate.
  • At an index of 78 percent, San Bernardino County was the most affordable county of the state. At the other end, San Mateo County edged out San Francisco County (24 percent) to be the least affordable, with only 23 percent of households able to purchase the county’s median-priced home.

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For all your real estate needs
Email or call today:

John J. O’Dell Realtor® GRI
Civil Engineer
General Contractor
(530) 263-1091
Email jodell@nevadacounty.com

DRE#00669941

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