2012 Real Estate Market Recovery in the Nation, Delaware Valley and Philly

Existing home sales at highest level in four years by Tara Steele in Housing News – December 20, 2012 Existing home sales are up, prices are improving, inventory is tight, and housing is showing signs of improvement, but the sector has found its bottom and is not recovered, rather starting that long road toward a recovery. Existing home sales continue rising, inventory levels continue to tighten According to the National Association of Realtors (NAR), existing home sales continued to improve in November with low inventory supply pressuring home prices, rising 5.9 percent for the month, spiking 14.5 percent compared to November 2011. NAR reports that sales are at the highest level since November 2009. Dr. Lawrence Yun, NAR chief economist, said there is healthy market demand. “Momentum continues to build in the housing market from growing jobs and a bursting out of household formation. “With lower rental vacancy rates and rising rents, combined with still historically favorable affordability conditions, more people are buying homes. Areas impacted by Hurricane Sandy show storm-related disruptions but overall activity in the Northeast is up, offset by gains in unaffected areas.” Brand loyalty: the real benefit of social media by Carrie Gable in Social Media – October 31, 2012 Social media as a marketing tool has evolved over the years, and knowing the modern value can save any professional time and money. The debate over value I constantly hear complaints about not seeing the “value” in social media, and because it doesn’t have a high return on investment, it is often dismissed as a waste of time. My response to the skeptics is this: the real benefit of social media marketing doesn’t lie in how much money you make off of people who stumble across your Facebook page. The biggest perk of having a strong online presence is developing a sense of brand loyalty. It’s about fostering a relationship between consumer and business and developing a sense of loyalty within the consumer. If you can accomplish that, then you will have tapped into a group of people who will advocate for you and your business by sending you referrals, using you themselves, and publicizing your business. The question then becomes HOW to develop that strong sense of brand loyalty. This isn’t something that happens overnight. Think about your personal relationships: did they develop into the strong friendships they are today overnight? Most of the time, it probably took years or months to really develop a strong sense of loyalty to a particular individual. The same principle applies in social media marketing. Developing a rapport with someone in the online community takes some time and dedication. Trulia: Buying a home is 45% cheaper than renting By Justin T. Hilley, September 13, 2012 It’s more affordable to buy a home than to rent in the 100 largest metros in the nation. That’s the case if you plan to stay in the home for seven years, which is the average time Americans traditionally live in a home before moving. The findings come from real estate data provider Trulia, which conducted a study of key market factors impacting the cost of homeownership. Based on asking prices and rents from the summer, the company claims that, on average, buying is 45% cheaper than renting those areas. That’s a savings of $771 a month. Housing Starts Hit 17-Month High By The Associated Press | Posted Oct 19th 2011 WASHINGTON — Homes were built in September at the fastest pace in 17 months, a hopeful sign for the economy. Most of the gain was driven by a surge in volatile apartment construction, which helps boost economic growth. But other data suggest a housing recovery is far off. Single-family home construction, which represents nearly 70 percent of homes built, rose only slightly. And building permits, a gauge of future construction, fell to a five-month low. Top ten housing markets poised for a recovery by Tara Steele in Housing News – January 14, 2012 Recovering real estate market There is no agreement between economists and bankers as to the health of the real estate market, with some saying the real estate market is already recovering, others saying we are now at or near the bottom of housing. With housing and employment so inseparable, it stands to reason that the areas with recovering employment levels mean improving foreclosure rates, recovering home prices, home sales and new construction. Forbes Magazine agrees, highlighting ten cities they believe to be the most likely to experience a real estate rebound, all of which have strong job markets. Forbes looked at the home price changes over the last year and three years, unemployment rates, job growth projections, population shifts, and new home construction rates of the 100 most populated metropolitan statistical areas, comparing these rates to recent years in an effort to predict which markets are on the verge of rebounding. 10 U.S. real estate markets drawing international buyers By Inman News, Friday, March 23, 2012. Affluent international buyers, attracted by fire-sale prices, are snapping up real estate in some U.S. markets. In a report released today, Inman News identifies 10 markets where public records indicate foreign buyers make up the biggest share of overall buyers. Most of the markets are located in sunny Florida, though areas in Nevada, Arizona, New York and Hawaii are also on the list. The report highlights the economic and personal factors that drive foreign buyers to buy; their preferred property types; top countries of origin; how they find the real estate professionals they work with; why the selected markets appeal to them; and relevant demographic and housing-related characteristics for the markets, including share of foreign-born population, distressed property footprint, home-price trends, and vacancy rates. Home Prices Lowest Since 2002 By Jessica Dickler @CNNMoney May 30, 2012 Home prices hit new post-bubble lows in March, according to a report out Tuesday. Average home prices were down 2.6% from 12 months earlier, according to the S&P/Case-Shiller home price index of 20 major markets. Home prices have not been this low since mid-2002. “While there has been improvement in some regions, housing prices have not turned,” said David Blitzer, spokesman for S&P. Although five cities — Atlanta, Chicago, Las Vegas, New York and Portland — saw average home prices hit new lows, that’s an improvement from last month’s report, in which nine cities notched new lows, Blitzer noted. What the Fed’s Low Interest Rates Mean By Zillow, Posted Jan 26th 2012 Fed Chairman Ben Bernanke The Federal Reserve announced today that they will keep interest rates low until at least late 2014 in an effort to help jump-start the sluggish economy by making it less expensive to borrow money across all segments of the economy. What this means for homebuyers and current homeowners is that mortgage rates for a purchase loan or to refinance will remain remarkably low in the near-term, keeping affordability high. The 30-year fixed mortgage rate fell below 4 percent on Zillow Mortgage Marketplace in mid-October 2011 and has dropped as low as 3.67 percent in recent weeks. 10 Cheap Ways to Sell Your House for More By Ross Boissoneau | Money Talks News – Thu, Jul 5, 2012 A couple of weeks ago, mortgage rates plummeted to all-time lows – 3.67 percent for a 30-year loan and 2.94 for a 15-year loan. They’ve crept up a bit lately, but they’re still a bargain. So why can’t I sell either of my houses? That’s right, I have two homes to sell: the house I live in now and the house I grew up in. My current home has been on the market for more than a year, and my family home since a month after my mother’s death. But despite showings, open houses, and those historically low mortgage rates, neither has sold. But I’m confident that will change – because I recently consulted professionals whose advice should help me sell faster. Implementing some of their advice would cost hundreds, but some could be cheap or free… Is Now the Time to Buy Your First House? May 14, 2012, The Wall Street Journal It’s been a scary few years for the housing market. But at some point, the nightmare has to end (please?). Is now the time? Should first-time home buyers consider jumping into the market? After all, home prices have fallen 34% from their 2006 peak and mortgage rates are hovering at or near record lows. On one side are those who argue that homes are more affordable than they have been in decades, based on how much monthly income a mortgage consumes and whether owning is less costly than renting. An uptick in home buying by investors already is under way, they say—an indication that those who wait may miss out on a good buying opportunity.