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Real Estate: Homes on Market Taking Much Longer to Sell, in Past Six MonthsOn average, the length of time required from real estate listing to contract has increased dramatically in the U.S. in the past six months, according to HouseHunt's latest national "Current Market Conditions" homes for sale activity survey. Seventy-five percent of respondents said it is now taking more than 30 days. Of that figure, 30% said it is taking more than 60 days. Three months ago, 52% of survey respondents said the average time on the market required for a home to sell was more than 30 days on the real estate market. Six months ago, only 35% said it was taking more than 30 days as buyer frenzy continued unabated. "Current Market Conditions" 4th quarter survey also found: Home sales prices remain firm. Currently, 82% say they are getting 95% or more of asking home prices. This compares with 80% in the third quarter and 90% in the second quarter of 2005. Solid appreciation. One-half of all respondents report home price appreciation of 10% or more in the fourth quarter, year-to-year. This compares with 46% in the third quarter and 42% in the second quarter. Multiple offers down. Currently, only 50% of respondents report multiple offers. This is down from 70% in the second and third quarters of this year. Buyers-sellers demand nearly equal. A more balanced real estate market between buyers and sellers demand has emerged in many parts of the country. This compares with a 61-39% buyer ratio in the third quarter. First-time buyers. Currently at 35%, this percentage has stayed about the same for the last six-nine months despite price and appreciation spikes on the East and West coasts and in Florida, Phoenix and Las Vegas. Greatest first-time buyer activity continues to be in the South and Midwest. Repeat and move-up buyer activity remains strong. Investor and second-home demand has slowed. Inventory of unsold homes growing. Sixty-five percent said the trend is up in local real estate markets. Fifty-five percent report a good supply in all price ranges. Only 38% reported a good supply six months ago. Market Growth. Overwhelmingly, survey respondents said job and population growth continues to fuel housing demand in local markets. "Our latest random survey findings are consistent with both nationwide housing sales data and forecasts of top industry economists," said Michael Bearden, President and CEO of HouseHunt, Inc. "Our strong economy and consumer demand made record homes for sale possible in 2005 despite destructive hurricanes, rising mortgage interest rates and higher energy costs. We're optimistic that a sustainable, more balanced housing market will be the cornerstone of the U.S. economy in 2006." A sampling of individual survey results: • Clint Johnson of Rose & Womble and exclusive member agent in Virginia Beach and Norfolk, VA, area: "During the past few weeks we have seen a softening of the market, with fewer multiple home offers and buyers negotiating for closing cost assistance." He noted that the area has seen tremendous growth in prices and in units sold. Median home price is $230,000, up 15-20% in the past year. • Rod Sullivan of GMAC Metro Brokers, exclusive member agent for Lithonia, GA, reports more sellers than buyers with a good supply of unsold homes. Average time on the market is 90-120 days. "Our greatest activity is from first-time buyers. Median home price is $150,000. Sellers are getting 95-100% of asking prices." • Steve Gaines of CENTURY 21 Landtree and exclusive member agent in Greenwood, IN, reports more sellers than buyers and a good supply of unsold homes. "Average time on the market is 90-120 days," he said. Median home price is $175,000. • Diane Ash of Weichert Realtors and exclusive member agent in Middletown, DE, said lower property taxes are attracting buyers from New York, New Jersey and Pennsylvania. Median home price is $300,000. Average time on the market is 30-60 days. • Tim Ireland of Coldwell Banker Honig-Bell and exclusive member agent in Mokena, IL, said sellers and buyers are about 50-50. Average time on the market is 60-90 days. Median price is $261,190 with a good supply of unsold homes. • Leah and Neville Bradshaw of Long & Foster Old Town/Historic,, exclusive member agents in Lorton, VA, reported more sellers than buyers and a median home price of $543,000, up 10-15% over last year. Even though sellers frequently get more than 100% of asking prices, they said that first-time buyers are very active. • Dan Urbach of Prudential California and exclusive member agent in Pacific Palisades, CA, said his market is settling down from a very hot seller's market to a more balanced market. Median price home is $2 million, up 15-20% over a year ago. Average time on the market is 30-60 days. Other articles by this author »
About Monte Helme
Monte Helme is a national public relations consultant with HouseHunt, Inc. Previously, he was vice president of public relations and publications for Century 21 Real Estate Corp.; vice president of communications for AmeriNet Financial Services (now LendingTree); assistant city editor/Orange County for the Los Angeles Times; executive sports editor of the Rockford, IL, Morning Star and Register-Republic; and reporter for the Dixon, IL, Evening-Telegraph. Find real estate, homes for sale through public MLS,and check what my home is worth by visiting websites: www.HouseHunt.com and www.moveUp.com powered by HouseHunt, Inc. Related
And here is another random article you might be interested in... Are You In The Right Online Business?Did you select the right online business to pursue? People that are struggling find it difficult to admit they are possibly in the wrong business. Fortunately for everyone, many bad decisions can be corrected if recognized early enough. This article is intended to help you understand the available opportunities and hopefully improve your chances for future success. Supply And Demand! Everyone knows that the Internet is huge. Commerce ("buying and selling") on the Internet is growing by leaps and bounds. It is controlled by the actions of the buyers and sellers. There is no traffic cop that makes decisions for each buyer and seller. The buyers and sellers are fr*ee to make their own decisions and pursue their own self-interests. The Internet market is held in check by the economic principle of "supply and demand." Buyers behave (demand) in a way to make buying decisions that will maximize their satisfaction. Sellers behave (supply) in a way that will maximize their profits. In a completely fr*ee market economy, buyers and sellers interact to determine the price of the product being exchanged. Why Do People Buy On The Internet? In order to understand the actions of buyers and sellers on the Internet, the following question needs to be answered: "Why do people buy on the Internet?" Simply stated, People buy on the Internet because of the ease, efficiency, availability, price and fun of purchasing the product or service online. What Internet Opportunities Exist? There are many types of profitable business opportunities to consider on the Internet. The major opportunities considered in this article are:
What Is Included In Each Internet Opportunity? The following is a summary level review of each opportunity: 1. Join and Promote an Affiliate Program: In this business, you establish a relationship with the owner of an existing online product or service for sale. You become an affiliate of the owner. As the affiliate, you are allowed to promote and sell the product or service for a commission on the sale. This can be an easy business to start. It is a good choice if you do not have your own product to sell. The owner is happy to pay the commission because your sale is revenue they probably would not receive without your help. 2. Write and Sell Your Own eBook: In this business, you sell the ebook that you wrote. Most people believe they do not have the ability to develop a topic and write an ebook. This is an incorrect belief. You have the ability if you can think, speak and read. The basic requirements to write a successful ebook are:
If you do not have the appropriate knowledge, you can develop an ebook by using the help of an "expert." The "expert" provides you with content for the ebook and you write the ebook. 3. Start an Electronic Newsletter: In this business, you become the publisher and editor of an electronic newsletter ("ezine"). The newsletter can be published as often as you like whether it's daily, weekly or monthly. The frequency depends on how often you can deliver content of value to your subscribers. Distribution of the newsletter through email is generally based on an "opt-in" list of subscribers. The typical newsletter will contain: editorial by the publisher, tips and recommendations, featured article, advertisements, and links to specific affiliations. 4. Open an Online Store: In this business, you either setup your own website store or rent a storefront site in an established Internet mall. The Internet store requires a website, products to sell, a shopping cart and the ability to accept customer payments. It is possible to have built-in traffic if you are part of an Internet mall. Conclusion! Each business has a definite set of activities to be performed in order to be successful. Your success in a specific business is dependent on how well you perform these activities. You should select an online business to pursue based on your:
Make a complete evaluation of the opportunities available before you make a decision. Do not expect great results if you do not get excited about your business and put the necessary time and energy into your online business! Low interest, low motivation or low commitment will lead to bad or less than acceptable results! Examine closely what you want to achieve out of your online experience. Take the extra time now and it may make a big difference in your future success. Make the right decision and you have a very good chance to succeed! Make the wrong decision and you probably will fail like so many others! Get my FR*EE 8-day "Internet Business Mini-Course" for a close-up look at each business opportunity discussed in this article. Best wishes in your future online business success. Copyright © 2003 F. Terrence Markle â€" All Rights
Reserved Other articles by this author »
About F. Terrence Markle
F. Terrence Markle has worked for over 20 years with public and
private companies. He has an MBA in marketing and finance. He has
been involved with Internet-related businesses for over 3 years.
His primary focus is the marketing of affiliate programs. Related
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