As full-time home buyers, we typically see a slowdown in the fall of the year with the upcoming holidays. Houses are selling but, we are beginning to see more days on market. But, overall houses are still selling quickly.
Today’s Real Estate Market, Feast or Famine! Can you still sell your home quickly? Good news as a seller! You can still sell your Colorado house quickly in today’s market.
Could this be a new trend or is it just a blip on the screen? Let’s look at what some of the major indicators being reported are:
According to all the information blogs and web articles in the news it’s a mixed bag of tricks. In spite of record low interest rates, the market is still lagging behind a bit. New mortgage applications showed a slight weakness in October by declining 2% overall.
According to real estate data firm Zillow, “a quarterly survey of more than 100 real estate experts and economists, found 40 percent of respondents believe it will take another three to five years for the housing market to normalize based on current home price trends and homebuyer activity.
Nearly a third of panelists took a more optimistic view, predicting the market will stabilize one to two years from now. While one in five responded that housing has either already returned to normal or will within the next 12 months.
The state with the largest year-over-year decline in foreclosure filings was Rhode Island with 57.2 percent, followed closely by Colorado with 56.8 percent. Rhode Island and Colorado ranked 41st and 44th among states with the highest foreclosure rate, respectively, according to RealtyTrac.
The number of hires in the U.S. increased from 4.7 million in August to 5.0 million in September, their highest level since December 2007, according to BLS. The number of hires for total nonfarm, total private sector, and government jobs all increased for the 12-month period ending on September 30. Professional/business services, health care and social assistance jobs all saw an increase in hires for the 12-month period, while real estate, rental, and leasing hires declined.
The number of foreclosure filings, which include default notices, scheduled auctions, and bank repossessions (REOs), increased by 15 percent from September to October, the largest month-over-month jump since the peak of foreclosure activity in March 2010, according to RealtyTrac’s October 2014 U.S. Foreclosure Market Report released Thursday.” (DS News)
Feast or Famine! Maybe not a Feast, but if you want to sell your Colorado house the market is still providing plenty of bounty to go around!