The price of any item is determined by the supply of that item, and the market demand. The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report which gives insight into today’s market conditions. Inventory Levels & Demand Sales of existing homes rose 5.1% month-over-month in March and are 1.5% higher than this time last year. Sales rose in all four major regions in March. Total unsold housing inventory is 1.5% lower than March 2015 at a 4.5-month supply and … [Read more...]

The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report, which revealed that homes were on the market for an average of 47 days in March. This is a decrease from the 59 days reported in February, as well as the 52 days reported back in March 2015. 42% of homes across the country were on the market for less than a month, which is the highest it’s been since July 2015 (43%)! Among the states with homes selling in 30 days or less are Washington, Oregon, and Minnesota. … [Read more...]

Home values continue to climb and are projected to increase by about 5% over the next twelve months. That is great news for anyone who owns a home. However, it could present a challenge for a family trying to sell their house. If prices are surging, it is difficult for appraisers to find adequate, comparable sales (similar houses in the neighborhood that closed recently) to defend the sales price when performing the appraisal for the bank. The National Association of Realtors (NAR) recently released information … [Read more...]