Good news from our WSRAR President!

I just opened my e-Professional Edge newsletter from May 2012. Byron East, our president, has condensed some numbers heard on the news and seen in the papers into one concise paragraph that just thrills me to death! The following is straight from this wonderful publication offered to us by our association: "Selling season is off and running. As stated... sales of existing homes in our area rose 4.4% from February to March. The average sales price jumped 14.7% in March... while national numbers declined we saw the highest number of sales in February 2012 since the early 2000s. We had our best 1st quarter since 2004." Yip-pee-ki-yay!!! (Please excuse the spelling, but my excitement is bubbling over!). Are we on the edge of a recovery in the Triad?

Pending Home Sales Up!

From Realtor.org Pressroom:

Record Streak Continues for Pending Home Sales
Washington, October 01, 2009
Pending home sales have increased for seven straight months, the longest in the series of the index which began in 2001, according to the National Association of Realtors®.
The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in August, rose 6.4 percent to 103.8 from a reading of 97.6 in July, and is 12.4 percent above August 2008 when it was 92.4. The index is at the highest level since March 2007 when it was 104.5.
Lawrence Yun, NAR chief economist, said not all contracts are turning into closed sales within an expected timeframe. “The rise in pending home sales shows buyers are returning to the market and signing contracts, but deals are not necessarily closing because of long delays related to short sales, and issues regarding complex new appraisal rules,” he said. “No doubt many first-time buyers are rushing to beat the deadline for the $8,000 tax credit, which expires at the end of next month.”

What's Your Story?

At our sales meeting yesterday, our guest speaker talked with us about being trusted advisers to our clients. He emphasized to us that we should be fostering "clients for life." It really hit home with me -- some of my best friends are past clients of mine. He talked about looking past the purchase and seeing the person. What makes people tick? What circumstances led them to my door? What are they hoping to accomplish?

The most interesting part of my job is getting to know so many different people. When you spend hours and hours within the confines of a vehicle, you can really learn a lot! So, just be aware -- when we are viewing homes, or I am giving you tips on how to prepare your home for the market, I will ask a lot of questions. You may feel I am being nosy or intrusive, but it is very important to me to understand the whys, whats, and hows of a situation. If I know that you don't want to remove the wallpaper in the extra bedroom because it's the last project your mom did before she died, then I'll probably quit pushing so hard. Knowing what motivates you helps me develop the most effective strategy to helping you accomplish your goals. From now on, don't be surprised if I ask "What's your story?"

Are Home Sales Up? -- part 2

Here is a chart that shows the trend noted earlier regarding homes sales v. median price. Median sales price for June '09 in Forsyth County was approximately $135,000 (down $40,000 from 24 months ago). While this chart is Forsyth County specific, Forsyth County is pretty indicative of what is happening in surrounding counties as well.
What does this mean? Homes are selling, but price is key. The less expensive the home, the more likely it is to sell.

Are Home Sales Up?

According to national statistics, home sales are up. This will prompt sellers to ask, "why should we reduce our price if sales are up?" Just as with any statistic, there are 2 sides to this story. Home sales are up, but home prices aren't. "Sales" refers to units and does not take into account median sales price. Please keep this is mind as you price your home. Yes, homes are selling... but the median sales price is going down. So, the higher you price, the less chance you have to sell -- and isn't selling the goal?