2016 Fourth Quarter Gains In Existing Home Sales

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Home Sales Are Ticking Up

The National Association of Realtors® shows the fourth quarter of 2016 showed an up tick in home sales across the United States. It is expected to slow down some during the winter months, but if this is a sign of things to come in 2017, we are in for a good year.  Real Estate Agents, Lenders, Home Sellers and Home Buyers are all keeping a hopeful, and watchful eye that this trend will continue going forward.

National Increase By Region

Southern Regions

Existing-home sales in the South rose by 2.6 percent in the fourth quarter and are 5.4 percent higher than the fourth quarter of 2015. The median existing single-family home price in the South was $210,500 in the fourth quarter, 7.9 percent above a year earlier. Picayune, MS is seeing this rise in existing home sales, as well as other cities across the south. Real Estate Agents in Picayune, MS report that their phones haven’t stopped ringing heading into 2017 as well.  New Orleans, LA has also seen tremendous growth in their existing home sales.  The Lakeview area of New Orleans has surpassed other metro areas within the city, with some of the strongest gains in the country.

The Rest of The Nation

Existing-home sales in the Northeast had gains of 10.5 percent, the Midwest boasts existing-home sales climbed 2.3 percent, and in the West sales gained by 1.6 percent in the fourth quarter. With the Northeast showing the largest gains, we must keep in mind that sales in places like the South had not dropped off as drastically as other part of the nation during the mortgage meltdown, so the South did not have as far to climb back up. The United States (U.S.) subprime mortgage crisis was a nationwide banking emergency that contributed to the U.S. recession of December 2007 – June 2009.

What Does This Mean To Sellers

You sometimes hear this is a “Buyers Market” or this is a “Sellers Market”, I believe it can be the best of both worlds, and the data of the last fourth quarter proves it. If you are wanting to list your home for sale, there are plenty of buyers out there. If you are in the market to buy a home, there is plenty of inventory to choose from.

Be Prepared When You Are Ready To Buy

Those looking to purchase a home in 2017 will benefit from more inventory to choose from. This increase in inventory creates a balance in the housing market.

This shift in supply and demand, to a more balanced market, will give home buyers more options and opportunity to negotiate for the purchase of their dream home. No longer will buyers of existing homes for sale have to settle.

Do your homework on what price home you can afford.  Keep in mind your expenses outside of what a lender may consider, so that you have a comfortable mortgage payment for you and your family.

Get pre-approved with a reputable lender after you decide a comfortable monthly payment, and have on hand your supporting documentation such as pay stubs, bank statements and identification.

Always remember not to make any large purchases prior to applying for your home loan.  Your lender can guide you on what you should, and should not do that may affect your credit.

 

 

 

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