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Market Trends Newsletter

Housing Report

Following an incredibly brisk sales pace to start the year, February's existing home sales slowed but remained above levels seen a year ago, both nationally and in each major region, according to data from the National Association of Realtors® (NAR).

Total existing-home sales, which count transactions for single-family homes, townhomes, condominiums and co-ops, fell 3.7% to 5.48 million in February from January's 5.69 million. Still, February's slower sales pace is 5.4% higher than the sales activity seen one year ago during the same period.

Existing Home Sales By Region

Addressing the reason for February's slower sales, NAR's chief economist, Lawrence Yun, pointed to widespread low inventory and weakening affordability conditions around the United States. "Realtors® are reporting stronger foot traffic from a year ago, but low supply in the affordable price range continues to be the pest that's pushing up price growth and pressuring the budgets of prospective buyers," Yun said.

Housing Data Takeaways

  • February's median price for existing homes (all housing types) was $228,400, up 7.7% from February 2016 ($212,100). February's price rise was the steepest since last January (8.1%) and represents 60 straight months of year-over-year increases.
  • Total U.S. housing inventory at the end of February grew 4.2% to 1.75 million existing homes available for sale, however this is 6.4% lower than a year ago (1.87 million) and has dipped year-over-year for 21 consecutive months. Unsold inventory shows a supply of 3.8 months at the current sales pace (vs. 3.5 months in January).
  • First-time buyers in February drove 32% of sales activity nationally, a slight drop from 33% in January but  a bit above the 30 percent seen at this time last year. NAR's 2016 Profile of Home Buyers and Sellers showed the annual share of first-time buyers last year was 35 percent.
  • Regarding mortgage rates, Freddie Mac data shows the average commitment rate for a 30-year, conventional, fixed-rate mortgage moved slightly higher in February, to 4.17% from January's 4.15%. The average commitment rate for all of 2016 was 3.65%.
  • How long did properties remain on the market in February? Nationally, it was 45 days, down from 50 days in January and noticeably more than last year (59 days). This number will vary by region, naturally.

What's the best strategy for buyers this spring? NAR President William E. Brown, a Realtor® from Alamo, California, says being fully prepared is the right strategy for prospective buyers. "Seek a pre-approval from a lender, know what your budget is and begin discussions with a Realtor® early on about your housing wants and needs," he said. "Homes in many areas are selling faster than they were last spring. A buyer's idea of a dream home in a popular neighborhood is probably the same as many others. That's why they'll likely have to decide quickly if they see something they like and can afford."

How's Your Selling Strategy?

Sellers, you have an excellent opportunity to sell your home this season -- if you have the right pricing strategy in place from the start! Studies show that the longer a property stays on the market, the less the seller will net upon the sale.

It is very important to price your property at a competitive market value at the signing of your listing contract. In some places, the market is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell. And in some of today's particularly hot markets where we're seeing bidding wars, you still want to work with your agent to set the right starting price from the outset to give yourself every advantage.

An Overpriced Home:
· Minimizes offers
· Decreases agents response
· Limits qualified buyers
· Decreases showings
· Decreases prospects
· Limits financing
· Wastes advertising dollars
· Nets less for the seller

When you are ready, contact us today for a personal market value analysis of your home. No hassles or obligation - just honest advice on how to get top dollar for your home!

Our Top Featured Properties in College Station

If you plan on buying a home in College Station and you have children in school, then you want them to go to the best schools.  Thankfully, rates the top schools in the College Station according to reviews and test scores.  They found that f the schools in College Station, 8 public schools rated at least an 8 out of 10 on their scale!

Here’s the short list of the 3 schools that rated a 10, along with nearby homes for sale:

Rock Prairie Elementary School
3400 Welsh Avenue College Station, TX 77845
School website
(979) 764-5570
Search For Homes Near Rock Prairie

Pebble Creek Elementary School
200 Parkview Dr College Station, TX 77845-8956
School website
(979) 764-5595
Search For Homes Near Pebble Creek

Forest Ridge
1950 Greens Prairie Road West College Station, TX 77845
School website
(979) 694-5801
Search For Homes Near Forest Ridge