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Real Estate Housing Prices are on the Rise!!

by Sam Miller

Many of you have been asking how the real estate housing market is doing and are wondering if housing prices are rounding the corner and heading up.  Throughout the country housing prices in May showed their first gain in three years.  Is this a sign that the market may finally be turning around?

Yes!  According to an article in USA TODAY, titled Housing Prices Rounding A Corner?, "home prices rose 0.5% in May from April, according to the Standard & Poor's/Case-Shiller home price index, which measures changes in the value of residential real estate in 20 cities."   The article also states that a smaller inventory of homes for sale and a continuing rise in homes sales is a promising sign that the market is indeed stabilizing.  According to Wall Street economists, home prices in 15 of the 20 cities surveyed, rose or remained stable.

There are cities still struggling.  Phoenix, AZ, Las Vegas, NV, and San Francisco, CA to name a few!  The cities of Dallas, TX and Denver, CO, have reported three months of prices that were higher than the previous year.   Cleveland, OH and Boston, MA  were up 4.1% and 1.6% (Wall Street Journal, "Home Prices Rise Across U.S.")  respectively.  Although year on year growth rates are still not good, critics believe the housing market has hit rock bottom and is now on an upswing. 

Since January 2009, the home price index is now showing four consecutive months of smaller annual declines.  This positive data is good news for lenders, who will start to see the values of their assets move higher thus resulting in fewer losses. 

But according to USA TODAY and the Wall Street Journal, "economists say the big question now is whether the promising signs in the housing market will encourage homeowners enough to result in more consumer spending." (USA TODAY)  As reported in the Wall Street Journal, "the improvement in housing likely gave a small boost to U.S. gross domestic produce in the second quarter, economists said.  After data showed construction of new homes was stronger than expected in June and was revised higher in April and May, Macroeconomic Advisers, a St. Louis based forecasting group, ratcheted up its estimate of second quarter economic growth.  It now sees output shrinking as just a .5% annual rate in the second quarter, compared with declines of 6.3% and 5.5% in the previous two quarters."

According to the NAR (National Association of Realtors), more hints of an improving housing marketing include a rise in existing home sales for a third consecutive month in June.  And "sales of new homes in June jumped 11% from May, according to government figures, and the supply of homes for sale fell to 8.8 months, the lowest since October 2007." (USA TODAY)

Although it is still difficult to get a loan, the market is slowing getting better.  If you are in the market for a new home, now is a WONDERFUL time to buy.  There are various government programs out there now as well as rock bottom rates.   Contact us to find your Knox County, Ohio home!!!

Howard Brinton, CEO Star Power SystemsRecently I attended the 20th Anniversary Star Power Annual Conference in Denver, Colorado.    I enjoyed three full days of career- changing sessions with the best realtors in the country.  Some speakers included Howard Brinton, Founder and CEO of Star Power Systems, Dave Liniger, Co-Founder and Chairman of the Board, RE/MAX International, Jim Gillespie, President and CEO Coldwell Banker Real Estate, Alex Charfen, Founder and CEO, Certified Distressed Property Institue, Allan Domb, and more than 125 top active industry producers and experts in the business.

Allan Domb

 

Together with Rob Levy and James Nellis, we taught a real estate technology class that had overwhelming response.

Star Power is an organization that is comprised of nearly 300 top working real estate agents from across the country, each of whom averages over 200 transactions per year.  These agents or "stars" extend their knowledge and strategies of their success out to other agents, from which they can then choose which strategies best suit their market and personality.  This is a phenomenal group loaded down with tons of knowledge.  The best in the business!!

Not only did I come away with career changing material, but I was able to network with thousands of other agents across the country.  Some of which specialize in bank owned real estate and corporate relocation.  I believe these wonderful connections and relationships will be extremely beneficial to my Knox County, Ohio clients.

Liniger in Chicago: 'Demand Will Come' 
 


REALISTIC OPTIMISM: Dave Liniger says a positive turnaround is coming, but it won't happen quickly or without focus and training.


CHAMPION: Former NFL star Joe Theismann delivered a rousing address on overcoming adversity.

By George White, RE/MAX Times Managing Editor 

CHICAGO - Demand built on demographics and population - rather than questionable lending policies - will spark the next wave of strong home sales in the U.S., Dave Liniger told nearly 700 Affiliates at the 2009 RE/MAX Summer Conference for Broker/Owners and Managers on Monday.

The confluence of two massive population groups - 80 million Baby Boomers born from 1946-1964 and 74 million Millennials born from 1980-1995 - will fuel a huge increase in transactions from 2012 onward, the RE/MAX International Chairman and Co-Founder said at the conference's Opening General Session. Immigration and minority household trends will add to the upturn, he noted.

As the Millennials, who are 15-29 now, reach their prime homebuying years - the average first-time buyer is 33, though that number appears to be trending downward - the Baby Boomers will be selling and downsizing. The rise in demand will drive the market upward, Liniger said.

"Very good years are coming," he said, adding that RE/MAX International - through technology, training, social media and other initiatives - will help Broker/Owners and Associates connect with these consumers.

Being successful today
For the time being, though, local markets will stay as they are, Liniger said. In fact, unemployment and a second wave of foreclosures in 2010 and 2011 are likely to make things worse before they get better. He urged Broker/Owners to help their Sales Associates close transactions through distressed properties, REOs, first-time homebuyers and investors. His constant theme: Affiliates cannot sit back and wait for a quick turnaround - because it's not coming.

"I'm not negative; I'm realistic," he said. "If you're not realistic, you can't make the adjustments you need to make in order to survive and prosper."

Liniger said RE/MAX leaders have met many times with key lenders and government officials to push for foreclosure solutions and a standardized and streamlined short-sale process.

He also called the Certified Distressed Property Expert (CDPE) course the best training he's ever encountered. More than 6,000 RE/MAX Associates have earned the designation, he said, and others should consider it.

"Short sales are the key for the next 18-24 months. Our people must be trained to handle them," he said, noting that true recovery simply isn't possible until the foreclosure problem is solved.

The smartest place to be
RE/MAX continues to be the best network for top agents, Liniger said. Its unmatched technology, brand name awareness, training, market share and advertising provide significant competitive advantages for Broker/Owners and Sales Associates.

Liniger also thanked Affiliates for their enduring support of Susan G. Komen for the Cure and children's hospitals, noting that RE/MAX will soon reach the $100 million mark in Children's Miracle Network contributions.

Rousing life lessons
Following Liniger's address, former Notre Dame and NFL star Joe Theismann explained how he has approached life since his football career ended suddenly - his leg was broken on national TV - in 1985. He drew parallels between his adversity and the real estate industry's current struggles.

"We all face obstacles and hurdles; the test is what you do about them," Theismann said. "Real champions don't stay down. They figure out what to do, and then they do it. Why is RE/MAX where it is? Because they reject the idea of failing."

July 2009 Home Sales Activity Report

by Sam Miller

July 2009 Knox County Homes Sales numbers are in!!!  According to the Knox County, Ohio MLS, 35 homes were sold in the month of July!!  Re/Max Stars Realty had a 34% company marketshare of these sold homes!! 

Home sales totaled $3,853,645 and the average sales price for a Knox County, Ohio home was $110,104.

In the month of July 2009, 72 homes were listed in Knox County, Ohio and the average list price of these homes was $146,603.

Currently, there are 406 homes for sale in Knox County, Ohio and the Knox County MLS is reporting that there are just over 66 million dollars in total homes available for sale in this area.

The average list price for a home for sale in Knox County, Ohio is $163,156. 

*all home sales data was reported from the Knox County Ohio MLS System.

 

Homes for sale $100,000 or less

Homes for sale $100,000 - $150,000

Homes for sale $150,000 - $200,000

Homes for sale $200,000 - $300,000

Homes for sale $300,000 and up

In the market for a new home or ready to sell one?  Contact The Sam Miller Team for all your real estate needs. 

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Sam Miller
RE/MAX Stars Realty
710 South Main Street
Mount Vernon OH 43050
740-397-7800
Fax: 740-399-3604