At least one fear was not realized amid last week’s stock market meltdown according to CNNMoney.com: the concern that mortgage rates would immediately shoot higher in response to Standard & Poor’s downgrade of Fannie Mae and Freddie Mac, the government-sponsored entities that are the 800-pound gorillas of the mortgage market. In fact, the initial response to Fannie and Freddie getting cut to AA+ from AAA was precisely the opposite. Mortgage rates were poised to continue declining.
Mortgage rates are set off of the interest rates on U.S. Treasury notes and bonds. Even though Standard & Poor’s pulled its AAA rating of the United States, investors still rushed into U.S. Treasury securities as a safe haven, believing more in the “full faith and credit of the United States” than in the opinion of Standard & Poor’s credit analysts. As investors snapped up Treasury notes and bonds they pushed down interest rates on those securities, which move inversely to prices.
Analysts warn the drop in interest rates may not last. If investment flows were to move back into stocks and out of bonds, interest rates on Treasury securities, and consequently mortgages, would rise. “Over the long-term, if the U.S. has to pay more in interest rates, consumer rates will likely go up,” said Greg McBride, senior financial analyst for Bankrate.com.
For now, lower mortgage rates may offer only limited benefits to American consumers. Banks’ lending standards have been tough recently, and consumers need the wherewithal to qualify for loans. That appears increasingly difficult as the economy continues to sputter.
Now take a look at how the Gainesville FL real estate market performed in July.
The Gainesville FL area single family home sales saw pending sales decrease 7% in July. Sold listings increased by 14%, and new listings decrease by 22%. The average sales price decreased by 19% to $164,860, while market times increased by 20 days or 11%.
Gainseville Area
Single Family |
New Listings |
Pending Sales |
Sold Listings |
Avg. Sales Price |
Days on Market |
| July 2011 |
327 |
169 |
197 |
$164,860 |
190 |
| July 2010 |
418 |
182 |
169 |
$204,405 |
170 |
The Gainesville FL area Condo/Townhome market saw pending sales increase by 26% in July 2011 when compared to July 2010. Sold listings increased by 15%, and new listings decreased by 25%. The average sales price decreased by 20% to $79,416 when compared to July 2010, while the average market times increased by 53 days or 29%.
Gainseville Area
Condo/TH |
New Listings |
Pending Sales |
Sold Listings |
Avg. Sales Price |
Days on Market |
| July 2011 |
60 |
54 |
41 |
$79,416 |
185 |
| July 2010 |
80 |
40 |
35 |
$98,881 |
132 |
For the latest Gainesville FL real estate market conditions in your area, please call me at 888-424-8841 or visit MyGatorCondo.com.
Search all Gainesville FL real estate and Gainesville FL homes for sale.
Linda Luetjen assists buyers looking for Gainesville FL real estate for sale and aggressively markets Gainesville FL homes for sale.
She understands the purchase of any Gainesville FL home represents not only one of the largest and most significant investment a person can make, but also a decision that affects the entire life of a family. It should be handled with all the care and attention such a significant transaction deserves. You may rest assured that Linda never forgets this. Her reputation depends on your satisfaction.
For more information about buying or selling your Gainesville FL home, please call Linda toll free at 888-424-8841 or via email with our convenient contact form.
Tags: Buyer Info · Market Trends · North Central Florida Real Estate · Real Estate · Seller Info
Despite the ups and downs of the housing market, home owners and non-owners alike consider owning a home essential to the American Dream according to a survey conducted on behalf of the National Association of Home Builders (NAHB) by Public Opinion Strategies of Alexandria, VA, and Lake Research Partners of Washington, D.C.
The survey results show that Americans see beyond the immediate housing market to the enduring value of homeownership. An overwhelming 75 percent of the people who were polled said that owning a home is worth the risk of the fluctuations in the market, and 95 percent of the home owners said they are happy with their decision to own a home.
One of the more striking aspects of the survey results is the intensity of sentiment among potential voters, according to Celinda Lake, president of Lake Research Partners. “People believe overwhelmingly that owning a home is an anchor to the American Dream,” she says. “It’s an anchor to your retirement, and it’s an anchor to your personal economic well-being.”
Among the other survey results:
73 percent said owning a home is one of their goals
• Homeownership and a retirement savings program are considered by voters to be their best investments.
• 80 percent of home owners would advise a close friend or family member just starting out to buy a home.
• Saving for a down payment and closing costs is the biggest barrier to homeownership.
• Americans believe that owning their own home is as important as being successful at their job or being able to pay for a family member’s education.
Owning a home is not just a commodity to people. It is a core value.
Now take a look at how the Gainesville FL real estate market performed in May.
The Gainesville FL area single family home sales saw pending sales increase 18% in May. Sold listings decreased by 10%, and new listings decreased by 10%. The average sales price decreased by 8% to $167,309, while market times decreased by 5 days or 3%.
Gainseville Area
Single Family |
New Listings |
Pending Sales |
Sold Listings |
Avg. Sales Price |
Days on Market |
| May 2011 |
409 |
238 |
221 |
$167,309 |
174 |
| May 2010 |
454 |
194 |
246 |
$181,691 |
179 |
The Gainesville FL area Condo/Townhome market saw pending sales increase by 20% in May 2011 when compared to May 2010. Sold listings decreased by 16%, and new listings decreased by 28%. The average sales price decreased by 20% to $83,495 when compared to May 2010, while the average market times decreased by 30 days.
Gainseville Area
Condo/TH |
New Listings |
Pending Sales |
Sold Listings |
Avg. Sales Price |
Days on Market |
| May 2011 |
85 |
65 |
42 |
$83,495 |
182 |
| May 2010 |
118 |
52 |
50 |
$104,276 |
212 |
Linda Luetjen assists buyers looking for Gainesville FL real estate for sale and aggressively markets Gainesville FL homes for sale.
She understands the purchase of any Gainesville FL home represents not only one of the largest and most significant investment a person can make, but also a decision that affects the entire life of a family. It should be handled with all the care and attention such a significant transaction deserves. You may rest assured that Linda never forgets this. Her reputation depends on your satisfaction.
For more information about buying or selling your Gainesville FL home, please call Linda toll free at 888-424-8841 or via email with our convenient contact form.
Search all Gainesville FL real estate and Gainesville FL homes for sale.
Tags: Market Trends · North Central Florida Real Estate · Real Estate
The 2011 real estate market forecast depends on who you talk to. There are conflicting signs but most experts predict a slow growth in sales nationwide. Real estate guru Barbara Corcoran has this to say about buying a home in 2011:
“Of course people are nervous about buying with so many mixed signals, but my advice would be: Do not wait. If there’s one thing I learned about this real estate is that it’s very slow to unwind and usually takes years to do it. But once it decides to turn around, those prices move up very quickly, and you’ll just be joining every Tom, Dick and Harry bidding on the same house. If you have an inclination to move, you’ll get no better time than now, with cheap money, cheap prices and an embarrassment of riches to choose from. Why wouldn’t you buy now if you were so inclined? The only thing you need is a little courage.”
Let’s compare December 2010 to December 2009 real estate statistics to see what improvement has taken place in our local market.
The Gainesville FL area single family home sales saw pending sales increase by 9% in December 2010, when compared against December 2009. New listings decreased by 6% and sold listing increased by 4%. The average sales price decreased by 11% to $173,848, while market times increased by 49 days.
|
Gainseville Area
Single Family |
New Listings
|
Pending Sales
|
Sold Listings
|
Avg. Sales Price
|
Days on Market
|
|
Dec 2010
|
309
|
152
|
187
|
$173,848
|
200
|
|
Dec 2009
|
328
|
138
|
180
|
$195,178
|
151
|
The Gainesville FL area Condo/Townhome market saw pending sales increase by 55% in December 2010 when compared to December 2009. Sold listings increased by 41%, and new listings decreased by 24% in December 2010. The average sales price decreased by 29% to $85,514 when compared to December 2009, while the average market times increased by 24 days.
|
Gainseville Area
Condo/TH |
New Listings
|
Pending Sales
|
Sold Listings
|
Avg. Sales Price
|
Days on Market
|
|
Dec 2010
|
67
|
33
|
37
|
$85,814
|
194
|
|
Nov 2009
|
88
|
15
|
22
|
$121,084
|
170
|
For the latest Gainesville FL real estate market conditions in your area, please call me at 888-424-8841 or visit MyGatorCondo.com.
Tags: Area Info · North Central Florida Real Estate · Real Estate
Once again the mortgage interest deduction (MID) is under attack as the Deficit Reduction Commission has recommended modification of this deduction. The tax deductibility of interest paid on mortgages is a powerful incentive for home ownership and has been one of the simplest provisions in the federal tax code for more than 80 years. In a new survey commissioned by the National Association of Realtors@ and conducted online in October 2010 by Harris Interactive of nearly 3,000 homeowners and renters, nearly three-fourths of homeowners and two-thirds of renters said the mortgage interest deduction was extremely or very important to them.
Recent progress has been made in bringing stability to the housing market and any changes to the MID now or in the future could critically erode home prices and the value of homes by as much as 15 percent. This would negatively impact home ownership for millions of Americans, including those who own their homes outright and have no mortgage. Any further downward pressure on home prices will hamper the economic recovery, raise foreclosures and hurt banks’ abilities to lend and likely tip the economy into another recession resulting in further job losses for the country. It will effectively close the door on the American dream.
The National Association of Realtors urges you to please make a quick call to your senator’s office today to ask him or her to defend the MID from any cuts or reduction as outlined in the Deficit Commission Report released last week.
Now let’s take a look at November home sales in Gainesville FL.
The Gainesville FL area single family home sales saw pending sales increase by 24% in November 2010, when compared against November 2009. New listings decreased by 12% and sold listing decreased by 23%. The average sales price decreased by 3% to $180,84, while market times increased by 16 days.
|
Gainseville Area
Single Family |
New Listings
|
Pending Sales
|
Sold Listings
|
Avg. Sales Price
|
Days on Market
|
|
Nov 2010
|
297
|
176
|
134
|
$180,847
|
164
|
|
Nov 2009
|
339
|
134
|
173
|
$186,430
|
148
|
The Gainesville FL area Condo/Townhome market saw pending sales increase by 55% in November 2010 when compared to November 2009. Sold listings increased by 45%, and new listings increased by 12% in November 2010. The average sales price decreased by 19% to $89,176 when compared to November 2009, while the average market times increased by 54 days.
|
Gainseville Area
Condo/TH |
New Listings
|
Pending Sales
|
Sold Listings
|
Avg. Sales Price
|
Days on Market
|
|
Nov 2010
|
65
|
31
|
31
|
$89,176
|
215
|
|
Nov 2009
|
57
|
14
|
17
|
$110,147
|
161
|
For the latest Gainesville FL real estate market conditions in your area, please call me at 888-424-8841 or visit MyGatorCondo.com.
Tags: Area Info · North Central Florida Real Estate · Real Estate
Despite economic uncertainty, 68 percent of those surveyed in the 2010 National Housing Pulse Survey, conducted by the National Association of Realtors, still believe now is a good time to buy a home; while that number is down from last year (75 percent), it’s up from 2008 (66 percent) and 2007 (59 percent). Lower home prices and record-low mortgage interest rates are attracting buyers to the housing market – more than one-fourth of renters said they are thinking more about buying a home than they were a year ago. Sixty-three percent of renter respondents said that owning a home is a priority in their future, and nearly 40 percent said it was one of their highest priorities.
Americans are seeing more stability in the real estate market. Nearly seven out of 10 believe that home values have stabilized in their area; the same number expects home sales to remain about the same through the end of the year.
While nearly seven out of 10 say it’s harder to sell a home in their area today than it was a year ago, it’s less of a concern from last year when the number was 10 percentage points higher. This is most likely the result of lower home inventories.
Take a look at how the Gainesville FL real estate market fared in September.
The Gainesville FL area single family home sales saw sold listings decrease by 8% in September 2010, when compared against September 2009. New listings saw an decreased by 15%. Pending sales saw a 3% decrease and the average sales price decreased by 8% to $169,446, while market times increased by 5 days.
|
Gainseville Area
Single Family
|
New Listings
|
Pending Sales
|
Sold Listings
|
Avg. Sales Price
|
Days on Market
|
|
Sept 2010
|
381
|
181
|
147
|
$169,446
|
181
|
|
Sept 2009
|
446
|
187
|
160
|
$184,212
|
176
|
(more…)
Tags: Market Trends · North Central Florida Real Estate · Real Estate
Home sales will remain soft in the months ahead, but improved affordability conditions should help with a recovery, according to the National Association of Realtors. The recovery looks to be a long process with job numbers being lower than expected in the last couple of months. However, affordability could reach a generational high in the second half of this year because of rock-bottom mortgage interest rates. The loan underwriting standards are tighter, but home buyers can improve their chances of getting a loan by staying well within their budget.
Take a look at how the Gainesville FL real estate market fared in August.
The Gainesville FL area single family home sales saw sold listings decrease by 11% in August 2010, when compared against August 2009. New listings saw an decreased by 14%. Pending sales saw a 2% decrease and the average sales price decreased by 4% to $191,668, while market times increased by13 days.
|
Gainseville Area
Single Family |
New Listings
|
Pending Sales
|
Sold Listings
|
Avg. Sales Price
|
Days on Market
|
|
Aug 2010
|
354
|
187
|
161
|
$191,668
|
166
|
|
Aug 2009
|
411
|
184
|
181
|
$193,161
|
153
|
The Gainesville FL area Condo/Townhome market saw pending sales decrease by 28% in August 2010 when compared to August 2009. While new listings were down by 8% and sold listings decreased by 2% in August 2010. The average sales price decreased by 25% to $91,599 when compared to August 2009, while the average market times decreased by 50 days.
|
Gainseville Area
Condo/TH |
New Listings
|
Pending Sales
|
Sold Listings
|
Avg. Sales Price
|
Days on Market
|
|
Aug 2010
|
95
|
29
|
45
|
$91,599
|
121
|
|
Aug 2009
|
103
|
40
|
46
|
$122,155
|
171
|
For the latest Gainesville FL real estate market conditions in your area, please call me at 888-424-8841 or visit GatorHomes.com.
Tags: Market Trends · North Central Florida Real Estate · Real Estate
Pending home sales in June edged lower in contrast to the spring surge when buyers rushed to take advantage of the home buyer tax credit, according to the National Association of Realtors®.
The Pending Home Sales Index declined 2.6 percent to 75.7 based on contracts signed in June. Down from 77.7 in May, and is 18.6 percent below June 2009 when it was 93.0. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.
Lawrence Yun, NAR chief economist, said lower home sales are expected in the short term. “Over the short term, inventory will look high relative to home sales. However, since home prices have come down to fundamentally justifiable levels, there isn’t likely to be any meaningful change to national home values. Some local markets continue to show strengthening prices.”
Let’s take a look at the Gainesville FL real estate market for July.
Gainesville FL area single family home sales saw sold listings decrease by 30% in July 2010, when compared against July 2009. New listings saw an increase of 1%. Pending sales saw a 8% decrease and the average sales price increased by 2% to $199,357, while market times increased by13 days.
|
Gainseville Area
Single Family |
New Listings
|
Pending Sales
|
Sold Listings
|
Avg. Sales Price
|
Days on Market
|
|
July 2010
|
418
|
182
|
161
|
$199,357
|
173
|
|
July 2009
|
412
|
198
|
229
|
$196,146
|
160
|
The Gainesville FL area Condo/Townhome market saw pending sales increase by 10% in July 2010 when compared to July 2009. While new listings were down by 12% and sold listings decreased by 56% in July 2010. The average sales price decreased by 23% to $96,635 when compared to July 2009, while the average market times decreased by 44 days.
|
Gainseville Area
Condo/TH |
New Listings
|
Pending Sales
|
Sold Listings
|
Avg. Sales Price
|
Days on Market
|
|
July 2010
|
80
|
40
|
30
|
$96,635
|
137
|
|
July 2009
|
91
|
36
|
68
|
$125,170
|
181
|
For the latest Gainesville FL real estate market conditions in your area, please call me at 888-424-8841 or visit MyGatorCondo.com.
Tags: Market Trends · North Central Florida Real Estate · Real Estate
Pending home sales have risen for three consecutive months, reflecting the broad impact of the home buyer tax credit and favorable housing affordability conditions, according to the National Association of Realtors®.
The Pending Home Sales Index rose 6.0 percent to 110.9 based on sales contracts signed in April. This figure is up from 104.6 in March, and is 22.4 percent higher than April 2009 when it was 90.6 and reflects increases of 7.1 percent in March and 8.3 percent in February.
Pending home sales are at the highest level since last October when the index reached 112.4 and first-time buyers were rushing to beat the initial deadline for the tax credit. The data reflects sales contracts and not closings, which usually occur with a lag time of one or two months.
Lets look at May real estate sales to see how the housing recovery is progressing in Gainesville FL.
Gainesville FL Real Estate Sales Statistics May 2010
The Gainesville FL area single family home sales saw sold listings increase by 17% in May 2010, when compared against May 2009. New listings saw an increase of 13%. Pending sales saw a 20% decrease and the average sales price decreased by 7% to $183,049, while market times increased by 29 days.
|
Gainseville Area
Single Family |
New Listings
|
Pending Sales
|
Sold Listings
|
Avg. Sales Price
|
Days on Market
|
|
May 2010
|
545
|
194
|
241
|
$183,049
|
179
|
|
May 2009
|
475
|
244
|
199
|
$195,805
|
150
|
The Gainesville FL area Condo/Townhome market saw the average sales price increase by 24% to $101,785 in May 2010 when compared to May 2009. While new listings were up by 11% and sold listings increased by 15% in May 2010. Pending sales decreased by 9% when compared to May 2009, while the average market times decrease by 4 days.
|
Gainseville Area
Condo/TH |
New Listings
|
Pending Sales
|
Sold Listings
|
Avg. Sales Price
|
Days on Market
|
|
May 2010
|
118
|
52
|
47
|
$101,785
|
222
|
|
May 2009
|
105
|
57 |
40
|
$77,139
|
226 |
For the latest Gainesville FL real estate market conditions in your area, please call me at 888-424-8841 or visit MyGatorCondo.com.
Tags: Market Trends · North Central Florida Real Estate · Real Estate
Owning a home is its own reward, but home ownership can also bring rewards at tax time. This year is especially beneficial for people who are in the market to buy a home, thanks to the $8,000 first-time buyer credit and the $6,500 tax credit for repeat buyers.
Current homeowners can benefit, as well. Tax credits are available for owners who improve the energy efficiency of their home, including replacing exterior windows, skylights and doors and installing efficient heating and air conditioning systems. Certain home improvements may qualify for as much as 30 percent of the project cost, up to $1,500.
Homeowners also enjoy a mortgage interest deduction; allowing them to deduct all the interest paid on up to $1 million in mortgage debt. If you bought a home in the past year, be sure to provide a copy of your HUD-1 statement to your tax preparer. The interest you paid at closing is not reflected in your year-end mortgage statement. Points and other closing costs may also be tax deductible.
Lets look at Gainesville FL real estate sales for February to see how the housing recovery is progressing:
The Gainesville FL real estate (single family) sales saw sold listings remain consistent in February 2010, when compared against February 2009. New listings saw an increase of 18%. Pending sales saw a 22% increase and the average sales price increased by 10% to $175,150, while market times increased by 23 days.
|
Gainseville Area
Single Family |
New Listings
|
Pending Sales
|
Sold Listings
|
Avg. Sales Price
|
Days on Market
|
|
Feb 2010
|
496
|
224
|
112
|
$175,150
|
173
|
|
Feb 2009
|
409
|
174
|
131
|
$158,148
|
150
|
The Gainesville FL area Condo/Townhome market saw the average sales price decreased by 37% to $84,743 in February 2010 compared to February 2009. While new listings were up 19% and sold listings increased by 32% in February 2010. Pending sales increased by 34% when compared to February 2009, while the average market times increased by 48 days.
|
Gainseville Area
Condo/TH |
New Listings
|
Pending Sales
|
Sold Listings
|
Avg. Sales Price
|
Days on Market
|
|
Feb 2010
|
141
|
29
|
19
|
$84,743
|
165
|
|
Feb 2009
|
114
|
19
|
13
|
$135,080
|
117
|
For the latest Gainesville FL real estate market conditions in your area, please call me at 888-424-8841 or visit MyGatorCondo.com.
Tags: Market Trends · North Central Florida Real Estate · Real Estate
Contract activity for pending home sales fell after a surge of activity in preceding months to beat the original deadline for the first-time home buyer tax credit but remains comfortably above a year ago, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in November, fell 16.0 percent to 96.0 from an upwardly revised 114.3 in October, but is 15.5 percent higher than November 2008 when it was 83.1.
Lawrence Yun, NAR chief economist, said a drop was expected. “It will be at least early spring before we see notable gains in sales activity as home buyers respond to the recently extended and expanded tax credit,” he said. “The fact that pending home sales are comfortably above year-ago levels shows the market has gained sufficient momentum on its own. We expect another surge in the spring as more home buyers take advantage of affordable housing conditions before the tax credit expires.”
Let’s look at December Gainesville FL real estate sales statistics to see how the housing recovery is progressinglocally.
The Gainesville FL area single family home sales saw a 20% increase in sold listings in December 2009, when compared against December 2008. New listings saw an increase of 9%. Pending sales saw a 8% increase and the average sales price decreased by 1% to $197,731, while market times decreased by 4 days.
|
Gainseville Area
Single Family |
New Listings
|
Pending Sales
|
Sold Listings
|
Avg. Sales Price |
Days on Market
|
|
Dec 2009
|
312
|
133
|
172
|
$197,731
|
153
|
|
Dec 2008
|
284
|
123
|
137
|
$199,906 |
157
|
The Gainesville FL area Condo/Townhome market saw the average sales price decrease by 19% to $121,802 in December 2009 compared to December 2008. While new listings were down 5% and sold listings decreased by 5% in December 2009. Pending sales decreased by 18% when compared to December 2008, while the average market times decreased by 18 days.
|
Gainseville Area
Condo/TH |
New Listings
|
Pending Sales
|
Sold Listings
|
Avg. Sales Price
|
Days on Market
|
|
Dec 2009
|
84
|
14
|
21
|
$121,802
|
170
|
|
Dec 2008
|
88
|
17
|
22
|
$150,382
|
188
|
For the latest Gainesville FL real estate market conditions in your area, please call me at 888-424-8841 or visit MyGatorCondo.com.
Tags: Area Info · North Central Florida Real Estate · Real Estate