Hi All!
This is a great article our local board published recently. It has a lot of tips and need to know items for those who had their homes on the market over the holiday season.
Home Sales slower during the holidays
(February 28, 2008) Fewer homes were put into contract at the end of 2007 which resulted in fewer closings in the first month of year. The 1,225 homes sold in January 2008 slipped 18.9 percent from the 1,510 sales in January 2007 - which was 12.2 percent higher than the previous year according to the Columbus Board of REALTORS®.
"As closings in January are a direct result of activity and contracts written 30-60 days prior, it comes as no surprise that there was a drop in closings last month," says Greg Hrabcak, President of the Columbus Board of REALTORS®. "The housing market traditionally experiences less activity beginning around Thanksgiving and into the new year. And REALTORS® had been reporting a higher than normal drop in activity."
"Homes in the $80,000 - $100,000 range, $400,000 - $500,000 and $1 million and over were hardest hit. Each of these price ranges saw decreases in sales in excess of 37 percent," added Hrabcak.
The average sale prices of a home closed during the month of January 2008 was $152,790 compared to $166,096 the previous year. The average sale price in 2007, January through December, was $165,057.
"This lower average price goes hand in hand with the sales declines in the higher price ranges," adds Hrabcak. "When fewer homes are sold in the upper price ranges, the average sale price for the month will decline accordingly. Real estate professionals understand that activity in any single month can fluctuate quite a bit. It's the direction over a period of time which we focus on."
According to Hrabcak showing activity picked up noticeably in January when interest rates dropped. "Just eight years ago, the average rate for a 30-year fixed rate mortgage was 8.21 percent. Now it's hovering around six percent. But it won't last and we encourage anyone interested in buying a home to take advantage of what a lower interest rate means in terms of buying power and building equity." Courtesy of The Columbus Board of Realtors
(February 28, 2008) Fewer homes were put into contract at the end of 2007 which resulted in fewer closings in the first month of year. The 1,225 homes sold in January 2008 slipped 18.9 percent from the 1,510 sales in January 2007 - which was 12.2 percent higher than the previous year according to the Columbus Board of REALTORS®.
"As closings in January are a direct result of activity and contracts written 30-60 days prior, it comes as no surprise that there was a drop in closings last month," says Greg Hrabcak, President of the Columbus Board of REALTORS®. "The housing market traditionally experiences less activity beginning around Thanksgiving and into the new year. And REALTORS® had been reporting a higher than normal drop in activity."
"Homes in the $80,000 - $100,000 range, $400,000 - $500,000 and $1 million and over were hardest hit. Each of these price ranges saw decreases in sales in excess of 37 percent," added Hrabcak.
The average sale prices of a home closed during the month of January 2008 was $152,790 compared to $166,096 the previous year. The average sale price in 2007, January through December, was $165,057.
"This lower average price goes hand in hand with the sales declines in the higher price ranges," adds Hrabcak. "When fewer homes are sold in the upper price ranges, the average sale price for the month will decline accordingly. Real estate professionals understand that activity in any single month can fluctuate quite a bit. It's the direction over a period of time which we focus on."
According to Hrabcak showing activity picked up noticeably in January when interest rates dropped. "Just eight years ago, the average rate for a 30-year fixed rate mortgage was 8.21 percent. Now it's hovering around six percent. But it won't last and we encourage anyone interested in buying a home to take advantage of what a lower interest rate means in terms of buying power and building equity." Courtesy of The Columbus Board of Realtors
