April news is a continuation of recent reports with short supply of properties for sale, actual sales increasing and sale prices improving. Currently 1.93 million homes for sale, average time on the market of 4.7 months, and average increase in sale price of up 11% from a year ago. FSBO.com keeps getting reports of ‘Under Contract’ in less then 14 days. Buyers are driving around areas looking for new ‘for sale’ signs. Don’t use an agent right away when your buyer is waiting for you. If you need a little help, go the Flat Fee MLS route first. Save thousands of dollars and keep control of your situation.
Distressed properties are selling fast and now represent the smallest percent of properties for sale in the past five years. Big buyers continue to jump on anything HUD, FNMA, or banks put on the market. An example of some of the big buyers are: Goldman, Sachs, with over $1 billion to spend and already purchase 2,500 homes to rent out. They plan to raise another $1 billion and keep buying until 2016. Blackstone Group has $2.5 billion and has been buying for the past year with still more to go. In local markets many smaller investors continue to buy.
Mortgage rates still below 4% and owner occupied buyers need to lock in these rates and buy before the big boys push up prices even higher.