Home Selling Statistics
Home Selling Statistics That You Need to Know About You probably know that 2012 hasn't been a booming year for real estate.
But if you're trying to decide if now is the right time to sell your home, there are a number of statistics you need to see: - Inventories (or, the number of homes for sale) are low all over the country.
In fact, most places are seeing lower inventories in 2012 than they did in 2011.
According to Realtor.
com, 144 out of the 146 real estate markets they track saw a drop in inventory when comparing the numbers from August 2012 to the numbers from August 2011.
One of the worst-performing markets inventory-wise in August was Raleigh.
The number of listings there dropped 21% from August 2011 to August 2012.
- Low inventories are frustrating buyers.
According to a study done by Redfin, less than half of the home buyers interviewed believe that it's a good time to buy a house.
- You're going to have to deal with nearby houses being offered at mega-discounted prices.
That's because nearly 25% of America's residential listings are foreclosures.
In fact, the number of foreclosures jumped nearly 1% from July to August.
If you're trying to sell a home in Chicago, Miami, Phoenix, Las Vegas, or Los Angeles, you have the highest odds of facing a formidable foreclosure challenge.
- Luckily, the average price of a foreclosure is going up.
In August, foreclosed homes sold for an average price of $178,481.
That's nearly 5% higher than sales prices were in July.
The median sales price of existing homes sold in August was $187,400 -- so the gap is starting to close.
- New homes are selling for higher prices than their existing counterparts.
According to the National Association of Realtors, the median price of a new home rose 11.
2% in August, to $256,000.
That's a record-breaking increase! (It's also 17% higher than what new homes were selling for in August 2011.
) - The demand for all of those new houses is still lower than it should be, though.
In fact, according to the Census Bureau, even if new homes stayed at August's selling pace, it would take almost five months to sell all of them (and that's assuming no new homes were added to the listings).
- 98% of homebuyers think that pictures are the most useful part of an online real estate listing, according to the National Association of Realtors.
So, if you don't have several great-looking photos of your best features, it may make your house a lot tougher to sell! - Don't discount the value of a professional photographer.
According to a survey done by the Wall Street Journal, online home listings that feature photos snapped by a pro get 61% more views than their amateur counterparts.
- Experts say they can see light at the end of the tunnel.
According to a recent survey of more than 100 real estate economists, experts, and investment strategists, they predict home sale prices will see a 15.
2% increase by 2016.
Looking to sell before that? The same survey says that we should expect sale prices to rise 4.
7% in 2013.
But if you're trying to decide if now is the right time to sell your home, there are a number of statistics you need to see: - Inventories (or, the number of homes for sale) are low all over the country.
In fact, most places are seeing lower inventories in 2012 than they did in 2011.
According to Realtor.
com, 144 out of the 146 real estate markets they track saw a drop in inventory when comparing the numbers from August 2012 to the numbers from August 2011.
One of the worst-performing markets inventory-wise in August was Raleigh.
The number of listings there dropped 21% from August 2011 to August 2012.
- Low inventories are frustrating buyers.
According to a study done by Redfin, less than half of the home buyers interviewed believe that it's a good time to buy a house.
- You're going to have to deal with nearby houses being offered at mega-discounted prices.
That's because nearly 25% of America's residential listings are foreclosures.
In fact, the number of foreclosures jumped nearly 1% from July to August.
If you're trying to sell a home in Chicago, Miami, Phoenix, Las Vegas, or Los Angeles, you have the highest odds of facing a formidable foreclosure challenge.
- Luckily, the average price of a foreclosure is going up.
In August, foreclosed homes sold for an average price of $178,481.
That's nearly 5% higher than sales prices were in July.
The median sales price of existing homes sold in August was $187,400 -- so the gap is starting to close.
- New homes are selling for higher prices than their existing counterparts.
According to the National Association of Realtors, the median price of a new home rose 11.
2% in August, to $256,000.
That's a record-breaking increase! (It's also 17% higher than what new homes were selling for in August 2011.
) - The demand for all of those new houses is still lower than it should be, though.
In fact, according to the Census Bureau, even if new homes stayed at August's selling pace, it would take almost five months to sell all of them (and that's assuming no new homes were added to the listings).
- 98% of homebuyers think that pictures are the most useful part of an online real estate listing, according to the National Association of Realtors.
So, if you don't have several great-looking photos of your best features, it may make your house a lot tougher to sell! - Don't discount the value of a professional photographer.
According to a survey done by the Wall Street Journal, online home listings that feature photos snapped by a pro get 61% more views than their amateur counterparts.
- Experts say they can see light at the end of the tunnel.
According to a recent survey of more than 100 real estate economists, experts, and investment strategists, they predict home sale prices will see a 15.
2% increase by 2016.
Looking to sell before that? The same survey says that we should expect sale prices to rise 4.
7% in 2013.