Thinking of Selling Your Home? | Few Staging Tips | #ShareWithOthers #RealEstateKnowledge

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Tips on how to stage a home

Moving is no doubt a chaotic time — especially for those selling a home.

There are so many things to worry about, such as finding a new place, filling out paperwork and moving box after box. But of all things on the to-do list, arguably nothing is more important when it comes to selling a house than proper home staging. It is what sets the tone, or reputation, of a home once it is put on the market.

Everybody’s definition of a welcoming home or a good vibe is different, but real estate agents say there are a few basic things every seller should do when preparing for an open house. Keep these things in mind and the experts say the chances of a quick sale instantly go up.

Keep it clean

A little extra cleaning can really go a long way.

“Clean like you have never cleaned before,” said Susan Ley, a real estate agent with Mark D. Olejniczak Realty in Green Bay. “If there is ever a time to de-clutter, it’s now.”

When cleaning, Ley said sellers should clear off countertops and nontraditional spaces used to organize belongings. She said having items out on counters or bread and cereal boxes on top of the refrigerator, for example, indicate that a kitchen does not have enough storage space.

She added sellers do not have time to clean their whole house before a showing should focus on the kitchen and bathrooms because those features are what sell a home.

Also, do not forget the front door.

Janet Tackmier, real estate agent and home staging specialist with Keller Williams in Green Bay, said many homeowners tend to overlook their front entrance — mainly because they rarely use it. Rather, most people go into their homes through side doors or the garage.

Tackmier said sellers should replace or repaint the front door, sweep steps and ensure the doorbell and light bulbs work. After all, she said, the entrance is the first impression. Make it a good one.

Keep it simple

Those looking to buy want to walk into a home and visualize its potential. That is why Malinda Trimberger, real estate agent for Executive Realty in Green Bay, urges sellers to make their home look as neutral as possible. She said painting is one of the easiest and cheapest ways to make some big changes and spruce up a house for showing.

Ley agrees.

“It really gives you the biggest bang for your buck and helps to depersonalize your space for someone else,” Ley said. “You want your home to appeal to as many buyers as possible. It’s not about you anymore.”

Ley suggests whites, grays, tans and other similar tones as opposed to bright, bold colors like blue, purple, red, etc. Those colors, she said, can be far too much of a statement for the average buyer.

Tackmier, however, takes different approach. She said while a home should be neat and tidy, there are benefits to still having some personal touches throughout the home during walk-throughs. She said unique, “do it yourself” projects can make a home stand out in the minds of buyers and get them excited about the house’s potential.

Simplicity also applies to furniture. Both Tackmier and Trimberger said one of the biggest mistake sellers make is to overfill rooms with furniture, making even the most spacious rooms seem tight or confined.

Keep it real

This is not the time nor place for theatrics. In fact, Ley said she does not like the term “home staging” because it implies a fake setting.

Ley said her biggest pet peeve is when a seller puts a champagne bottle and two glasses near a Jacuzzi. She said that’s not only cheesy, but it can feel almost like a bribe or an insult to the buyer — especially an experienced one.

Another “no-no” is planned smells like coffee, cake or room fragrance plug-ins. Ley said these scents might smell nice, but they can be a huge red flag to buyers who will suspect that the seller may be trying to hide a nasty odor.

However, that does not apply to the smell of cleaning products used to get rid of pet odors.

Let there be light

To Trimberger, there is nothing better than natural light. Opening windows brings life into a home and can brighten the house-hunting experience, which can often be overwhelming.

If it is a dark, rainy day, she suggest sellers turn on their best light fixtures.

Tackmier said this is where it pays to work with elements. On a side note, she said she often hears positive responses from buyers when sellers bring other outdoor features such as flowers and other plants inside the home.

Take it outside

All three experts said curb appeal is integral.

Ley said paying attention to landscaping is important because buyers tend to do drive-bys before scheduled walk-throughs.

“If the lawn is overgrown, among other things, and they don’t like what they see, then you have lost that sale before they have even entered your home,” Ley said.

The moral: Rake, mow and plant because the outside is just as important as the inside.

Discipline yourself

Many people are put in the tricky situation of living in the home they are trying to sell.

To manage this, Ley said, people need to relax, realize the situation is only temporary and get in the habit of putting things away as soon as they are done using them.

Tackmier said taking just a few minutes to organize one area each day is a good way to keep the clutter under control. She said buyers pay attention to every nook and cranny, and that dreaded, overstuffed junk drawer could be the deal killer.

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Are You Prepared to Buy Your Home? | 4 Signs You’re Ready to Purchase a Home | #ShareWithOthers #RealEstateKnowledge

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4 Signs You’re Ready to Purchase a Home

Being a first time home owner is a wonderful and rewarding experience, but it is not exactly easy either. There is a vast difference between renting an apartment or house and purchasing a home. Getting a first-time buyer home loan, interest rates and upcoming property taxes take center stage as the new concerns instead of gathering previous landlord references and security deposits.

4+Signs+You're+Ready+to+Purchase+a+Home

It is all a big commitment, and there are things people need to be aware of to make sure they are ready to purchase their first house. Some ways you can know if you’re ready for your first home purchase are:

You’ve done the Research

There are a few different options for home loans and each one requires the proper research. The first type of mortgage loan is a conventional loan, there is a 15 year loan, and there are special options available to farmers and veterans. Visiting with your local credit union or banking institution is a great way to research what type of mortgage best fits your needs. If home loans have been given proper study time then the hard part is out of the way.

You’ve Weighed the Pros and Cons

There a major difference between renting and owning a home. Renting allows far more freedom from responsibility, but there is a long list of reason for why owning a home is a sound financial move. The rewards typically come in the form equity and tax breaks, but there are even more factors. The list is quite long.

Your Credit Score Is Excellent

Excellent credit is always important whether someone is renting or buying, but it is especially important when buying. Trying to rent a place with bad credit is possible with large deposits and higher rent, but an attempt to buy a home with bad credit can result in the mortgage being denied altogether. On the other hand, a good credit score can score lower mortgage interest rates.

You Want to Take Advantage of Equity

Equity accumulation over time is one of the greatest benefits of buying a home. Equity turns into a type of savings account when the value of the home increases, and the amount owed on the home decreases. Growing equity can be used to secure loans, assist with tuition, it can be used for retirement or be used in emergencies like a bailout.

A starter home can be just as stressful as it is exciting. There is a lot to go over and commit to. Meeting the criteria of these five things is a great way to know if someone is ready to buy their first home.

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Spring & Summer Market Signs Already Here | #ShareWithOthers #RealEstateKnowledge

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UPDATE: Pending home sales rise 1.4% to 10-month high in March

An index that tracks home contract signings rose again in March as low interest rates boost homebuying.

A gauge of pending home sales rose 1.4% in March, its second monthly increase, and a sign of momentum for the spring buying season.

The National Association of Realtors’ pending home sales index (http://www.realtor.org/topics/pending-home-sales) rose to 110.5, the group said Wednesday. After a downward revision to February data, the index is 1.4% higher than the level it touched both a year ago and a month ago. Economists surveyed by MarketWatch had forecast a 0.7% rise.

The index forecasts future sales by tracking real estate transactions in which a contract has been signed, but the deal has not yet closed.

Only the West, where demand has driven prices sky-high, saw a decline in March. The lack of inventory of previously-owned homes (http://www.marketwatch.com/story/existing-home-sales-soar-51-in-march-as-housing-demand-remains-strong-2016-04-20), combined with slow building activity (http://www.marketwatch.com/story/housing-starts-sink-88-in-march-2016-04-19), are constraining the housing market, said NAR Chief Economist Lawrence Yun in a statement.

“Demand is starting to weaken in some areas, particularly in the West, where the median home price has risen an astonishing 38% in the past three years,” Yun noted.

The pending sales index for the West declined 1.8% in March and is 7.9% lower than a year ago. In the South, sales rose 3.0% in March but are 0.6% lower than a year ago. The Northeast index was up 3.2% in March and stood 18.4% higher than a year ago, while the Midwest index inched up 0.2% for the month and 4.0% for the year.

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Thinking of Selling Your Home | Avoid These Mistakes | #ShareWithOthers #RealEstateKnowledge

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5 Reasons Why That Listing May Linger | Realtor Magazine

If a home for sale is taking longer to sell than you thought, it may be due to common problems like overpricing, unflattering listing photos, and maintenance issues.

In a new video at realtor.com®, Cara Ameer with Coldwell Banker counts down the five main reasons why homes don’t sell. 

1. Pricing: When the price is right, buyers will flock to it. Revisit the comps. Here’s some advice that will help your clients find the magic number.

2. Editing: How is the presentation of the home? Does the décor and furniture work well together to create an attractive, inviting space? A deep-clean, declutter, and some staging may be needed to spruce up your listing. These staging tips can help present the home in a way that appeals to a wide-range of buyers.

3. Photography: How are the photos of the property online? Were the photos taken on a sunny day? Do the photos depict the space in best possible light? If you want a home to appeal to buyers, you’ll want to make sure to avoid these common photo mistakes.

4. Maintenance: Are there any undone maintenance items that the home owners have put off? Tackle any house projects to avoid buyer hesitation.

5. Relaunch as a new listing: Sometimes relaunching may be a strategy to consider. Get a new MLS number, add some new photos, and do some staging to show all the changes you’ve made and give it another go.

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Housing & Mortgage Stats | High Expectations | #ShareWithOthers #RealEstateKnowledge

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Housing Starts Down, Existing Sales Up – Market Update – ZING Blog by Quicken Loans | ZING Blog by Quicken Loans

On the economic reports menu this week, it’s housing data with a side of jobless claims. I know your brains are hungry, so let’s dig in.

Headline News

Housing Market Index: Home builder sentiment remained unchanged at 58 in April, the third straight month it’s held that number. Present sales did have a two-point dip to 63, but expectations for sales over the next six months are up one point at 62. Traffic of potential buyers in new homes is still lower than hoped, but it is up one point to come in at 44. Looking briefly at regional data, the West is leading the way at 67. Meanwhile, the South sits at 59 and the Midwest is at 56. The Northeast continues to see drops in its importance as a bellwether of residential construction. It comes in at 44.

Housing Starts: In a potential blow for the housing market, starts were down 8.8% in March to a seasonally adjusted annualized rate of 1.089 million. The weakness in starts is roughly equal between single-family and multi-family construction. A change in New York City permit laws that went into effect last year is leading to a bunch of starts in the Northeast right now. All other regions saw declines in this area. On the permit side, they’re down 7.7% to 1.086 million. Most of the drop is tied to multi-family permits. In the regional data, the Midwest has a year-on-year gain in permits of 24.2% and the South is up 11.3% over the same period. On the downside, permits are down 6.1% annually in the West and 21.7% in the Northeast. The good news is starts are up 14.2% on the year and permits have risen to 4.6%.

MBA Mortgage Applications: Applications were up 1.3% this week. Despite the average rate on a 30-year conforming mortgage being up one basis point to 3.83%, refinances climbed 3.0%. This helped overcome a 1.0% downturn in purchase applications.

Existing Home Sales: Existing home sales were up 5.1% in March to a seasonally adjusted annualized rate of 5.330 million. They’re up 1.5% on the year. Breaking out the data by its components, single-family homes were up 5.5% to 4.760 million. Single-family home sales are up 2.6% for the year. Meanwhile, condos are up 1.8% on the month and down 6.6% for the year. On the price side, they’re up 5.0% for the month and 5.7% on the year, coming in at $222,700. There was a 5.9% gain in the number of homes on the market and supply relative to sales is up to 4.5 months from 4.4 months in February.

Jobless Claims: Initial claims for unemployment fell 6,000 last week to 247,000. The four-week average is down 4,500 to 260,500. Continuing claims are down 39,000 to 2.127 million. The four-week average of continuing claims is down 10,750 to 2.17 million.

FHFA House Price Index: House prices are up 0.4% for the month of February and 5.6% for the year. One negative is that it’s the weakest monthly gain of the year. In fact, the year-on-year rate had been 6.0% before this. The declining pace of appreciation and weakness in starts isn’t a good sign for the housing market.

Mortgage News

Mortgage rates were a mixed bag this week, mostly staying close to where they’ve been.

Thirty-year fixed-rate mortgages (FRMs) averaged 3.59% with an average 0.6 point for the week ending April 21, 2016, up from last week when they averaged 3.58%. A year ago at this time, 30-year FRMs averaged 3.65%.

15-year FRMs this week averaged 2.85% with an average 0.5 point, down from last week when they averaged 2.86%. A year ago at this time, 15-year FRMs averaged 2.92%.

Five-year Treasury-indexed hybrid adjustable rate mortgages (ARMs) averaged 2.81% this week with an average 0.5 point, down from last week when they averaged 2.84%. A year ago, 5-year ARMs averaged 2.84%.

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10 Trends Driving the Next Decade of Home Design | #NewTrends #ShareWithOthers #RealEstateKnowledge

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10 Trends Driving the Next Decade of Home Design

Over the next 10 years, expect functionality, accessibility, and sustainability to be major themes guiding the look of homes. That could include everything from embracing healthier building materials and furnishings to homes that are designed to be more resilient to bad weather.

More than 500 residential architects offered their insights into what will be the most significant home design elements over the next 10 years. From the American Institute of Architects Home Design Trends Survey, here are the 10 residential design trends to watch for over the next decade:

1. Smarter homes: Technology will become more prevalent in the operation of homes, including via automated controls for temperature, security, and lighting.

2. Healthier homes: Consumers are becoming more aware of environmental health issues that will likely lead to greater use of low or no volatile organic compounds of paint and composite wood, natural fiber upholstery, carpets without polyvinyl chloride backing, and air purification systems.

3. Disaster-proof: Home owners will call for homes that can hold up better against natural disasters, which may mean elevating residences, windows with impact glazing, dedicated safe rooms, and backup power generation.

4. Energy efficiency: Sustainable design elements that increase a home’s energy efficiency — such as solar panels, water reclamation systems, and tankless water heaters –- will likely grow in demand.

5. Age-in-place: Universal design elements will grow in popularity to help an aging population stay in their homes longer. These design elements will likely include wider hallways, added handrails, and one-level living spaces.

6. All about the kitchen: Kitchens will be the focal point of the home, fueled by open design concepts that allow it to stay front and center.

7. Outdoor living spaces: More home owners will look to invest in sprucing up their outdoor living spaces, beyond just outdoor grills or decks. Instead, look for more home owners adding outdoor kitchens and fully furnished outdoor rooms.

8. Home offices: Home owners, due to changing work patterns and a growth in telecommuting, will likely place a greater emphasis on the need for a space devoted to a home office.

9. Smaller but better designed homes: As home owners demand to be closer to jobs and public transportation, architects will have to build in more accessible locations that are typically more pricey. This will likely bring about smaller but more innovative designs and more personalized design features.

10. Urban influence: With growing calls for an urban lifestyle from younger adults, architects will adopt some of these urban characteristics into their projects, such as with a focus on higher-density development that offer more amenities to residents and offer closer to commercial.

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Selling and Buying a Home at the Same Time ? | Here are some Tips | #ShareWithOthers #RealEstateKnowledge

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How to Buy and Sell a Home at the Same Time—Without Losing Your Mind

Ah, to be a first-time home buyer again: How easy it was to buy a home when you weren’t carrying another mortgage on your back!

If you’re looking to graduate from first-timer to repeat buyer, you know things are about to get much trickier. Unless you’re a bona fide house collector, you’ll have to sell your home in order to buy anew—adding a whole separate layer of anxiety to what you already know is a stressful home-buying process.

In an ideal world, you’d buy a new home, move, and then, and when all the dust settles, deal with the turmoil of selling. But for most people, that’s totally unrealistic. Not only does it cost significantly more, since you’ll be paying two mortgages, but sellers might be quick to judge if you’re holding on to your current home.

Drew Snyder, a Realtor® with Snyder Sutton Real Estate in Topanga, CA, says one of his clients had difficulty getting sellers to “take them seriously unless the house was on the market or in escrow. As soon as we put it on [the market], they were considered as serious buyers.”

You can do this! If selling and buying simultaneously is the only way to go, here’s what you need to know to make sure both processes go as smoothly as possible.

Know the market first

Before you start seriously searching for a new home—or put your current home on the market—make sure you have a solid understanding of the housing market in your area (and the area where you’re planning to buy). Is the market weighted toward buyers or sellers?

Only then will you be able to fully strategize. As is so often the case, the best plan of action may differ depending on exactly who has the power.

That doesn’t mean to find one house you like and call it a day: Find multiple suitable options. That way, you’re less likely to find yourself in trouble if your purchase falls through—your newly sold home won’t leave you stranded.

Similarly, make sure to hire an appraiser and price your old home fairly. Now is decidedly not the time for delusions of grandeur: Two extra months on the market because you couldn’t humble yourself to lower the price means two months you’ll be paying double mortgages. Two very long months…

Plan your schedule carefully…

Should you buy first, then sell—or vice versa? Both have their risks and rewards. Selling first makes getting a mortgage easier, but it also means you’ll need to find a temporary place to live. Buying first means moving will be easier, but it also skews your debt-to-income ratio, making it harder to qualify for a new mortgage—not to mention the difficulty of juggling two monthly house payments.

“It’s walking a tightrope,” says Gary DiMauro, a Realtor in New York’s Hudson Valley. And he’s not just talking about scheduling: Your finances will be on the highwire, too. When determining whether you should sell or buy first, think beyond “How can I make the move as easy as possible?” Instead ask: “Can I handle two mortgages? What if my home sells for less than its listing?”

Whichever option you choose, make sure you’re prepared to accept the consequences: having to store your stuff and rent temporarily, or undergoing the financial burdens of dual mortgages.

… but don’t rely on timing

 

When buying and selling a home simultaneously, “there are so many external circumstances,” says DiMauro. “I’ve yet to see it really work smoothly and efficiently.”

Remember: You’re not the only party in this equation. For every seller there’s a buyer, for every buyer a seller. While things might appear to be working smoothly when viewing your master plan from above, that doesn’t take into account the variabilities of other people. Closings are rife with delays. Your buyers might have difficulty securing their mortgage; your home inspector may bring up issues that need to be fixed before you can move in.

“You’re relying on the seller of the place that you’re buying to be ready to move in concert with the buyer of your house,” DiMauro says.

So even if you’ve planned to sell your home first and are prepared to rent while buying, know that even the best-laid plans go awry—and you might end up juggling both mortgages. Preparing yourself for this (however remote) possibility ahead of time will ensure a smooth transition.

Know your financial solutions

For those who choose to sell first, the process is relatively straightforward other than the additional cost of a rental between homes. However, there is the option of a rent-back agreement, where you negotiate with the lenders and buyers to be able to remain in the property for a maximum of 60 to 90 days—often in exchange for a lower selling price or rent paid to the buyers. This can relieve some of the pressure of finding a new home, giving you additional time to house hunt.

But if you’re buying first, talk to your Realtor about ways to decrease your financial burden and risk. Here are the two most popular options for buyers:

Contract contingency: Buyers can request that their new home purchase be dependent on the successful sale of their old home. If you’re looking in a competitive market, this may not be a good option; however, if the seller of your intended home has had difficulty attracting interest, this may be a good deal for all parties involved—assuming you can convince them that your home will sell quickly.

Bridge loans: Bridge financing allows you to own two homes simultaneously if you don’t have deep pockets for a second down payment. This option is especially attractive if you’d planned to sell your home first and use the proceeds to buy the second. It functions as a short-term loan, intended to be repaid upon the sale of your original house.

Don’t let fear rush you

If your home has sold but you haven’t found a new place to live, don’t let anxiety push you toward a bad decision. DiMauro usually recommends that his clients pre-emptively plan on a short-term rental “so they don’t feel stressed or pushed into something that they would not normally be interested in,” he says. “They shouldn’t make a purchase because they felt like they were pressured from the time constraints.”

Found the perfect home right on schedule? That’s great. But don’t feel like you have to compromise on things that are important to you just because you need to find a home. Conversely, don’t accept a bid that you feel is too low just because your finances are strained by two mortgages. If you have a temporary apartment set up, you’re less likely to compromise.

Certainly, selling and buying a house simultaneously will be stressful—but carefully considering and planning for the risks and hurdles can mitigate the stress.

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Survey: Real Estate Is the Best Investment | Call To Discuss Your Real Estate Portfolio | #ShareWithOthers #RealEstateKnowledge

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Survey: Real Estate Is the Best Investment | Realtor Magazine

Americans ranked real estate as the best long-term investment, even over stocks and gold, according to a recent Gallup Poll of about 1,000 U.S. adults. Real estate has been the top investment choice for the past two years, and it’s lead is increasing over four other popular investment choices.

Thirty-five percent of Americans selected real estate as their top investment choice compared to 22 percent for stocks and mutual funds; 17 percent for gold; 15 percent for savings accounts/CDs; and 7 percent for bonds. By comparison, 34 percent of Americans said gold was their top long-term investment choice in 2011 while 19 percent said real estate.

“As the average sale price of new homes in the U.S. increased from $259,300 in August 2011 to $348,900 in February of this year, the percentage of Americans picking real estate as the best long-term investment almost doubled,” according to Gallup. “During approximately the same time span—from August 2011 to April of this year—gold prices plunged from $1,910 to $1,254 per ounce, and the percentage thinking gold would be the best investment was cut in half.”

The poll also revealed the following:

  • Men are more likely than women to say gold is the best long-term investment. Women tend to favor savings accounts more so than men.
  • Those surveyed who are younger than 30 years old were the least likely age group, at 26 percent, to think real estate is the top investing choice. They are most likely to choose savings as the top long-term investment choice.
  • Renters (32%) and home owners (34%) are about equally as likely to choose real estate as their top long-term investment choice.
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Sellers See Highest Price Gains in Years | We Are #1 and #2 Right Here | Real Estate Is a Great Investment

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Sellers See Highest Price Gains in Years | Realtor Magazine

Most home sellers are seeing plenty of equity when selling their home. In March, sellers on average sold for $30,500 more than what they had paid for their home – a 17 percent gain, according to RealtyTrac’s March and First Quarter 2016 Home Sales Report. That marks the highest average price gain for sellers in any month since December 2007, the onset of the Great Recession.

“Home sellers in many markets are now seeing average price gains close to or above what home sellers experienced during the last housing boom,” says Daren Blomquist, RealtyTrac senior vice president. “That should encourage more home owners to take advantage of the prime seller’s market and list their homes for sale this year.”

The report reveals that sellers are seeing the largest average gains in the following metros:

  1. San Francisco: 72% average gain
  2. San Jose, Calif.: 60%
  3. Boulder, Colo.: 53%
  4. Prescott, Ariz.: 51%
  5. Los Angeles: 48%
  6. Denver: 42%
  7. Portland: 40%
  8. Austin: 40%
  9. Seattle: 38%
  10. Baltimore: 38%
  11. Riverside-San Bernardino, Calif.: 37%
  12. San Diego: 36%
  13. Sacramento: 35%
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Existing-Home Sales Kick Off Strong Spring | Spring & Summer Most Active | #ShareWithOthers #RealEstateKnowledge

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Existing-Home Sales Kick Off Strong Spring | Realtor Magazine

After dismal numbers in February, home sales were back on track in March, ramping up for a strong spring selling season, the National Association of REALTORS® reported Wednesday. In particular, gains in the Northeast and Midwest helped fuel the rebound.

Total sales for existing homes surged 5.1 percent to a seasonally adjusted annual rate of 5.33 million in March — up 1.5 percent from a year ago — according to NAR’s latest existing-home sales data. The report shows that all four major regions of the U.S. posted gains.

“Closings came back in force last month as a greater number of buyers overcame depressed inventory levels and steady price growth to close on a home,” says NAR Chief Economist Lawrence Yun. “Buyer demand remains sturdy in most areas this spring, and the mid-priced market is doing quite well. However, sales are softer both at the very low and very high ends of the market because of supply limitations and affordability pressures.”

5 Stats to Gauge the Market

Here’s an overview of some of the key stats from NAR’s latest housing report:

  1. Home prices: The median price for an existing home in all housing types was $222,700 in March, up 5.7 percent from a year ago.
  2. Days on the market: Forty-two percent of homes sold in March were on the market for less than a month. But the overall average for time on market was 47 days, below the 52-day average a year ago. Short sales tended to linger on the market the longest, at a median of 120 days, while foreclosures typically sold in 50 days and non-distressed homes averaged 46 days.
  3. Distressed sales: Foreclosures and short sales dropped to 8 percent in March, down from 10 percent a year ago. Broken out, 7 percent of sales in March were foreclosures and 1 percent were short sales. On average, foreclosures sold for a discount of 16 percent below market value while short sales were discounted 10 percent.
  4. All-cash sales: All-cash transactions comprised 25 percent of the market in March, up from 24 percent a year ago. Individual investors account for the bulk of cash sales and purchased 14 percent of homes in March, unchanged from a year ago.
  5. Inventory: The number of homes for sale rose 5.9 percent in March to 1.98 million. Still, that remains 1.5 percent lower than a year ago. Unsold inventory is at a 4.5-month supply at the current sales pace.

“The choppiness in sales activity so far this year is directly related to the unevenness in the rate of new listings coming onto the market to replace what is, for the most part, being sold rather quickly,” Yun says. “Additionally, a segment of would-be buyers at the upper end of the market appear to have been spooked by January’s stock market correction.”

Regional Breakdown

Here’s a look at how existing-home sales fared across the country in March:

  • Northeast: Existing-home sales surged 11.1 percent to an annual rate of 700,000, which is 7.7 percent higher than a year ago. Median price: $254,100, up 5.8 percent from a year ago.
  • Midwest: Existing-home sales rose 9.8 percent to an annual rate of 1.23 million, which is 0.8 percent higher than a year ago. Median price: $174,800, up 7 percent from a year ago.
  • South: Existing-home sales increased 2.7 percent to an annual rate of 2.25 million, which is 2.3 percent higher than a year ago. Median price: $194,400, up 4.6 percent from a year ago.
  • West: Existing-home sales increased 1.8 percent to an annual rate of 1.15 million, which is 2.5 percent lower than a year ago. Median price: $320,800, up 5.9 percent from a year ago.
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