Have you checked out our Kerry-Lynn plan yet? It’s a beauty and we’re building one right now! This gorgeous 4 bedroom home also offers 2 full baths and 1 half bath. Your family will enjoy all the space this house plan has to offer! The kitchen is huge with an island perfect for entertaining. Laundry on the first floor and a dining room that will welcome everyone during the holiday seasons! 2 car garage under. You won’t find a house with so much room for such an incredible price!
The bidding wars are back. Seemingly overnight, many of the nation’s major housing markets have gone from stagnant to sizzling, with for-sale listings drawing offers from a large number of house hunters.
In March, 75% of agents with broker Redfin said their clients’ offers were countered by rival bids, up from 56% who said so in late 2011.
The competition has been most intense in California, where 9 out of 10 homes sold in San Francisco, Sacramento and cities in Southern California drew competing bids during the month. And at least two-third of listings in Boston, Washington D.C., Seattle and New York generated bidding wars.
“The only question is not whether a new listing will get multiple bids but how many it will get,” said Kris Vogt, who manages 14 Coldwell Banker offices in the Sacramento area. One home in an Elk Grove, Calif., subdivision recently received 62 separate bids. The final sale price was for more than $150,000, well above its $129,000 asking price.
In Cambridge, Mass., two condos that could be combined into one large home hit the market two weeks ago for $800,000 each, according to Pat Villani, president of Coldwell Banker Residential Brokerage in New England.
“The brokers stopped taking names after the number of bidders reached 250,” she said. The winning bidder offered $2 million for both units.
Homebuyers eager to purchase before home prices and mortgage rates rise are finding few homes for sale as sellers hold out for better deals, said Glenn Kelman, Redfin’s CEO.
Many homeowners are still underwater, owing more on their mortgages than their homes are worth, and they want to wait until selling becomes profitable again. By doing so, they can avoid short sales, which carry big hits on credit scores, 85 to 160 points, according to FICO.
“Many people have been holding on for a profit and they’re just now getting their heads above water,” said Kelman.
Those who want to sell and buy a new home are encountering a market where it’s difficult to find a new place of their own, said Vogt.
Over the past few months, Jackie and Cliff Kaufman have bid on four different homes in St. Petersburg, Fla., including one short sale and a foreclosure.
The pair, who have two adult children and run an online jewelry business, said they bid $5,000 more than the $495,000 asking price on the first home they had their eye on and never heard back from the seller’s agent. They were later told the house sold for nearly $550,000.
Next, they bid on a short sale listed for $600,000. This time, they came in $10,000 above the asking price and again, they were beaten out. The house was only on the market for two days.
The third attempt to make an offer on a bank-owned property was also met with silence.
“It was very frustrating,” said Jackie Kaufman. “We felt we were always on the outside of the loop and that people who won the homes had the inside track.”
By the fourth try, the couple successfully bid through a listing agent, who they believe pushed their bid harder in order to earn a double commission since she was representing both the buyer and seller in the deal. And they managed to get the place for $30,000 less than the asking price.
They were lucky. Inventories of homes for sale continue to shrink. In February, the National Association of Realtors reported a 19.2% decline in inventory year-over-year. While the number of homes for sale should rise with the onset of the spring selling season, housing inventory is expected to remain low, pushing prices higher.
And new home construction, especially in markets hit hard by the housing bust, is still moving forward at a snail’s pace, since the cost to build the homes is often more than what the property ends up selling for, said Jeff Culbertson, president of Coldwell Banker’s Southern California operations.
Even though home prices are on the rise, the balance between buyers and sellers has been thrown off balance, said Kelman.
After that colossal snow fall this past weekend, we’ve spent some time tooling around Pinterest in search of some bright, cheerful and vibrant outdoor gardens. Helps to keep us motivated and looking forward to all the beauty of spring. There are some really cute ideas out there that seem pretty easy to implement into any size garden or outdoor space.
Ice-Cube Tray Munchies
These days, ice-cube trays aren’t just for freezing water. They make excellent drawer organizers for housing tiny odds and ends, and, interestingly enough, they are perfect food separators for picky little ones. Jennifer Bishop decided to integrate this colorful and creative idea at toddler birthday parties where all the kids, picky or not, would be happy with the variety of food choices in front of them. Plus, the trays are stackable, making a cute and colorful statement on the food buffet. Photo courtesy of Jennifer Bishop
More great ideas here at HGTV.com
Massachusetts single-family home sales rose 38 percent in November, the largest year-over-year percentage increase this year and the 11th consecutive month of gains, according to the latest report by The Warren Group, publisher of Banker & Tradesman.
The median price of single-family homes rose almost 2 percent to $275,000 in November, up from $270,000 a year earlier.
November single-family home sales increased to 4,539 from 3,290 during the same month last year. This is the best November for sales since 2005, when there were 4,553 sales statewide. So far this year, 43,652 sales have been recorded, a 22 percent increase from 35,718 sales during the same period in 2011.
“We’re winding down a pretty strong year of real estate in Massachusetts. It looks like sales will be the highest since 2006,” said The Warren Group CEO Timothy M. Warren Jr. “We’re also seeing median prices start to creep up, another positive sign of a healthy market recovery.”
The median price for homes sold January through November was $288,000, down 0.35 percent from $289,000 in the prior year. Meanwhile, both single-family homes and condominiums in the Bay State had the same median price in November: $275,000.
“The popularity of condominiums as an alternative to apartment living has increased their pricing more than single-family homes. Last month we saw the unusual statistic that they have exactly the same median price,” Warren added.
Condominium sales in Massachusetts also increased in November, rising 33 percent from a year earlier. A total of 1,635 condos sold last month, up from 1,232 in November 2011. Year-to-date condo sales are up 27 percent, increasing to 17,765 from 13,971 a year earlier.
The median condo price in November jumped more than 7 percent. The median selling price was $275,000, up from $255,950 a year earlier. The year-to-date median price of condos in the Bay State is $276,000, up 2 percent from $270,000 a year ago.