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US Existing Home Sales, January 2010 Results

Source: National Association of REALTORS

News Release: http://www.realtor.org/press_room/news_releases/2010/02/ehs_january2010

Summary: Existing homes sales across the United States fell 7.2 per cent in January to a seasonally adjusted annual rate of 5.05 million units. However, sales were up 11.5 per cent from the 4.53 million-unit level recorded in January 2009. The median price for homes was $164,700, unchanged from a year ago. Analysis: January’s US existing home sales result represented the second straight monthly decline. Some of the decline, however, was likely due to the fact that sales were “pulled forward” in the fall of 2009 when US home buyers thought the first-time home buyers tax credit would expire. This tax credit has since been extended until April 2010. As a result of the extension, NAR has predicted that another surge in home sales should be expected later in the first quarter and into the second quarter as well.

While market conditions have tightened noticeably in the past year, with months of supply dropping 19 per cent to 7.8 months versus 9.6 months in January 2009, the median home selling price remained flat year-over-year. A key reason behind the lack of annual price growth was the large number of distressed sales, which accounted for 38 per cent of total market activity. A lot of these sales are allcash transactions, which are often associated with lower selling prices than those sales involving mortgage financing. Moving forward, it will be important for the US resale market to remain relatively tight. This will promote renewed price growth as well as spill-over sales in the new home market.

Read more on what's happening in the Mississauga real estate market on our blog.

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Real Estate Listings Mississauga

The problem with MLS real estate listings is that homes that are still available are the ones everyone is passing on. If a home has been on the market for a long time and is just not selling, there must be a reason. So just having your home appear on the multiple listing service may diminish its appeal for many discriminating buyers. Smart home buyers get in on great new homes for sale right away. Some are bought up before the advertised listing is seen by buyers. A good Mississauga real estate agent can help you learn of newly available properties and of properties that may be becoming available.

Homes often come up for sale for a number of reasons including financial problems. Some homeowners will try to rent out their basement or take on borders to make up the shortfall in funds for their mortgages. Power of sale opportunities are often hard to discover too. After months of being in the real estate listings, a homeowner may get discouraged and begin to lower their asking price severely. If you're thinking the Mississauga real estate listings are the best way to market a home, please give us a call so we can show you how a professional marketing approach is better. Often, it's not how many people see your home, but who sees it. Try a better approach to selling Mississauga real estate.