Saturday, April 19, 2014 / by Doug Leugers
1st Quarter Real Estate Market Update: What the Media isn't Telling You
If you have been watching the news lately, most agencies are reporting that the real estate market has softened and that now is not the time to do anything on the market. This could not be farther from the truth. You should never trust what you hear unless it's from your REALTOR. This is why I'm here to update you on what is actually happening in the market right now.
- For instance, the slide in the video shows us that pending home sales are decreasing big time. This other graph also shows that there has been a big decrease in home sales as well.
- Now, what the media isn't telling you is this: Real estate sales are very regional. The only region with a significant decrease in sales was the west. Here in the south we had a 3.6% increase in home sales. The Midwest saw a 2% increase, and the Northeast saw a 7.1% increase in home sales.
- So, what does this say? Well, I think we can take weather into consideration. This harsh winter has probably been causing a lot of people to delay their real estate endeavors, and this has impacted our market.
- Another thing the news is not telling you is the breakdown between distressed and non-distressed property sales.
- Distressed sales are at an all time low at 15% of the total market.
- This is a great sign that the market is getting healthy again, because only a few years ago distressed sales made up 35% of the market. This makes me believe that the market is doing just fine, and we're seeing the type of sales that we want to see.