FRIDAY FACTS May 3, 2013
- An article in Inman News predicts that housing inventory will bottom in 2014 and thereafter price rise will slow. Existing home inventory, which is 90% of on market property, has dropped 20% year over year for the last 15 months and is now at levels not seen since 2000.
“Housing inventory in Barnstable County was down 14.5% compared to March of the previous year.” – Lynette Helmes, Real Estate Associates CEO
- Realtor Magazine gives 3 tips for home shoppers this spring:
– Lowball offers are a waste of time. Homes are selling much closer to their asking price.
– To win a bidding war, come in with a higher price, fewer contingencies and be flexible with dates.
– Shop around for financing. Get a good faith estimate from one lender then ask other lenders to beat it.
- The KCM Blog offered the following statistics for vacation home sales in 2012:
- The number of sales rose 10.1% from 2011 and accounted for 11% of all transactions in 2012.
- 35% of vacation homes purchased were distressed sales.
- The typical vacation homebuyer was 47 years old and the median household income was $92,100.
- Lifestyle factors remain the primary motivation for vacation homebuyers with 80% planning to use the property for vacations or a family retreat and 27% planning to use it as a primary residence in the future.
- 34% purchase a vacation property within 100 miles of their primary residence, 46% purchase a vacation property more than 500 miles from their primary residence. The median distance is 435 miles.
“Barnstable County is largely a second home market. The majority of buyers come from within Massachusetts, followed by the other New England states and New York.” – Lynette Helmes, Real Estate Associates CEO
- 46% paid cash.
- The median down payment was 27%.