Realtors: Low supply continues to curb our home sales
Home sales fall to third-lowest level this year
After two months of modest increases, pending home sales fell to their third-lowest level over the past year, according to the latest report from the National Association of Realtors.
The Pending Home Sales Index, a forward-looking indicator based on contract signings, declined by 1.3% in April to 106.4, up from 107.8 in March. With April’s decrease, the index is down 2.1% marking the fourth consecutive month of annual declines.
“Pending sales slipped in April and continued to stay within the same narrow range with little signs of breaking out,” NAR Chief Economist Lawrence Yun said.
“Feedback from Realtors, as well as the underlying sales data, reveal that the demand for buying a home is very robust," Yun said. “Listings are typically going under contract in under a month, and instances of multiple offers are increasingly common and pushing prices higher.”
Yun also stated that reaching the market will remain a challenge for many home buyers if supply remains it the current low levels.
Summer months could prove to be difficult for the housing market: “The combination of paying extra at the pump, while also needing to save more for a down payment because of higher rates and home prices, may weigh on the psyche of those looking to buy,” Yun said. “For now, the economy is very healthy, job growth is holding steady and wages are slowly rising.”
“However, it all comes down to overall supply. If more new and existing homes are listed for sale, it would allow home prices to moderate enough to stave off inflationary pressures and higher rates,” he said.
Yun forecasts existing home sales will come in around 5.54 million in 2018, an increase from 5.51 million in 2017. The national median existing-home price, he predicts, will increase about 5.1% in 2018. For comparison, existing home sales increased 1.1% in 2017 while prices rose 5.7%.
In April, the PHSI remained unchanged at 90.6 a 2.1% decrease from 2017. The Midwest index decreased by 3.2% at 98.5, declining 5.1% from this time last year.
Lastly, pending home sales in the south declined 1% to a 127.3, which is still 2.7% higher than last April. The index in the west modestly declined 0.4% to 94.4 and is 4.6% below 2017.
A word from Chris Russell, CEO of Plum Tree Realty:
"One of my greatest passions is to use our real estate business to help alleviate suffering in this world. So we take proceeds from Plum Tree to help orphans, feed the hungry, heal the sick and hurting, and to aid the homeless ... both in the States and abroad. We are not about "getting rich." We are about making a difference. So when you do business with Plum Tree Realty, you can know that a portion of your money is going toward helping those on this planet who are in need of help. Together we can make a difference!"
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Areas of Expertise:
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Putting it Together
Plum Tree Realty is a premier real estate marketing company focused on helping buyers and sellers get the highest level of real estate services. We help home owners, for instance, who have homes for sale in Mason, Ohio to price their homes in a competitive way since the market is growing in such a fast rate in that area. When a buyer is looking for West Chester, Ohio real estate for sale, we can guide them to the very best deals that are available, and we can give them expert advice as they make such a huge purchase. We cover all of the major real estate markets of the Greater Cincinnati including the following hot markets:
Cincinnati, OH Real Estate (homes for sale)
West Chester, OH Real Estate (homes for sale)
Madeira, OH Real Estate (homes for sale)
Monroe, OH Real Estate (homes for sale)
Indian Hill, OH Real Estate (homes for sale)
Hyde Park, OH Real Estate (homes for sale)
Blue Ash, OH Real Estate (homes for sale)
Lebanon, OH Real Estate (homes for sale)
Loveland, OH Real Estate (homes for sale)
Fairfield, OH Real Estate (homes for sale)
Hamilton, OH Real Estate (homes for sale)
Liberty Township, OH Real Estate (homes for sale)
Kenwood, OH Real Estate (homes for sale)
Mount Adams, OH Real Estate (homes for sale)
While some people search for homes according to the suburb names, others are very interested in the top school districts in the area such as homes for sale in Mason School District, homes for sale in the Lakota School District, homes for sale in the Wyoming school district, homes for sale in the Sycamore school district, homes for sale in the Monroe School District, and more. Our agents are highly-skilled in placing families in the best school districts in Cincinnati according to the desires of each family involved.
Of course, we also have great skill in helping buyers and investors find foreclosures, short sales, bank owned homes, and other great investment properties in the Greater Cincinnati Metro Area as well. Many of our agents are investors themselves, so they are great at helping other investors be the first one to the "golden egg."
We also have agents who specialize in helping families who are relocating to Cincinnati, Mason, West Chester, Blue Ash, Madeira, and any of the other regions in Southwest Ohio. It's great to have "feet on the ground" when you are looking to make such a move.
Plum Tree Realty has also become quite a favorite company for those who like to try to sell their home as a For Sale By Owner in Cincinnati as well. The reason for this is that we offer a $500 flat-fee listing to home owners who would like to sell as a FSBO, but they would also like to have a presence on the Cincinnati MLS search for homes for sale. Most FSBOs miss that exposure, but for just $500, we can help them get listed on the Cincinnati MLS and find buyers at the speed of ... the internet!
While most brokerages feel they have the best agents in Cincinnati, we truly believe that we are at the top. Many larger companies like Sibcy Cline, Remax (RE/MAX), Coldwell Banker West Shell, Comey & Shepherd, and others are at a size that makes it difficult for them to react to the markets and changing times at a great speed. Since Plum Tree is smaller, we are able to respond to market conditions rapidly and efficiently which gives us a disting market advantage. Remember: "It's not the big who eat the small; it's the FAST who eat the SLOW!"
"After spending a year with two listing agents and brokerages, I listed my home with limited representation to save the traditional listing commission (2-3%), use those savings to lower my list price and be more competitive in a slow market. If you're thinking of selling your own home and are comfortable with handling most aspects of the sale, you owe it to yourself to contact Chris Russell at Plum Tree Realty. They offer a flat fee MLS listing service, coaching and full service representation. You determine the level of service you need and the price paid. Their service is very professional, they do exactly what they say they will and both buyer and seller benefit from the reduced cost of selling your home."