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July 2017

Found 5 blog entries for July 2017.

In today’s market, with home prices rising and a lack of inventory, some homeowners may consider trying to sell their homes on their own, known in the industry as a For Sale by Owner (FSBO). There are several reasons why this might not be a good idea for the vast majority of sellers.

Here are the top five reasons:

1. Exposure to Prospective Buyers 

Recent studies have shown that 94% of buyers search online for a home. That is in comparison to only 16% looking at print newspaper ads. Most real estate agents have an internet strategy to promote the sale of your home. Do you?

2. Results Come from the Internet

Where did buyers find the homes they actually purchased?

  • 51% on the internet
  • 34% from a Real Estate Agent
  • 8% from a yard
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We've been telling you about the affects of low housing inventory levels around the greater Daytona Beach area for more than a year. But the problem isn't localized. In fact, the problems are widespread and some area's are experiencing shortages far worse than we are.

The Joint Center of Housing Studies (JCHS) at Harvard University recently released their 2017 State of the Nation’s Housing Study, and a recent blog from JCHS revealed some of the more surprising aspects of the study.

The first two revelations centered around the shortage of housing inventory currently available in both existing homes and new construction.

“For the fourth year in a row, the inventory of homes for sale across the US not only failed to recover, but dropped yet again.

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Single family home sales and prices remained stable around the greater Daytona Beach area in June despite the ongoing low inventory levels.  

For the month ending on June 30, 2017, the Daytona Beach Multiple Listing Service (MLS) reported that 489 existing single-family homes (detached) were sold in the greater Daytona Beach area with a median home sales price of $215,000. It amounts to a scant one percent increase in sales and a 6.4 percent jump in median sales prices, year over year. Compared to May, month over month comparisons showed sales totals rose by nearly 4 percent as prices remained unchanged. 

Comparisons to previous months and 2016 SFR sales figures are below:

  • June 2017: 489 sales, $215,000 median sales price.
  • June 2016: 483
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Interest rates have hovered around 4% for the majority of 2017, which has given many buyers relief from rising home prices and has helped with affordability. Experts predict that rates will increase by the end of 2017 and will be about three-quarters of a percentage point higher, at 4.5%, by the end of 2018.

Last week’s Freddie Mac Primary Mortgage Market Survey revealed that interest rates for a 30-year fixed rate mortgage have fallen to their lowest mark this year, at 3.88%. This is great news for homebuyers looking to purchase and homeowners looking to refinance.

The rate you secure greatly impacts your monthly mortgage payment and the amount you will ultimately pay for your home.

Let’s take a look at a historical view of interest rates over

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Daytona Beach area condo sales stumbled again in June as inventory levels remained woefully low and median sales prices skyrocketed. 

An analysis of Daytona Beach Multiple Listing Service (MLS) data by The Wyse Home Team at Keller-Williams Realty showed there were 128 condo sales in June with a median sales price of $205,000. The totals reflect a slight 4.5 percent decrease in sales and a sizeable increase in median prices, compared to June 2016. In fact, median condo sales prices were up by more than 22 percent in year-over-year comparisons. Meanwhile, sales were down substantially by nearly 23 percent in month over month comparisons. And median prices were up by more than 4 percent compared to May.  

“It’s great to see prices holding strong,”

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