Denelle Realty

Posted onDecember 16, 2011 - 10:32 pm by Admin | 0 Comments

The housing market continues to signal that a broad rebound is underway. In October, despite sparse home inventory, the number of properties sold increased 1.4% nationwide.

According to data from the National Association of REALTORS®, on a seasonally-adjusted, annualized basis, October Existing Home Sales gained 70,000 units as compared to September, registering 4.97 million existing homes sold overall.

An “existing home” is a home that has been previously occupied and, as compared to prior months, the stock of homes for sale is depleted. 

Just 3.3 million homes were listed for sale last month. This represents a 2 percent drop from September and marks the sparsest home resale inventory of 2011.

The current home supply would last 8.0 months at today’s sales pace — the fastest rate since January 2010. 

The real estate trade group’s report contained other noteworthy statistics, too :

  1. 34 percent of all sales were made to first-time buyers
  2. 29 percent of all sales were made with cash
  3. 28 percent of all sales were for foreclosed homes, or short sales

It also said that one-third of transactions “failed” as a result of homes not appraising for the purchase price; failure to achieve a mortgage approval; and, insurmountable home inspection issues.

This 33% failure rate is huge as compared to September 2011 (18%) and October 2010 (8%). It underscores the importance of getting pre-qualified to purchase, and of selecting a home “in good condition”.

For today’s home buyer, October’s Existing Home Sales may be a “buy signal”. Supplies are falling and sales are increasing. Elementary economics says home prices should begin rising, if they haven’t already.

Remember : The data we’re seeing is already 30 days old. Today’s market may be markedly improved already.

The good news is that mortgage rates remain low. Freddie Mac reports that the average 30-year fixed rate mortgage rate is 4.000% with 0.7 discount points, making homes as affordable as they’ve been in history.

With rising home values, you may end up paying more to purchase your new home, but at least you’ll pay less to finance it.

Tags: Existing Home Sales, Existing Home Supply, NAR

WARWICK, R.I. — Bruce Lane of Williams and Stuart Real Estate in Cranston was named the 2011 Rhode Island REALTOR of the Year last week at the Rhode Island Association of REALTORS and State-Wide MLS installation and recognition dinner. He is also the recipient of the Greater Providence Board of REALTORS 2011 REALTOR of the Year award, as well as the organization's 2011 president.

Lane is active at all levels of the organization and has served on the Greater Providence Board of REALTORS finance, nominating, executive, professional standards, grievance and RPAC committees. He sits on both the RIAR and State-Wide MLS boards of directors. He has also served at the national level on the National Association of REALTORS Multiple Listing Service issues and policies committee.

"We're honored to have someone of Bruce's caliber in our membership and thrilled to honor him as the 2011 Rhode Island REALTOR of the Year," said Susan Arnold, RIAR CEO. "Bruce's energy and commitment to the causes he supports is outstanding."

Lane was selected from five recipients of a REALTOR of the Year award presented by their local board. The five local winners were: Nancy Denelle, Northern Rhode Island Board; Stephen Larson, Newport Board, Jennifer Bove, Kent-Washington Association; and Lawrence Platt, Rhode Island Commercial and Appraisal Board.

Also at the dinner, Ed Stachurski of Lincoln, was recognized for his leadership and service to State-Wide MLS with a Distinguished Service Award. Stachurski has been a licensed appraiser and broker since 1975 and operates the Century 21 Stachurski Agency offices in Lincoln and Pawtucket. The State-Wide MLS Distinguished Service Award is the highest honor presented by the organization. Stachurski is the second recipient of the award.


At the event, the State-wide MLS announced the installation of its 2012 officers and board of directors including Susan Stamford of RE/MAX Town and Country in Cumberland as 2012 president. Stamford served as 2009 president of the Northern Rhode Island Board of REALTORS and was also the board's 2009 "REALTOR of the Year." Other 2012 officers elected include: vice president/secretary, John Silvia of Prudential Prime Properties in Newport; and treasurer, Jeffrey Butler of Butler Realty Group in Warwick.

RIAR also announced its installation of 2012 officers naming Jamie Moore, of Jamie Moore Appraisals, Inc. in Warwick, as its 2012 president. A Warwick resident, Moore is a residential appraiser and a 25-year member of the Realtor organization. Other new officers include: president-elect: Victoria Doran of Coldwell Banker Residential Brokerage, Providence; vice president: Robert Martin of Century 21 Crossroads, Woonsocket; treasurer: Art Yatsko, the Salisbury Agency, Warwick; secretary: Bruce Lane, Williams & Stuart Real Estate, Cranston; and immediate past president: Stephen Antoni, RE/MAX Professionals, East Greenwich.




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