September Finds…
• The total number of sold homes has decreased since summertime. This may be due to the ‘back to school’ season.
• Homes are on the market for roughly 144 days before selling, which isn’t too long for the seller considering it’s currently a “buyers market.”
• There is an average $16,000.00 difference in the list price of homes versus the final sales price of a sold home. Sellers and buyers, finding a happy medium is key in your home sales transaction!
On Wednesday, September 29, Brooke, Melissa and I had the pleasure of attending the SMC Sales Camp in Pikesville, Maryland.
We had the opportunity to hear Peter Franchot, the Comptroller of Maryland, speak on the economy of the state as well as his opinions and ideas for the housing industry.
We also listened to Jeff Shore, an expert in new homes sales training. Jeff stressed the importance of a positive, confident attitude and the enthusiasm necessary to establish a comfortable relationship with a potential home buyer. After listening to Jeff speak I believe all three of us left the seminar encouraged, inspired and motivated! I look forwarding to reading more of Jeff’s work as well as his newsletter that is available on his website.
Finally, it would be a disgrace if I didn’t mention our unbelievable lunch at one of the best deli’s in Maryland, Edmart.
Thank you Brooke for such a great learning experience and day!
-Bobbi
Maryland Comptroller
Myself, Melissa, Jeff Shore and Brooke
Edmart Deli corned beef
June Highlights-
Some noticeable differences in our July report below:
As CFO of Kaine Homes, I didn’t really have the opportunity to interact with our customers up until the last year when the entire Kaine Team started taking turns covering our model home on the weekends when Melissa was off. I also didn’t realize how much I would enjoy introducing our homes to potential buyers and the thrill I would get when one of my initial contacts became a new Kaine Homeowner. That thrill was superseded this past Friday when I had the privilege of not only being the one who made the initial contact with a wonderful young couple several months ago, but also took part in their settlement, and witnessed the excitement as they prepared to move into their “dream home.” I am a little embarrassed to admit I was almost moved to tears when this couple thanked me for making them realize the time was right for their new home purchase. They are getting married this April and will now be starting their new life in the home of their dreams.
A dream I can’t help but feel a little bit a part of.
Christine Hysan
Research shows shows that Washington, D.C., is one of the few major markets to actually record an increase in new home sales this year; sales were up 17% through June, according to Hanley Wood Market Intelligence, though the market slowed in September. The federal government appears to be living up to its reputation as a counter-cyclical buffer, though many of the jobs in the nation’s capital are now in the tech sector. Home prices in this high-priced region seemed to correct early. Median home prices fell 20% in 2008 and have fallen another 21% through September of this year. But in a research note, market researcher Dan Fulton recently asserted that home prices probably won’t decline further. In his opinion, Northern Virginia doesn’t have enough housing, while Maryland’s Prince George’s and Charles counties continue to suffer from oversupply. Washington qualifies as one of the most affluent markets in the country with a median income of $83,500.
NEW YORK (CNNMoney.com) — Sales of newly constructed homes were almost flat in April — but in a sickly housing market, economists saw a few reasons for hope.
The Commerce Department said new home sales ticked up 0.3% last month to a seasonally adjusted annual rate of 352,000. That was from a downwardly revised reading of 351,000 in March.
Analysts were looking for the rate of new home sales to rise to 360,000, according to a consensus estimate of economists compiled by Briefing.com.
“We aren’t seeing a huge upswing in market conditions. But we aren’t seeing things fall apart again, either,” said Mike Larson, real estate and interest rate analyst at Weiss Research, in a research note more…
Signs of recovery – and perhaps a bottom – emerge in housing market report; largest monthly increase since 2003.
By Aaron Smith, CNNMoney.com staff writer
NEW YORK (CNNMoney.com) — In a strong sign that the housing market may be picking up, builder confidence in April made its most dramatic increase in nearly seven years, according to an industry report.
The Housing Market Index, a survey-based measurement of sales, as well as sales expectations, rose by more than 50% in April, according to the National Association of Home Builders, which compiles the index with Wells Fargo.
The index rose to 14 from its prior level of 9, which was the biggest increase since May 2003.
“After a very long period of extreme distress, it’s given the builders some sense of reaching a bottom,” said David Crowe, chief economist for the association.
The index has had a volatile history. It was launched in January 1985 with a baseline level of 50. It fell to 20 in 1991 and then peaked above 70 in the bubble years of 1998 and 1999. The index fell below 50 again in 2001, then ascended gradually until June 2005, when it reached 72.
After that, the index fell into its most prolonged descent. There have been occasional lifts, but they have been temporary. Last April it was at 20 and then sank to the single digits in November, where it remained until this month’s increase.
The survey is a composite of ratings, based on builders’ perceptions of single-family home sales, their expectations for sales over the next six months and volume of prospective buyers.
Of these various components, the largest increase in April came from sales expectations for the next six months. According to Crowe, this is also the area that had suffered the steepest declines in recent months.
The market index rose in every region of the United States in April, with housing activity in the Northeast growing at twice the pace of the West. The index in the Northeast rose eight points, for a total of 16; the West gained four points, for a total of 9.
Going forward, the government will release its monthly report on the construction market for residential housing on Thursday. The projections don’t paint as optimistic a picture.
The U.S. Census Bureau is expected to announce that building permits totaled 550,000 in March, according to a consensus of economist estimates compiled by Briefing.com. This would be nearly unchanged from the prior month’s tally of 547,000 permits.
The Census Bureau is also expected to report that housing starts totaled 550,000 in March, according to Briefing.com consensus. That would be a significant decline from 583,000 in the prior month. 
