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| Jim Young |
1801 Mopac, Suite 100, Austin, TX 78746 | |
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Brokers & Sellers: Our Buyer Needs: CLICK HERE
Existing home sales across the US continue to significantly improve, with the July 2013 seasonally-adjusted annualized rate hitting the greatest level in almost four years, according to the National Association of Realtors (NAR). For the month of July, the SAAR of existing home sales tallied 5.39 million, up from 4.6 million in July 2012, a gain of 17.2 percent. Median home prices in July of this year hit $213,500, a gain of 13.7 percent from a year ago when the median price was $187,800. This was the highest median price recorded since June 2008.
Other details from the NAR release:
· All-cash sales in July made up 31 percent of total existing home transactions, unchanged from June 2013
· One year ago, foreclosures and short sales tallied 24 percent of all existing home sales, and now just 15 percent, 6 percent were short sales and 9 percent foreclosures
· Short sales had an average discount of 12 percent compared to non-distressed real estate, with foreclosures discounted 16 percent
· Investors bought 16 percent of all properties in July 2013, down from a 22 percent peak in February 2013
· Short sales were on the market a median 72 days, foreclosures 50 days, and non-distressed real estate 40 days
· First-time homebuyers represented just 29 percent of the closings, down from 34 percent a year ago -- affordability is just starting to come into play given rising interest rates
· Months inventory remained static at 5.1 months even though the number of available listings increased 5.6 percent to 2.28 million active listings. One year ago saw a 6.3 month inventory of listings available for sale based on the sales rate at that time. Most real estate economists agree than a 6-month inventory is normal
· Current U.S. median existing home (monthly) price is just 7.3 percent less than the peak seen in July 2006 (single month comparison) —12month moving average is down 16.4 percent from the July 2006 peak
· 17 months consecutive year-over year price increases, an interval of gains last seen commencing January 2005
· Almost one-half of the homes sold (45 percent) were on the market for less than a month
To read the entire release from NAR click http://www.realtor.org/news-releases/2013/08/existing-home-sales-spike-in-july
Jim Young
Sabot Development, Ltd
512-565-7509
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SALES?- READ THIS: Vendors: A Priceless Resource to Deals
After years in professional sales, in my case, Commercial Real Estate sales, I’m always pleased to share a success story that I think could benefit everyone I know. Most of us have a marketing “machine”. We use it, we rely on it. It works, and we make a living. For the residential real estate agent, the backbone of their “machine” might be MLS. For the commercial agent, that ‘machine’ could be a private broker network, LoopNet, CoStar or combinations of both. My team prides ourselves on the 70,000+ contacts we have assembled into our private, national email database. (Our Team Profile Here) We can cut that database into functional areas like the layers of a cake when we take on a new project. Texas, Non-Texas, Doctors, Dentists, Attorneys, Architects, Brokers/Agents, & Principals can all be sorted by zip, and then emailed our most recent offerings. Overlay social media such as FaceBook and LinkedIn, and voila’; we reach out and touch our target audience quickly.
Last week, we got a new lease listing. It is a medical office building in North Austin. (Listing Link Here: http://bit.ly/620MOBATX ). Our job is to lease the building to a new Tenant. We busily employed our ‘machine’, and started to get hits. But, then something happened that surprised me.
The building had a roof issue we wanted to have looked at. I called my favorite commercial roofing specialist, Jim Jaco, jjaco@smiamerica.com . Jim quickly went out, took a look and made the correction. Then, he said, “hey, I work on other medical buildings, and I know an agent that represents medical tenants”. Within a few minutes, I called that agent. Coincidentally, that agent IS already on my LinkedIn, but had not seen my “For Lease” posting yet. This direct, person-to-person referral was an immediate filter driving me directly to an agent with a medical tenant. Jim Jaco knew that connecting us could create a deal. In the end, that connection will lead to more roofing work for my commercial roofer and friend, Jim Jaco, jjaco@smiamerica.com We often reach out via email to engineers and attorneys, but I’ll be asking my other vendors if they are working on any similar projects and for the connection to those agents/brokers.
How has the story ended? Well, the other agent emailed last night to tell me that his client, a very strong medical group is making an offer on the site. This happened in less than 48 hours. Thank you social media, but more—thank you to the power of personal referral and to Jim Jaco, of Streetman-Mitchell Inc.
Jim Young
KW Commercial
| Jim Young |
1801 Mopac, Suite 100, Austin, TX 78746 | |
Subscribe to My Blog: Real Estate & Finance Articles
Brokers & Sellers: Our Buyer Needs: CLICK HERE
