The report covered 19 different metro areas across the country and revealed that on average, 34% of homes were under contract within 14 days of being listed. This was an increase from January’s 30.3%.

Some metro areas, especially in California, saw even higher numbers. San Jose for example, saw 63% of homes selling within two weeks of being listed.

The report also touched upon one of the main pains most Agents have been feeling… The fact that inventory had fallen by 32% over the past year. However, it DID rise 1.1% in February compared to January 2013.

As a result of the low inventory, home prices were up 13.2% compared to this time last year and sales were up just 2.3% in that same time time span.

Have you been seeing an incredible turnaround time with your listings?

Source: Analysis from Redfin based on local databases used directly by real estate agents to list properties and record sales.

The post More than 1/3 of homes are selling within 2 weeks of being listed appeared first on Real Estate Marketing and Property Marketing Blog by Single Property Sites.

A recent article from Inman News discusses these challenges, which include the following:

1) The Fiscal Cliff
According to the Budget Control Act of 2011, a series of tax increases and spending will go into effect unless U.S. lawmakers come up with an alternative plan to reduce the federal deficit by $1.2 trillion. This is known as the “fiscal cliff”.

Should Congress fail to reach an agreement and avoid the fiscal cliff, our country could plunge into another recession which would cause home values, currently at a bottom of 31 percent below their mid-2006 peak, to tumble to a record low of 40 percent below peak.

2) The Mortgage Interest Deduction (MID)
One of the proposed solutions to avoid falling off the fiscal cliff is to revamp the mortgage interest deduction. Many experts say the MID cannot exist in its present form, as it currently costs the government around $90 billion per year. Other organizations (like the NAR) claim that any changes to the MID could depreciate home prices by up to 15 percent. These organizations are promising to “remain vigilant in opposing any plan that modifies or excludes the deductibility of mortgage interest.”

3) Mortgage Debt Forgiveness
Another homeowner tax break may be in negotiations as a result of the Mortgage Relief Act of 2007 expiring at the end of this year. If the debt relief law lapses, homeowners would have less of an incentive to pursue short sales because forgiven mortgage debt could be considered taxable income.

Click here to read the full story.

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Despite the sluggish economic recovery in the U.S., home sales have been increasing at a rate that leaves economists optimistic for the housing market to add to economic growth for the first time in seven years.

An article in REALTOR Mag (from the National Association of REALTORS®) discusses how experts are predicting a steady and sustainable improvement in the growth of the housing market.

Existing-home sales increased 2.3 percent in July and are up more than 10 percent compared to levels at this point last year. Home prices also increased 9.4% in July since last year, which is the single largest price gain in over six and a half years.

“The evidence that the housing market is recovering…is fairly clear across a wide range of reports,” said John Ryding, an economist at RDQ Economics. “[Housing] is now becoming a small positive for the economic outlook.”

Additionally, new-home sales have also risen 3.6 percent in July and up more than 25 percent compared to last Jul, according to the Commerce Department.

While the market still has a way to go in order to reach a full recovery, the latest trends are a very good indicator for an optimistic outlook.

Are you optimistic about the future of the housing market?

Click here to learn how dominate your real estate market and increase sales!

The post Housing Market Shows ‘Steady and Sustainable’ Improvement appeared first on Real Estate Marketing and Property Marketing Blog by Single Property Sites.