Real Estate

On December 28th the Commerce Department reported that home sales have gone down a steep 9% - which was more than what people were looking for. People were hoping that the number would drop at a more decreased rate.

New-home sales dropped by 19.3% in the Northeast, 27.6% in the Midwest, and 6.4% in the South. However, sales increased by 4% in the West. Over the last 12 months, new-home sales nationwide have tumbled by 34.4%, the biggest annual slide since early 1991, and stark evidence of the painful collapse of the once high-flying housing market.
The supply of homes for sale rose to 9.3 months’ worth from 8.8 (revised from 8.5). Whereas earlier sales and price data had suggested big price cuts by homebuilders were clearing inventory, this pattern has been reversed with the November data and revisions.

Before you can officially sell your home you must take steps to ensure that you are selling it at for what it is worth. People who don’t take steps to do this will find that they have either over priced it – which makes it hard for them to sell it – or under priced it.

There are several ways to determine the value of a home. An appraisal is a professional estimate of a property’s market value, based on recent sales of comparable properties, location, square footage and construction quality. This service varies in cost depending on the price of the home. On average, an appraisal costs about $300 for a $250,000 house.