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Existing-home sales edged lower in March, according to the National Association of Realtors®. Month-over-month sales declined in three out of four major U.S. regions, while sales in the Northeast remained steady. All regions posted year-over-year decreases.

Total existing-home sales,[i] https://www.nar.realtor/existing-home-sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – fell 2.4% from February to a seasonally adjusted annual rate of 4.44 million in March. Year-over-year, sales waned 22.0% (down from 5.69 million in March 2022).

“Home sales are trying to recover and are highly sensitive to changes in mortgage rates,” said NAR Chief Economist Lawrence Yun. “Yet, at the same time, multiple offers on starter homes are quite common, implying more supply is needed to fully satisfy demand. It’s a unique housing market.”

Total housing inventory[ii] registered at the end of March was 980,000 units, up 1.0% from February and 5.4% from one year ago (930,000). Unsold inventory sits at a 2.6-month supply at the current sales pace, unchanged from February but up from 2.0 months in March 2022.

“Home prices continue to rise in regions where jobs are being added and housing is relatively affordable,” Yun noted. “However, the more expensive areas of the country are adjusting to lower prices.”

The median existing-home price[iii] for all housing types in March was $375,700, a decline of 0.9% from March 2022 ($379,300). Price climbed slightly in three regions but dropped in the West.

Properties typically remained on the market for 29 days in March, down from 34 days in February but up from 17 days in March 2022. Sixty-five percent of homes sold in March were on the market for less than a month.

First-time buyers were responsible for 28% of sales in March, up from 27% in February but down from 30% in March 2022. NAR’s 2022 Profile of Home Buyers and Sellers – released in November 2022[iv] – found that the annual share of first-time buyers was 26%, the lowest since NAR began tracking the data.

All-cash sales accounted for 27% of transactions in March, down from 28% in February and one year ago.

Individual investors or second-home buyers, who make up many cash sales, purchased 17% of homes in March, down from 18% in February and the previous year.

Distressed sales[v] – foreclosures and short sales – represented 1% of sales in March, nearly identical to last month and one year ago.

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.27% as of April 13. That’s down from 6.28% from the previous week but up from 5% one year ago.

“With overall consumer price inflation calming and rents expected to decelerate from robust apartment construction, the Federal Reserve’s monetary policy will surely shift from tightening to neutral to possibly loosening over the next 12 months,” Yun added. “Therefore, home sales will steadily rebound despite several months of fluctuations.”

Single-family and Condo/Co-op Sales

Single-family home sales faded to a seasonally adjusted annual rate of 3.99 million in March, down 2.7% from 4.10 million in February and 21.1% from one year ago. The median existing single-family home price was $380,000 in March, down 1.4% from March 2022.

Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 450,000 units in March, identical to February but down 28.6% from the previous year. The median existing condo price was $337,300 in March, an annual increase of 2.1%.

“As documented in NAR’s recent report about housing wealth gains by homeowners over the last decade, homeownership offers a road to financial security and wealth development,” said NAR President Kenny Parcell, a Realtor® from Spanish Fork, Utah, and broker-owner of Equity Real Estate Utah. “Rely on a Realtor® to provide sound advice while purchasing your first home or next home.”

Regional Breakdown

Existing-home sales in the Northeast were unchanged from February at an annual rate of 520,000 in March, but down 21.2% from March 2022. The median price in the Northeast was $395,400, up 1.0% from one year ago.

In the Midwest, existing-home sales retracted 5.5% from one month ago to an annual rate of 1.03 million in March, falling 17.6% from the previous year. The median price in the Midwest was $273,400, up 1.7% from March 2022.

Existing-home sales in the South receded 1.0% in March from February to an annual rate of 2.07 million, a 20.4% decrease from the prior year. The median price in the South was $347,600, an increase of 0.3% from one year ago.

In the West, existing-home sales declined 3.5% from the previous month to an annual rate of 820,000 in March, down 30.5% from the prior year. The median price in the West was $565,400, down 7.5% from March 2022.

About NAR

The National Association of Realtors® is America’s largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.

# # #

For local information, please contact the local association of Realtors® for data from local multiple listing services (MLS). Local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.

NOTE: NAR’s Pending Home Sales Index for March is scheduled for release on April 27, and Existing-Home Sales for April will be released on May 18. Release times are 10 a.m. Eastern.

Information about NAR is available at nar.realtor. This and other news releases are posted in the newsroom at nar.realtor/newsroom. Statistical data in this release, as well as other tables and surveys, are posted in the “Research and Statistics” tab.

 

[i] Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings from Multiple Listing Services. Changes in sales trends outside of MLSs are not captured in the monthly series. NAR benchmarks home sales periodically using other sources to assess overall home sales trends, including sales not reported by MLSs.

Existing-home sales, based on closings, differ from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which account for more than 90% of total home sales, are based on a much larger data sample – about 40% of multiple listing service data each month – and typically are not subject to large prior-month revisions.

              The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.

              Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

[ii] Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, single-family sales accounted for more than 90% of transactions and condos were measured only on a quarterly basis).

[iii] The median price is where half sold for more and half sold for less; medians are more typical of market conditions than average prices, which are skewed higher by a relatively small share of upper-end transactions. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if additional data is received.

The national median condo/co-op price often is higher than the median single-family home price because condos are concentrated in higher-cost housing markets. However, in a given area, single-family homes typically sell for more than condos as seen in NAR’s quarterly metro area price reports.

[iv] Survey results represent owner-occupants and differ from separately reported monthly findings from NAR’s Realtors® Confidence Index, which include all types of buyers. The annual study only represents primary residence purchases, and does not include investor and vacation home buyers. Results include both new and existing homes.

[v] Distressed sales (foreclosures and short sales), days on market, first-time buyers, all-cash transactions and investors are from a monthly survey for the NAR’s Realtors® Confidence Index, posted at nar.realtor.

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So..what do YOU do when you are so far down in the slumps you can't figure out how to get out? Well I just survived one of those days and maybe what I figured out may help you. Share what you do when you need a boost!

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If you are a US citizen or resident planning to visit Canada, you are most likely wondering what documents you need for this trip. In addition to your ID, driver's license (if applicable) and passport, you will also need a visa. To make it easier for you, we have prepared an article with the most important things you need to know about visas.

Traveling to Canada as a US citizen or resident can be a great opportunity to explore a new country, meet new people, and experience a different culture. However, it's important to make sure you have the necessary documents and visas to enter the country legally. In this article, we'll provide you with information on the Canada visitor visa from USA, including who needs one, how to apply, and what requirements you need to fulfill.

What is a Canada Visitor Visa?

A Canada visitor visa is a type of travel document issued by the Canadian government that allows visitors to enter and stay in Canada for a temporary period of time. This type of visa is usually issued for a period of 6 months or less, although it can be extended in certain circumstances. A visitor visa is required for most foreign nationals who wish to enter Canada for tourism, business, or visiting family and friends.

Who Needs a Canada Visitor Visa?

Most foreign nationals need a Canada visitor visa to enter the country. However, there are a few exceptions. US citizens and permanent residents are exempt from the visitor visa requirement, but they may still need an Electronic Travel Authorization (eTA). Some other exemptions include diplomatic or official passport holders, members of certain international organizations, and individuals in transit through Canada to another country.

How to Apply for a Canada Visitor Visa?

If you're a US citizen or resident planning to visit Canada for less than 6 months, you can apply for a Canada visitor visa online. You'll need to fill out the application form, provide documents and pay a fee online. Once you have submitted your application, you can track its status online.

Canada Visitor Visa Requirements

To apply for a Canada visitor visa, you'll need to meet certain requirements. These may include:

  • A valid passport
  • A completed Canada visa application form
  • Proof of paid visa fees
  • Proof of clean criminal record
  • Proof of good health through a medical exam
  • Photographs that meet Canada's photo requirements
  • Proof of financial means to support your stay in Canada

Canada Visitor Visa Application Processing Time

The processing time for a Canada visitor visa application can vary, depending on factors such as the volume of applications being processed and the complexity of your case. Generally, it takes around 14 days to process a visitor visa application, but it can take longer in some cases.

 
Posted On Tuesday, 18 April 2023 08:28 Written by

In my experience as a strategic advisor to business leaders as well as being a serial entrepreneur myself, I find that many people believe that they cannot become entrepreneurs because it is “too late” for them or perhaps the sun has set on their chance to make a massive change in an industry or the world. Whether it is the way entrepreneurship is marketed to the world these days or some other reason, these individuals feel there is a hard deadline on starting a successful business.

I have found that there are three common reasons that people believe they cannot become an entrepreneur: 

  • They believe entrepreneurship requires specific training or credentials like other fields of work 
  • They believe success in entrepreneurship comes before a certain age
  • They believe they need to live in a certain area of the world

 

The great news that I bring to many individuals is that these reasons are baseless fears. Not a single reason listed above could not be further from the truth, and, today, I want to explore why.

Schooling Isn’t Always the Answer

First, let’s talk about the belief that entrepreneurship requires some specific level of training, a degree, or unique qualifications. The individuals that let this hold them back from innovation that could change the world typically believe they need an ivy league education or a certification from someone who has blazed a trail before them.

But let me ask you: Did Michael Dell let this hold him back? Not a chance! As many may or may not know, he spent his time upgrading and selling computers in his dorm room. 

At the age of 19 Dell started his first company, PCs Ltd., which became Dell Computer Corp. in 1987. By 1992, Dell became the youngest CEO on the Fortune 500 list at 27. His net worth around $20 billion today.

How about to other entrepreneurs who are vastly different in their industries but similar in one realm — having little formal education. I’m talking about both Steve Jobs and Rachael Ray. Both entrepreneurs dropped out of college and Steve Jobs went on to found Apple Computers while Rachael Ray became a successful author and businesswoman.

In short, neither a business degree nor a degree at all is required to become a successful entrepreneur.

Entrepreneurship Is Ageless

What about the second reason — needing to be of a certain age? Do you have to be Mark Zuckerberg, founding Facebook at the age of 20? Why is this a fallacy?

Especially today, hitting the reset button later in life is becoming more and more common as the physical and mental longevity of human beings extends thanks to profound healthcare, diet, and exercise. Nevertheless, there are some classic examples of tremendous success from older individuals.

Bernie Marcus co-founded Home Depot at 50 years old and Colonel Sanders actually started selling his KFC chicken at 65. There is no age constraint on becoming an entrepreneur and, as a matter of fact, being Anticipatory and using some of the principles in my Anticipatory teachings becomes easier as you get older, based on life experience, living through exponential change, and piecing together the reality that nothing is perfect and there may be a better way to solve a problem.

Location Is NOT a Constraint

As for needing to reside in a certain location, the internet and the growing interconnectivity of our global market is making location work and the perceived success around it largely unnecessary. This is a great thing, as for the right Anticipatory Leader, this means even more opportunity than ever before!

You can reside in one location and still reach any customer base or business opportunity across the globe. What helps debunk this fallacy that entrepreneurs have to live in certain areas are my Three Digital Accelerators — processing power/computing power, bandwidth, and storage. These “accelerators” all aid in the ability for entrepreneurs of any industry to better connect with customers, execute sales, and even deliver products.

Do You Have What It Takes? Ask Yourself These Questions

Now that you have a foundational understanding that education level, age, and location are not factors that should hold you back from pursuing entrepreneurship, what does it require to take the leap into entrepreneurship and act?

To know if you have the tools necessary to become an entrepreneur, ask yourself the below three questions:

1. Are You Hungry Enough?

Successful entrepreneurs have the motivation to pursue an opportunity as it comes along, as they are driven and eager to create transformation. So I ask you, are you hungry enough to make a difference? Likewise, is that hunger driven by the desire to do something significant or simply by monetary success?

2. Are You Ready to Work Hard?

Nothing comes easy, least of all entrepreneurship. It requires dedication, perseverance, and passion. While working hard is certainly the question here, perhaps an additional inquiry should be: Are you ready to work smart? Entrepreneurship takes an Anticipatory mindset, allowing you to actively see opportunity in disruptions. 

3. Do You Know Where to Start?

A business never emerges out of thin air, and the entrepreneurs mentioned here today did not have the opportunity to start a business fall into their lap passively. Of the things entrepreneurship does not require, there are certain actions that it does require, such as looking to Hard Trend future certainties, disruptions, and determining where the opportunity lies. 

You may answer the first two questions in the affirmative, but sometimes knowing where to start is the hardest part. If you need help beginning your entrepreneurship journey, consider signing up for my Anticipatory Leader Membership to build a foundation for yourself to start.

Now, it is your turn to make a significant transformation in the world and be a positive disruptor that betters the lives of those around you!

Posted On Tuesday, 18 April 2023 00:00 Written by
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