Appraisals stop some home sales as market heats up

Appraisals stop some home sales as market heats up

A young couple, both doctors, thought they had themselves a deal when the owners of a Windermere house agreed in January to sell it for $460,000 – $15,000 below the asking price.

But then the property appraisal came back for $130,000 less than the buyer and seller had agreed the house was worth. That killed the deal.

“My buyers went and bought something else,” Lake Mary real-estate broker Nancy Pombo said. “And those people who were selling that house were looking at buying another house – they wanted to downsize.” Instead, they took the house off the market.

“It’s like a chain reaction,” she said, “and it’s affecting buyers and sellers.”

Mortgage companies routinely require appraisals on home purchases to help ensure that a lender can get its money back if a buyer later defaults on the loan and the lender has to sell the property. But appraisals are particularly challenging in a fast-changing market, such as the current one, because they are based on previous sales.

In the core Orlando market, for example, resale prices have risen more than 10 percent in just the past six months – more than they usually increase during an entire year when the market is stable.

“Buyers and sellers are agreeing to prices that haven’t been supported with current sales,” said Brian Watkins, president of Accusured Management LLC, a residential-real-estate appraisal-management company based in Longwood. “The appraisal may be $4,000 down from the sales price, and each side [buyer and seller] ends up compromising on something.”

No one tracks the gaps between appraised values and contract prices on home sales, but in a survey released in January of 3,586 real-estate agents nationwide, about 10 percent of the agents reported sales that had been canceled during the previous three months because of appraisal problems; 10 percent also reported that sales prices had been driven down by appraisals; and 10 percent blamed appraisals for delaying some deals.

Appraisers know that home values are rising again, but they’re reluctant to demonstrate that in their appraisals for fear of push-back from lenders, according to the survey, issued by the National Association of Realtors.

Joyce Potts, a longtime Orlando appraiser, said the industry has come full circle from the days leading up to the peak of the frenzied real-estate market in 2007 – a time when banks sometimes suggested to appraisers what the value of a house should be so that the loan would be approved.

“Most appraisers didn’t know how to start if they didn’t have a prescribed number to hit. … When banks were rewarding appraisers for hitting the number, it exacerbated the [housing] bubble,” Potts said.

“Now we’re going in the entire opposite direction.”

Appraisal reforms swept the nation in 2009 after New York State’s then-attorney general, Andrew Cuomo, filed a complaint against an appraisal company, which ultimately led Fannie Mae and Freddie Mac to implement what they called the Home Valuation Code of Conduct.

The code sought to distance appraisers from lenders by putting “appraisal-management” companies between them. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 replaced the code with standards that now allow lenders to establish their own appraisal-management firms, though the law continued to call for a firewall between appraisers and lenders.

New homes for sale can be particularly challenging for appraisers because newly built houses have been increasing so much in price.

“With low interest rates, builders are trying to expand their profit margins. And the cost of labor has gone up because there are not as many people available to do the [construction] work,” said Sean Calegan, owner of A.A. Appraisals Inc. in Oviedo.

Also, buyers are often willing to pay a premium for a home that is completely new and can be customized, he said. But appraisers, to protect against a builder setting artificially inflated prices within a new-home community, will use resold homes and houses sold by competing builders as the comparable sales in their report, he added.

Watkins, owner of the Longwood appraisal-management company, said homebuilders complain that it’s unfair for appraisers to set the value of a new house based on prices paid for nearby foreclosed and “short-sale” homes. But some areas are so saturated with such distress sales, he said, that they do define the neighborhood.

“If the market is riddled with foreclosures, then that’s what’s setting the market pace,” he said. “The rule of thumb is: Whatever the majority of sales are, that’s what you’re going to try to use for comparables.”
The Orlando Sentinel (Orlando, Fla.), Mary Shanklin. Distributed by MCT Information Services.

Steve Geving
Jones and Co Realty
www.swflhomeresource.com
stevegeving@hotmail.com

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Cape Coral Remains One of Florida’s Safest Cities

Cape Coral Remains One of Florida’s Safest Cities

Cape Coral continues to be one of the safest cities in Florida based on the 2012 Uniform Crime Report. Cape Coral showed an overall decrease in Part 1 I crimes of 11 percent. Part I crimes include robbery, burglary, larceny, aggravated assault, etc. Part II crimes (simple battery and arson) decreased by 9 percent, while domestic related crimes dropped by 10 percent.

Robbery showed the largest reduction in Part I crimes with a 26 percent reduction. Burglary decreased by 16 percent, while larceny dropped 11 percent.

“We are proud of the hard work of the men and women of the Cape Coral Police Department, both sworn and civilian, who help keep this community safe”, said Police Chief Jay Murphy. “We are successful due in large part to the strong partnership we enjoy with our citizens. Without this teamwork, we would not benefit from a case clearance rate better than the national average.”

Cape Coral Florida – On The Move Spring 2013

Steve Geving
Jones and Co Realty
www.swflhomeresource.com
239-573-1400

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Lee County Foreclosure List 3/6-3/14/13

Lee County Foreclosure List 3/6-3/14/13

Click or copy and paste the link below to view the Lee county foreclosures. Please call or email me with any and all of your real estate questions or if you need me to search for a specific home. Also, please give my name and number to anyone who could use my real estate services.

http://fgcmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Fortmyers&PRGNAME=MLSLogin&ARGUMENT=bP9PXQxD5r0t%2FLrV%2BkTCSQjb7%2BbYdtv9t7Frl%2BNxZHE%3D&KeyRid=1&Include_Search_Criteria=on&CurrentSID=136803785

Jones and Co. Realty
239-573-1400
239-321-1395
www.swflhomeresource.com
stevegeving@hotmail.com

Very few agents are approved to sell HUD foreclosure properties but I am. If you are interested in viewing the HUD foreclosure list, go to http://www.hudhomestore.com and choose Florida, then search by city, county or zip code.

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Forget ‘improving’ or ‘rebound’ – Fla. is ‘on fire’

Forget ‘improving’ or ‘rebound’ – Fla. is ‘on fire’

Lesley Deutch, senior vice president at John Burns Real Estate Consulting, said the “Florida market is on fire” in her latest update on the state’s housing market.

Deutch says she traveled the state recently and visited more than 20 communities. While recovery reports differ between Florida cities and urban areas, she reports five major trends:

1. Land prices. While the price of land continues to rise quickly statewide, Orlando feels the most pressure. Deutch says she saw some submarkets where “land and finished lot prices have now surpassed peak levels.” In Orlando, she sees developers buying raw land “just to gain a position and market share.”

2. Home prices. Some communities, such as Orlando and Naples, are seeing 1- to 2-percent new-home price increases monthly, Deutch says. The hallmarks of a seller’s market have also returned, such as lotteries. She expects a 2013 price increase of at least 10 percent in many Florida markets.

3. 55-plus market. Deutch reports a 20- to 25-percent jump in potential buyers interested in active adult living, according to builders in Southwest Florida. She also notes a boost in customer traffic in second- and third-tier markets.

4. Foreign buyers. It’s more than Miami, Deutch says. While in Orlando, she visited a sales office that had three active buyers: One from Brazil, one from Germany and one from China.

5. Foreclosures. While the state has a notoriously long foreclosure process, Deutch says banks are slowly releasing foreclosures. But investors continue to buy new foreclosures shortly after they hit the market.

© 2013 Florida Realtors®

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Lee County Foreclosure List 3/1-3/5/13

Lee County Foreclosure List 3/1-3/5/13

Please copy and paste link below to view the Lee county foreclosures. Please call or email me with any and all of your real estate questions or if you need me to search for a specific home. Also, please give my name and number to anyone who could use my real estate services.

http://fgcmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Fortmyers&PRGNAME=MLSLogin&ARGUMENT=7x2Pa3aVTZt8SjIhe92mp54RaQdQK9Mu7yiUDM4sVFQ%3D&KeyRid=1&Include_Search_Criteria=on&CurrentSID=197104877

Steve Geving, PA
Jones and Co. Realty
239-573-1400
239-321-1395
www.swflhomeresource.com
stevegeving@hotmail.com

Very few agents are approved to sell HUD foreclosure properties but I am. If you are interested in viewing the HUD foreclosure list, go to http://www.hudhomestore.com and choose Florida, then search by city, county or zip code

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U.S. rate on 30-year mortgage declines to 3.51%

U.S. rate on 30-year mortgage declines to 3.51%

Average U.S. rates on fixed mortgages moved closer to historic lows this week, a trend that has helped drive a rebound in home sales.

Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year fixed mortgage declined to 3.51 percent from 3.56 percent last week. That’s near the 3.31 percent rate reached in November, the lowest on records dating to 1971.

The average rate on the 15-year fixed mortgage slipped to 2.76 percent from 2.77 last week. The record low is 2.63 percent.

The lowest mortgage rates in decades have helped the housing market recover. More people are buying homes, which has pushed up home prices. And ultra-low rates have encouraged more people to refinance. That often lowers monthly mortgage payments and leaves consumers with more spending money.

A measure of the number of Americans who signed contracts to buy homes rose in January from December to the highest level in more than 2 1/2 years, the National Association of Realtors reported Wednesday. The increase suggests that sales of previously occupied homes will continue rising in the coming months.

New-home sales jumped 16 percent last month from December to the highest level since July 2008, the Commerce Department said Tuesday. Home prices, meanwhile, rose by the most in more than six years in the 12 months ending in December.

Still, some people are unable to take advantage of the low mortgage rates, either because they can’t qualify for stricter lending rules or they lack the money for larger downpayment requirements.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through Wednesday each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for 30-year mortgages was unchanged at 0.8 point. The fee for 15-year loans also remained at 0.8 point.

The average rate on a one-year adjustable-rate mortgage ticked down to 2.64 percent from 2.65 percent last week. The fee for one-year adjustable-rate loans was steady at 0.4 point.

The average rate on a five-year adjustable-rate mortgage fell to 2.61 percent from 2.64 percent. The fee rose to 0.6 point from 0.5.

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Lee County Foreclosure List 2/18/13-2/24/13

Lee County Foreclosure List 2/18/13-2/24/13

Please click the link below to view the Lee county foreclosures. Please call or email me with any and all of your real estate questions or if you need me to search for a specific home. Also, please give my name and number to anyone who could use my real estate services.

http://fgcmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Fortmyers&PRGNAME=MLSLogin&ARGUMENT=7x2Pa3aVTZt8SjIhe92mp9R6vnCE58k3owJH31gEAyQ%3D&KeyRid=1&Include_Search_Criteria=on&CurrentSID=189104747

Jones and Co. Realty
239-573-1400
239-321-1395
www.swflhomeresource.com
stevegeving@hotmail.com

Very few agents are approved to sell HUD foreclosure properties but I am. If you are interested in viewing the HUD foreclosure list, go to http://www.hudhomestore.com and choose Florida, then search by city, county or zip code.

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Is real estate really on the mend in Florida?

Is real estate really on the mend in Florida?

Given the improvement in local and state residential real estate demonstrated by last week’s 2012 Florida Realtors statistics, there’s a lot of positive buzz, and possibly a bit of wishful thinking taking place among would-be sellers, Realtors, mortgage brokers, appraisers, developers and contractors.

But a reality check still shows a murky future: Up to a tenth of Florida homes, and almost a fifth of Manatee-Sarasota area homes are in some state of distress, raising concerns that a tsunami of bank sales could increase inventory, depress prices and lengthen closing times for residential sales in 2013 or even longer.

That view is “overly pessimistic,” said Florida Realtors chief economist John Tuccillo. But, he concedes, Florida has “a third of the nation’s ‘shadow inventory,’ a term used to define homes more than 90 days delinquent, or already in foreclosure, and that is very, very high.”

After the misery and displacement of the Great Recession, everyone, including President Obama, wants to believe that a broad-based real estate recovery is well and truly under way. In his State of the Union message, Obama announced that “the housing market is finally healing from the collapse of 2007. Home prices are rising at the fastest pace in six years, home purchases are up nearly 50 percent and construction is expanding again.” So far, so good.

But then, Obama put his finger right onto the tricky bit when he said, “Even with mortgage rates near a 50-year low, too many families with solid credit who want to buy a home are being rejected. Too many families who have never missed a payment and want to refinance are being told no. That’s holding our entire economy back, and we need to fix it.”

Banks and mortgage lenders – many of whom received federal assistance to the tune of $700 billion in the controversial 2008 Troubled Asset Relief Program (TARP), which was designed to address the subprime mortgage crisis – are simply not lending to would-be buyers.

And maddeningly, sellers, frequently the very same banks themselves, clearly prefer cash buyers to avoid burdensome, messy and uncertain mortgage applications, and all-but-frozen secondary mortgage markets.

In fact, the big banks and other financial institutions that, in the heyday of mortgage madness, shoveled money out the door to “anyone with a heartbeat who could also fog a mirror,” are today part of the obstacle to a sustained real estate recovery, says Jack McCabe, CEO of McCabe Research & Consulting, a Florida-based real estate and economic analyst.

He pointed to the February 2012 joint state-federal settlement with the country’s five largest mortgage servicers Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo, in which roughly $25 billion in relief was earmarked for distressed borrowers and various local and federal jurisdictions.

“Since the lawsuit has been settled, those banks are no longer holding back on foreclosures, which is one reason why real estate inventory levels were limited, and why prices rose in 2012,” said McCabe.

‘Best guess’

“Of the 475,000 completed Florida foreclosures since 2006, banks, realty funds and other financial players still hold an estimated 200,000 housing units,” said McCabe. That is roughly equivalent to the total number of 2012 statewide single-family home sales as reported on Monday by the Florida Realtors.

“There are currently 377,000-plus open foreclosures in Florida state courts, and 80 percent of them will become distressed transactions in the coming two to three years,” McCabe estimated. “The remainder will likely get loan modifications and possibly some relief from the lenders.”

But that is the tip of the iceberg, says McCabe.

“Another 550,000 additional Florida homeowners are 90 days-plus delinquent and thus subject to future foreclosure filing,” he said. “Taken together, there are 1.1 million distressed residential properties in the state.”

Given that the U.S. Census shows Florida has 9 million housing units in total, that means about 11 percent of the state’s housing stock is experiencing some level of distress.

The 11 percent distressed figure sounds “entirely plausible” to Anne Ray, Florida Housing Data Clearing House manager at the Shimberg Center for Housing Studies at the University of Florida, the official repository for state housing data. Ray estimated more than 320,000 open foreclosures statewide, close to McCabe’s figure.

Ray also pointed out that the Manatee-Sarasota MSA, one of the state’s best performers in sales increases, “had a foreclosure rate of 13.77 percent as of September 2012, and a ‘pending’ rate of an additional 3.36 percent.” Taken together, it means more than 17 percent of the area’s homes are in some state of distress.

But Florida Realtors argue that those statewide figures might be double-counted.

According to Sept. 30, 2012, estimates from CoreLogic, a leading provider of real estate and financial data, 562,664 homes have mortgages delinquent by 90 days or more, 389,149 are in foreclosure and 36,284 are REO (Real Estate Owned) loans, property in the possession of a lender as a result of foreclosure, says Florida Realtors research economist Brad O’Connor.

“Loans that are counted in foreclosure and REO estimates can also be counted in the 90-day plus delinquency estimate, so it would be erroneous to add them together to obtain a count of distressed loans,” O’Connor said. “Unfortunately, the statistics we receive from CoreLogic do not provide us with any counts of how many loans are both 90-plus delinquent and in foreclosure/REO status.”

Worlds apart

One reason many banks are not lending is that with undigested and often unsavory inventory in their bellies, many may be at or near the regulatory threshold for the portion of their portfolios dedicated to residential lending, said McCabe.

Charles “Charlie” Brown III, chairman and CEO of Insignia Bank, a Sarasota-based community bank which includes Manatee in its core market, says “there’s a big difference between what the large institutions may be contemplating, and what’s going on at locally owned and operated community banks, where I’m seeing a flood of portfolio lending nationwide.”

“Insignia is making portfolio loans, typically five- to 15-year fixed mortgages, has excess capacity and could double its current mortgage portfolio on top of its total of $113 million, 200-plus loan portfolio,” Brown said.

A portfolio mortgage is one that the bank itself holds to maturity, as opposed to secondary mortgages that are usually sold to government-sponsored enterprises, including mortgage giants Fannie Mae, Freddie Mac and others. That secondary market is where the squeeze, and most of the money and problems are, says Brown. He’s in a position to know, since he recently completed his second two-year term as one of 14 members of the Federal Deposit Insurance Corp.’s Community Bank Advisory Board in Washington, D.C.

Brown said that getting loan approvals in the secondary market where the GSE’s set the base standards is an ever-shifting and increasingly difficult process.

“They are continually tightening, tweaking and revising performance standards,” Brown said. “It’s very difficult to get a ‘conforming’ GSE mortgage and many banks have thrown up their hands altogether. I’m sensing both tension in the GSEs, as well as political pressure.”

But real estate attorney Anne Weintraub of Sarasota’s Band Weintraub says the larger banks are tired of being sued and are starting to cooperate with homeowners.

“They are tired of spending monies on attorneys to fight borrowers and realize owning a home is not ideal,” she said. “Most homes are abandoned, left in a state of disarray and the volume of abandoned homes is so enormous some banks don’t even realize they own the homes.”

In either scenario, banks can be both lenders and sellers, and typically hire the appraiser.

“Until the banks get the foreclosures off their books, they are sellers who want to get the best possible prices,” McCabe said. “Due to the legal wrangling, foreclosure sales in 2012 were basically ‘on the shelf’ while banks saw prices increasing, so now, after the settlement in a ‘perceived recovering market,’ I’d expect foreclosure filings and bank sales to accelerate this year and next.”

Bank-retained private appraisers also can be part of the problem, he contends, if their low valuation compared to the contract sales price inhibits lending.

Uncertainty surrounds issues

Additional flies in the recovery ointment are state and federal issues that may have adverse impacts on sustainable realty recovery.

In Tallahassee last week, a bill designed to speed up the foreclosure process passed the Florida House Civil Justice Subcommittee on a 10-3 vote. Foreclosure monitoring service RealtyTrac reported that “House Bill 87 allows third-party lienholders to start foreclosure proceeding and rushes final judgment of foreclosure if a homeowner doesn’t file a defense. The bill aims to streamline and expedite the foreclosure process.” RealtyTrac termed the bill a controversial piece of legislation in Florida – the state that leads the nation in foreclosure filings.

Immediately, more than a half-dozen law firms and attorneys aligned to defeat the bill, including St. Petersburg’s Matt Weidner, Mark Stopa and Charles Gallagher, a member of Florida Consumer Justice Advocates, a self-funded consumer lobbying group.

“Our fear is the current due-process rights of homeowners are being further diluted by the provisions of HB 87 and if passed, this bill would further handicap homeowners from defending their foreclosure and provide banks with little judicial resistance from the speedy foreclosure of their homes,” said Gallagher.

Tuccillo, the Florida Realtors’ chief economist, says the bill has “its pros and cons, and while I’m not a raving fan of HB 87, I would like to see it passed.” He called the slow judicial process a primary contributing factor to the huge build-up of the state’s shadow inventory.

“It’s been a long, long time” that banks have held onto the troubled mortgages, and “it’s time to get all this garbage out of the way,” he said.

In Washington, the Consumer Financial Protection Bureau – the agency that holds primary responsibility for regulating consumer protection with regards to financial products and services in the United States – is viewed by some as part of the problem.

The CFPB, in its attempt to protect consumers, is creating a “bigger mess” as compliance and risk escalate with every new rule they put out, Charlie Brown says. CFPB sends out revised guidelines “almost every 30 days that are scaring off mortgage lenders due to litigation and compliance risk.” The situation with the secondary market and the CFPB is “extremely difficult, and very much worries me,” said Brown.

It could get uglier.

“About 40 percent of Floridian mortgage holders who are current on payments are nonetheless underwater,” meaning that their current mortgage balance is greater that the market value of their property, says McCabe. That portends an expanding horizon of potentially distressed properties coming onto the market.

Veteran Florida real estate analyst Lewis Goodkin agrees.

“There used to be a stigma attached to foreclosures, but no more,” Goodkin said. “I know people making good money, professionals, whose homes are underwater and they have decided to simply stop making payments and put the money into the bank instead.

“In one case, fully 21 months after not getting payments, the bank finally foreclosed. When banks unload property, they are so leery of mortgage availability that they only take cash offers, which means they sold at prices 20 percent lower than they normally could have,” he said.

Those buyers are either large specialized Wall Street funds that have been snapping up distressed property, or foreign buyers.

“Over half of the (2012) transactions in the Miami market were cash-only deals, which means that a normal person with a steady job is unable to compete, or even to buy at all,” Goodkin said.

So what do the numbers mean?

“Bottom line is that, if you only pay attention to Realtor data, everything looks great,” summarized McCabe. “However, if you remove the blinders and consider underlying financial market activity and data, there’s still trouble in paradise and it’ll take another two to three years to achieve a normal healthy real estate market.”

Goodkin echoes that time frame.

“It’s not a very dynamic situation and we’re not out of the woods yet, and probably won’t see a normally functioning market until mid-2014, unless we have a depression, God forbid,” he said.

Realtors and hopeful sellers and buyers who cheered 2012’s rose-tinted Florida housing report as an indicator of better things to come in the short term are “smoking Hopium,” said McCabe, adding tongue-in-cheek that he “trademarked the term” for the duration of the Great Recession.

© 2013 The Bradenton Herald (Bradenton, Fla.), Stephen Frater, The Bradenton Herald. Distributed by MCT Information Services

Steve Geving
Jones and Co Realty
239-573-1400
stevegeving@hotmail.com
www.swflhomeresource.com

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Record low mortgage rates gone for good?

Record low mortgage rates gone for good?

Mortgage interest rates have ticked up for three of the past four weeks, and while big increases are unlikely, further drops are, too.

The average for a 30-year, fixed-rate mortgage hit 3.53 percent this week, the first time rates pushed above 3.5 percent in more than three months, mortgage giant Freddie Mac reported Thursday.

“I do think that perhaps the all-time low is behind us,” says Freddie’s chief economist, Frank Nothaft.

That was set in November when 3.31 percent was the average for a 30-year fixed-rate loan, according to Freddie Mac’s weekly mortgage rate surveys.

For the rest of 2013, Nothaft expects rates to gradually rise, ending the year at about 3.75 percent and then moving above 4 percent next year. “There’s no point to dilly-dally” to wait for lower rates if someone is considering refinancing their home, Nothaft says.

Rising rates will affect homeowners looking to refinance more than home shoppers, says Jed Kolko, chief economist with real estate website Trulia. That’s because refinancing is mainly an interest-rate-driven decision, while home purchases have more to do with jobs and lifestyle changes, he said. Even though they’re up, rates are still near historic lows.

Along with an improving economy, rates have edged up, given less demand for “safe haven investments” such as bonds since Congress partly averted the so-called fiscal cliff of tax increases and spending cuts on Jan. 1, says Greg McBride, senior financial analyst for Bankrate.com.

McBride said mortgage interest rates may dip below current levels on occasion. He, too, expects them to hover between 3.5 percent and 4 percent for most of this year. That assumes no big shocks to the U.S. economy.

Except for a few weeks, mortgage rates have been below 4 percent for the past 14 months, Freddie Mac data show. The low rates have helped the housing market, which is showing signs of strengthening. Home prices were up 5.5 percent in November year-over-year, Standard & Poor’s/Case-Shiller data showed this week. New and existing home sales are also up. That is helping the overall economy.

“If the economy is getting better, slightly higher interest rates are a natural occurrence,” says Keith Gumbinger, vice president of mortgage tracker HSH.com. “But there’s no reason to believe that rates are headed upward in a straight line.”

© Copyright 2013 USA TODAY, a division of Gannett Co. Inc., Julie Schmit

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What’s the best season for home buying?

What’s the best season for home buying?

After the holidays, buyers tend to get more aggressive with their house hunting. Search activity usually peaks around March or April in most states, according to a new study of home searches from 2007 to 2012 conducted by Trulia.

In September, searches slow down. By December, buyer searches ebb to their lowest point of the year.

“Home-search activity swings with the seasons in every state,” says Jed Kolko, chief economist of Trulia. “Buyers and sellers can use these ups and downs to their advantage. Sellers looking for the most buyers should list when real estate search traffic peaks. Buyers, however, should think about searching off-season, when there is less competition from other searchers.”

Here are the months when online real estate searches peak in every U.S. state:

January: Hawaii
February: Florida
March: Arizona, California, Delaware, Georgia, Idaho, Iowa, Kentucky, Maryland, Massachusetts, Michigan, Missouri, Nebraska, Nevada, Ohio, Oklahoma, Pennsylvania, Virginia, Washington
April: Colorado, Connecticut, District of Columbia, Illinois, Indiana, Kansas, Minnesota, New York, North Dakota, South Dakota, Utah, West Virginia, Wisconsin
May: Real estate activity does not peak in any state
June: Mississippi
July: Alabama, Alaska, Arkansas, Louisiana, Maine, New Hampshire, New Jersey, New Mexico, North Carolina, Rhode Island, South Carolina, Tennessee, Texas, Vermont, Wyoming
August: Montana and Oregon
September-December: Real estate activity does not peak in any state

Source: “Trulia Reveals Best Home-Searching Season,” HousingWire (Jan. 29, 2013)

Steve Geving
Jones and Co Realty
www.swflhomeresource.com
stevegeving@hotmail.com
239-573-1400

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Posted In: Home Buying in Palos Verdes Estates, Home Selling in Palos Verdes Estates, Foreclosure in Palos Verdes
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