he results of its Primary Mortgage Market Survey in which Mortgage Rates fell for the ninth straight week. Frank Nothaft, its vice president and chief economist said, "Inflation in the economy in the first three months of the year was contained and upward price pressure in the near-term seems unlikely."
When inflation is contained, mortgage rates decline, and home sales are stimulated. In fact, existing home sales hit a record high in April, defying expectations of a modest slowing trend, according to the National Association of Realtors.
David Lereah, the NAR's chief economist, said sales had been expected to hold at high levels. "A new record is a bit unexpected, but so is the performance of mortgage interest rates which have been lower than forecast," he said. "When we look at recent job gains, we see all the positive factors coming together to coincide with a powerful demographic demand for housing."
Jody Lane, president of Realty Times, says "New home sales are up, existing home sales are up and prices are holding firm. This should dispel any rumors about a so-called housing bubble."
He says, "Informing consumers through Realtors is exactly what our Market Condition Reports are designed to do. We have seen a huge increase in the number of people viewing this information. Realty Times is the leading publication dedicated to helping consumers in their pursuit of home ownership, because we are Realtor-friendly and wholeheartedly believe that it should be Realtors, the local market experts, who deliver market information to consumers."
Realty Times' Market Conditions Reports
In Mamaroneck, New York, the overall real estate market in is holding strong due to the close proximity to NYC and limited inventory. The average sold price has gone up two percent since the same time last year. Prices on some properties are being lowered, and buyers are not as plentiful as a month ago. The Long Island Sound area continues to be in demand due to the easy commute to Manhattan and Stamford, as well as White Plains. There are 50 homes currently on the market, ranging from $369,000 to $9,000,000 with the average listing price of $1,600,000.
Moving over to Sisters, Oregon, the central Oregon real estate market is hot, hot, hot, say our experts. Pristine lakes, rivers and streams amid towering forests of Ponderosa Pines, are all nestled beneath the snow-capped Three Sisters Mountains on the east side of Oregon's snowy Cascade Mountains. Our local Realtors tell us that real estate is moving like hot potatoes and home shoppers and Realtors are working hard to keep up with the pace. Much of the demand is coming from out-of-state buyers, particularly California, for high-end homes and homes across the board. They are cashing out on a very inflated market and feeling like they are still able to procure a great deal here. Current inventory in Sisters is low, and buyers are waiting in the wings. It's definitely a seller's market!
Finishing up in Loveland, Colorado, our expert Realtors there tell us that today's market is showing signs that it is a great time for buyers. Properties are taking much longer to sell today, so sellers need to be sure to price it right when they first list a property. Resales must be sharp-looking, clean and ready to go because they are competing with new construction. New home sales are up for the past two months. First quarter 2005 numbers indicate that the median price remains virtually unchanged, around $220,000. These numbers do include new homes, which are a significant percentage of the Loveland market.
Pembroke Pines is located in Broward County, Florida, and offers an ideal lifestyle for seniors, families with children and everyone in-between, say local Realtors.
"Pembroke Pines is a city with many shopping centers, a mall, educational facilities and probably the third highest population in Broward County," says Realtor Mike Wietor. "Homes in Pembroke Pines will range in price from $150,000 to $500,000, east of I-75 and between $200,000 and $700,000 west of I-75."
"[The market] appears to be off to a good start with the ratio of buyers to sellers fairly well balanced. Local buyers are relieved that the market has cooled off a bit from the frenzied pace it had been experiencing. It's still somewhat of a seller's market, with prices continuing to rise, but definitely not at the same pace as during the past few years. During 2005, the Federal Reserve will be making a concerted effort to move mortgage rates up into the 6.5 - 7 percent range. If you're considering a purchase or sale in the Pembroke Pines area, you may want to move sooner, rather than later."
Says Realtor Karen Dove, "Pembroke Pines is an expansive thriving community offering families and seniors the best South Florida has to offer."
Dove explains, "Pembroke Pines is well located in Southwest Broward County, with I-75 and the Florida Turnpike nearby; you'll have easy access to all towns north and south. It's a great place to live and to raise a family. Parents need not worry about the public schools here -- most are "A" rated schools. Private schools from Pre-K to 12th grade are available in Pembroke Pines as well as in nearby Hollywood, Davie and Cooper City. Combine this with a lower crime rate, new shopping malls and a great selection of communities both new and established, and you'll see why people flock to this area."
She notes, "CB Smith Park is just one reason those who love the outdoors move to Pembroke Pines. Offering a freshwater white sand swimming beach, two 700 ft. waterslides, a 400 ft. tube ride, volleyball, basketball and tennis courts, a racquetball center, a golf driving range with a miniature golf course, batting cages, bike/jogging trails, picnic areas with BBQ grills and picnic pavilions you can reserves for family reunions or birthday parties, what more could you need? How about 12 tent and RV camping sites. Don't have a bike? Single and tandem bicycles are available for rent, as are canoes/paddle-boats with 80 acres of lakes to explore."
Regarding housing inventory, Dove says, "Pembroke Pines has 150+ homes for sale at this time; priced from $300k to $3M+. Silver Lakes, Walnut Creek, Preserves Estates, Chapel Lake Estates, Pembroke Shores and Lido Isles are among the subdivisons offering homes for your review. The ever popular townhomes are in short supply, only a few are priced from $225 - 400K. Do not despair Active Seniors, you too may choose from green tree-lined complexes; golf or tennis anyone? There are almost 100 condos to choose from. Pembroke Pines' Real Estate market continues to be both active and strong."
"We have the lowest inventory in years (single family homes were down -38 percent from last year!). 58 percent of all single family homes sold within 30 days of being listed. Prices for homes are showing a 1 to 2 percent increase in selling prices over last month's average price. Condos, townhomes and villas are going under contract even faster, 59 percent are selling in less that 30 days."
Dove says that prices continue to move slightly upward each month. "More people and businesses are relocating to Florida," she says. "Why? No income tax, no inheritance tax and great weather year round. It's not too soon to start making plans to buy, even if the purchase will be months or even a year away."