Real Estate Market

October 2014 Update

Existing Home Sales Report

Existing-home sales declined slightly in August after four consecutive months of growth, according to a recent report by the National Association of REALTORS (NAR). Existing-home sales, which include recently purchased single family, townhomes, condominiums, and co-ops dropped 1.8 percent in August to a seasonally adjusted 5.05 million annual units.

Existing Home Sales By Region

NAR chief economist Lawrence Yun says the reduction in available cash buyers has slowed the market. "There was a marked decline in all-cash sales from investors," he said. "On the positive side, first-time buyers have a better chance of purchasing a home now that bidding wars are receding and supply constraints have significantly eased in many parts of the country."

Nationally, total housing inventory decreased 1.7 percent during August to 2.31 million units. The median time for homes to sell was 53 days in August, up from 48 days in July. Forty percent of August home sales were on the market for less than a month.

Find the Right Coverage

When purchasing a home, you will need to acquire homeowners insurance. In fact, all lenders will require a policy to be in force prior to funding the loan. Make sure you have enough coverage should anything happen. Policies refer to "replacement costs" that may not cover everything. You should ask your insurance agent a lot of "what if" questions. The deductible amount also plays a big part in setting your premium. Higher deductibles lower the number of claims, and reduce your insurance costs.

Check with your insurance agent for more information on these issues and others. If you don't have an insurance agent, we have access to several top-notch agents to whom we can refer you with confidence.

Seller Opportunities

Selling your home in today's market requires strategy and execution. Here are three tips to help sellers reduce their time on market:

  • Make it shine. Buyers are attracted to attractive homes. Make your home stand out by mowing the lawn, raking the leaves, washing windows, and cleaning the carpets. These are small things that make a big difference.
  • Remove clutter. Not only do clean homes show better, but tidy homes offer more to the imagination. One person's treasure is another person's trash. Removing unnecessary clutter will help potential buyers envision their own potential for the home.
  • Pay attention to the market. Work with your agent and price your home to sell. A competitively priced home is the one that sells first, and in this market that counts for a lot.

These simple tips can help you sell your home and take advantage of our today's market. Please contact us if you have any questions about selling your home. We are here to help!

Contact Information

Photo of Robert Wolf - Broker / salesperson Real Estate
Robert Wolf - Broker / salesperson
Prominent Properties/Sotheby's International
55 North Maple Ave
Ridgewood NJ 07450
Cell: 551-206-1163 / Office 201-639-5555
Office: 201-639-5555