Real Estate Market

October 2014

Existing-Home Sales Update

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

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.

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