June started our peak selling period with a 10 percent increase in houses sold and closed over May. However like May, June closed sales did not carry the surge that we had experienced from February until April that was a result of the Stimulus Tax Credit.  June closed sales were 10 percent lower than in June of 2009.  Since buyers had until June 30th to close sales, this may  indicate that pending sales did not get closed or that buyers did not take advantage of the tax credit. Congress has passed an extension of the Homebuyer Tax Credit closing deadline to September 30, 2010 so we will have to see if the extension will have any effect.

 

Looking at the first half of the year and comparing it to the first half of 2009 here is how we stack up:

• Houses sold were up 8 percent (1140 vs. 1056) 
• Total dollar amount was up 12 percent ($161,602,677 vs. $144,040,067). 
• Average price inched up 4 percent ($141,757 vs. $136,402)
• Median price was 14 percent higher ($95,000 vs. $83, 500).  The median price is the price at which 50% of the homes sold were above that price and 50% were below.

 

The bank-owned or foreclosed homes that closed which spiked to 50 percent in February have now declined in June to 28 percent.  Last year in June, foreclosed transactions were at 36 percent.  In fact the lowest point we reached last year was 34 percent.

 

We had as of the first of July 3,679 houses listed for sale, which is a 2 percent increase over that in June.  This inventory level gives us a 16.9 month supply of homes for sale, which is down from last year when we had a 19.7-month supply.  The surge of sales during February through April helped to lower the inventory.

 

This data reflects home sales across Berrien, Cass and the westerly 2/3 of Van Buren counties and should not be used to determine the market value of any individual property.  If you want to know the market value of your property, please contact your local REALTOR^®. 

 

Financing Rates At A Glance

Ave. 30 Year Fixed Rate	April	May	June
Local Rates	5.22	5.00	4.79
National Rates (Freddie Mac)	5.10	4.89	4.74

 

When selling your home  - Remove the distractions.  Buyers will snoop and look at everything everywhere.  You want them to focus on the house and not your family photos, unique personal items and heirlooms.  If they stop and look at your things, they are not seeing how they would live in the house with their things.  Clutter is visually a stop sign.  Too many books or knickknacks make the space look smaller especially a kitchen countertop.  Overstuffed closets and kitchen cabinets give the impression that there is little storage space. Organize cabinets and closets by removing stuff that you haven’t used or wore in a year and keep remaining items neat whether hanging or stacked.  Don’t move the potential distractions to the garage or you will look like you are preparing for a garage sale.  The garage should also get the distraction removal treatment.  If you have boxed the distractions, move them to storage facility and they will be easy to move to your new home

 

When buying a home – We have some good news if you have a sale pending that was signed before April 30^th that has not yet closed.  Congress has passed an extension of the Homebuyer Tax Credit closing deadline to September 30, 2010. The legislation is designed to create a seamless extension.  Do you know what to expect at the closing? Your Realtor can give you the details but here are some of the steps.  Before closing, buyers typically have a final opportunity to walk through the property to assure that its condition has not materially changed since the sale agreement was signed. At closing itself, all papers will have been prepared by closing agents, title companies, lenders and lawyers. This paperwork reflects the Buy and Sell Agreement and allows all parties to the transaction to verify their interests. For instance, buyers get the title to the property, lenders have their loans recorded in the public records and the local and state governments collect their transfer taxes.

 

To view properties that are for sale in your local area, as well as the entire 22 county area, go to www.swmric.com and click on “Find Properties”. The Southwestern Michigan Association of REALTORS^®, Inc. is a professional trade association for real estate licensees and ancillary service providers for the real estate industry in Van Buren, Berrien and Cass Counties.  The Association can be contacted at 269-983-6375 or through their website at www.swmar.org.

 

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