Wichita Falls Real Estate - December 2008
The National Association of REALTORS (NAR) reported a decrease in existing-home sales activity for the month of October. According to the NAR report, existing-home sales fell 3.1 percent to a seasonally adjusted annual rate of 4.98 units, about 1.6 percent below sales levels reported one year ago.
"We have favorable affordability conditions, but we need more than that to give buyers with jobs the confidence they need," says Lawrence Yun, NAR's chief economist. "This is why a housing stimulus is so critical now to encourage more buyers to draw down the inventory and stabilize home prices."
Freddie Mac reported that 30 year fixed-rate mortgages were averaging 6.2 percent nationally, while recent reports from Wall Street have seen mortgage rates decrease even lower in November. "Mortgage interest rates have been moving up and down in a historically low range, with the fixed rate down to 6.04 percent last week," Yun noted.
Total housing inventories were down 0.9 percent for the month of October, marking three consecutive monthly declines since inventory levels peaked in July.
Make Room for the Holidays
The holiday season is upon us, and motivated buyers and sellers have a unique opportunity in today's market. Many home buyers have year-end moving goals, and sellers should do what they can to make their homes visitor-ready for potential buyers! Here are a few tips to keep in mind this season:Welcome buyers:
- Create a warm and inviting atmosphere: Tasteful seasonal decorations, scented candles, holiday potpourri, and fresh-baked cookies can heighten the experience.
- Be flexible: There are a million and one things to do this season, and sometimes it can be difficult to make room for showings. By doing what you can to accommodate a buyer's schedule, you increase the odds of selling your home.
- Take a walk: When your home is being shown, go for a drive or a walk. Take yourself, your family, and pets and let the agent and their clients have the freedom they need. An agent can always do their best job of showing your home when you are not underfoot.
- Act decisively: When you do get an offer on your home, act quickly and decisively. Follow the advice of your agent and separate your emotions from your business side.
So enjoy the holidays, and remember to make a little room in your schedule to work with those motivated buyers. You'll be glad you did!
