Inside Lending Newsletter From Kristen Zorda- Price Gains Naturally
QUOTE OF THE WEEK… “Only be afraid of standing still.” –Chinese proverb
INFO THAT HITS US WHERE WE LIVE… Standing still is something we need not fear in the real estate market. One data and technology firm reported home prices increased 0.8% in February, up 12.2% from a year ago, which represents 24 months in a row of year over year price gains nationally. Not counting distressed sales, prices were up 10.7% versus a year ago. Their chief economist commented: “Although prices should remain strong in the near term due to a short supply of homes on the market, price increases should moderate over the next year as home equity releases pent-up supply.”
Another home data firm opined: “Over the year, we see Phase Three of the recovery unfolding, which we define as moderation across all price tiers.” The Commerce Department reported that in spite of harsher than normal weather, construction spending in January and February was up almost 9% from the same time last year. The National Association of Realtors revealed vacation home sales surged 29.7% last year, to 13% of all transactions. And the Mortgage Bankers Association’s survey of mortgage applications put the purchase index up 1% for the week ending March 28.
BUSINESS TIP OF THE WEEK… Online networking is important, but a recent study reported 95% of professionals believe face-to-face meetings are also essential to long-term relationships. Keep up your in-person networking .
648 Plank Rd. Suite 203
Clifton Park NY 12065
Orson B.Klender, Associate Broker
Keller Williams Realty Saratoga Springs
38 High Rock Ave, Saratoga Springs, NY 12866
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Cell: 1 (518) 588-2319 ~ Fax: 1(866) 588-6066