Inside Lending Newsletter From Kristen Zorda, Did Bad Weather Effect Closings?

QUOTE OF THE WEEK… “Don’t be afraid to go out on a limb, it’s where all the fruit is.”–Shirley MacLaine, actress and author

INFO THAT HITS US WHERE WE LIVE… It may seem like going out on a limb to predict housing will end up ahead for the year after last week’s New Home Sales report. New single-family home sales dropped 14.5% in March to a 384,000 annual rate. These sales are counted at contract signing, so some of the dip can be blamed on buyers staying home during February’s harsh weather in much of the country. More significantly, March’s median sales price for a new home was up 11.2%, the largest monthly gain ever, so potential buyers may have been put off. The report also does not count multi-family sales, such as condos.

Existing Home Sales fared better in March, dipping a slight 0.2%, to a 4.59 million annual rate. These sales are counted at closing, and severe weather in many parts of the country during January and February held down shopping that would have led to March sales. The existing homes inventory has also been tight. Happily, that inventory went up 90,000 units in March, suggesting a sales pickup in April and May. The median price of an existing home is up 7.9% over a year ago, which should bring even more homes onto the market. The February FHFA price index of homes financed with conforming mortgages is up 6.9% from a year ago.

BUSINESS TIP OF THE WEEK… If you need to make a big change to get your business back on track, experts say it’s critical to be confident, be willing to take risks, and be ready to answer critics’ objections.

 

Kristen Zorda
Loan Officer
NMLS# 58751
648 Plank Rd. Suite 203
Clifton Park NY 12065
Office: 518-366-7999
PrimeLending, a PlainsCapital Company

 

Orson B.Klender,  Associate Broker

Keller Williams Realty Saratoga Springs
38 High Rock Ave, Saratoga Springs, NY 12866

www.RealEstateSaleSaratogaSpringsNY.com

www.OrsonKlender.com

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Cell: 1 (518) 588-2319 ~ Fax: 1(866) 588-6066

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About Real Estate Agent in Saratoga Springs

As an agent who's an expert in this local area, I bring a wealth of knowledge and expertise about buying and selling real estate here. It's not the same everywhere, so you need someone you can trust for up-to-date information. I am eager to serve you.

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