With home sales the lowest in twelve years, fixing up what you have is wise advice!
It’s is happening all over the United State and you can read about it all over the world. Existing homes are becoming more and more difficult to sell. Not only is the market saturated with homes, the economy is making it more difficult for people to buy. And, for those wanting to sell their homes, the price you want or even need to get for it may just not be a reality.
The Chicago Sun Times Reports:
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Year-to-date, Chicago sales were down 19.6 percent to 87,624 homes sold January through November 2007 compared to sales during the same period last year.
The Chicago median home sale price in November was $247,000, up 0.8 percent from November 2006. Statewide, the median sale price declined — to $193,000, down 3 percent from a year ago. The median is the price where half the homes sold for more, half sold for less.
Nationally, the inventory of unsold homes in November was 4.27 million homes. At the current sales pace it would take 10.3 months to exhaust that overhang.
From Guardian Unlimited:
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Wall Street economists had expected home resales to hold steady at October’s previously reported 4.97 million-unit pace. October sales were revised up to a 4.98 million unit rate, still a record low.
“Despite the good news in this report, we could just be in the eye of the storm, as a significant number of mortgages reset (to higher interest rates) early in 2008, (which) will likely increase delinquencies and foreclosures, driving prices lower and pushing buyers away,” said Benjamin Reitzes, an economist with BMO Capital Markets.
“This could get even worse before it gets better.”
Even The Australian News even reports of this issue.
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SALES of new homes in the US fell an unexpectedly sharp 9 per cent in November, while small gains reported for the previous two months were largely erased by downward revisions.The magnitude of the decline, reported by the Commerce Department, surprised economists.
Based on earlier sales data, some had hoped that the housing market might be beginning to stabilise.
Joshua Shapiro, chief US economist at research firm MFR in New York, called the report “stunningly weak”.
Plummeting sales are causing a lengthening backlog of unsold homes even as housing starts shrink. At the current sales rate, it would take 9.3 months to sell off the backlog of houses – a level exceeded only twice since 1981. That suggests that prices will continue to fall well into next year.
Sales of new homes last month fell to a seasonally adjusted annual rate of 647,000, down from a revised October rate of 711,000. New home sales last month were down 34.4 per cent from November 2006. That is the largest year-to-year decline since the 35.3 per cent decline in January 1991.
So, now that I have got you all depressed – Guess what? You don’t have to be! The reason is because, for many who decided to stay in their existing homes, now is the time to get all those updated and other projects completed in your home.
Here are my two reasons to do this now.
- While the housing market is down, take the time to get your house looking better then ever before. Not only will this give you a sense of accomplishment but it will also give you an edge if you ever do decide to sell your home.
- Fixing up your home to make it look like new and adding new cabinets in the kitchen and updating to the most modern and energy efficient appliances may help to make you realize just what a nice home you have and this can give you the desire to stay right where you are.
And, in a few weeks, Showroom411 is going to go live and you will have at your fingertips a great advantage.
- Learn how to do just about anything around your home yourself.
- Find cabinets, appliances and other items on your computer without having to go all over the place to look for things.
- Keep updated on the latest news and info. on remodeling your home, buying new products and so much more.
- Become a free member and join the Showroom411 community and enter the world of interactivity on the site.
- Choose items from our huge extensive directory and put them in your very own MyShowroom Project file.
- Imagine finding everything you need to make your new bath or kitchen project the best it could possibly be.
I know I have told you about this before and it has been a long time coming, but in just a few more weeks, it will be a reality.
Until then, here are a few website that you can check out to find things for the next project you want to tackle around the house.
Appliances: www.oneclickappliances.com
Cabinets: www.cabinetrydirect.com
Home Theater: www.htmarket.com
Home Security: www.homesecuritystore.com
Wood and Composite Decking: www.decksupplies.com
Vinyl Energy Star Windows: www.vinylwindowsdirect.com
Just imagine, you will soon be able to access hundreds of thousands of products, ideas and information all in one place.
For the best free Home Improvement Advice, go to Showroom411.com where you can Ask Rick the Contractor any home improvement question and get and an answer from a real building contractor for free.
