Sales of existing U.S. homes fell in November, according to the National Association of Realtors, by 8.6 percent to a seasonally adjusted rate of 4.49 million units, a decrease from 4.91 million the previous month. Sales were also off by 10.6 percent from October 2007 figures.
The national median home price also dropped in November, falling to $181,300 from $186,500 in October. The median price one year earlier was $208,700.
September was a month full of chaos in the mortgage and housing markets. Looming failure of Wall Street titans like Lehman Brothers and AIG, buyouts of troubled banks like Washington Mutual and Wachovia, and talks of federal government intervention made interest rates unpredictable for potential homebuyers. With ARM loan interest rates continuing to adjust upward, and energy and food costs remaining high, borrowers by the hundreds of thousands forced to enter foreclosure. In fact, according to the Mortgage Bankers Association, 40 percent of all subprime ARM loans in the U.S. were in some stage of foreclosure or default in September, with 12 percent of all prime ARM loans falling into the same category.
1. Make the most of that first impression
A well-manicured lawn, neatly trimmed shrubs and a clutter-free porch help real estate sellers put their best foot forward and make prospects feel welcome. So does a freshly painted - or at least freshly scrubbed - front door. If it's autumn, rake the leaves. If it's winter, shovel the walkways. The fewer obstacles between prospects and the true appeal of the real estate seller's home, the better.
© 2010 Tamal Yoga
