Inventory levels rose across all sectors in September. This increase is preventing further price recovery, as sales activity has moderated over recent months. Although benchmark prices remain above last year's levels for detached and attached homes, the recovery will likely continue to be a slow process until more substantial economic improvements take hold. The apartment sector continues to struggle with price declines resulting from oversupply, which is currently in excess of 8 months.
|Sept. 16||Sept. 17||Y/Y % change|
|Months of supply*||3||3.79||26.14%|
|Average DOM||42 days||42 days||0.00%|
|Months of supply*||4.17||4.85||16.32%|
|Average DOM||51 days||49 days||-5.24%|
|Months of supply*||8.26||8.42||1.99%|
|Average DOM||56 days||57 days||0.71%|
Months of supply* The ratio between inventory and sales which represents the current pace of sales and how long it would take to clear existing inventory.
Benchmark price** The monthly price of the typical home based on its attributes, providing the best measure of price trends.
CHECK YOUR CREDIT REPORT
Of course, having something negative on your credit report is nothing to laugh about. When shopping for a home, it can even get in the way of securing a good mortgage.
If you don't know what your credit report says, it's relatively easy to find out. Just visit websites like Equifax or Trans Union. You can order a copy of your credit report from either of these companies for a reasonable fee. If there is any incorrect information about you – which isn't uncommon on credit reports – you can request an immediate correction. If there is derogatory information that isn't a mistake – such as a few late payments – you're entitled to have your side of the story included in your credit report. For example, if you were unemployed for a few months, and that's the reason you were behind on a few bills, then it may be helpful to let lenders know.
PLAN YOUR MOVE WELL IN ADVANCE
One of the most common mistakes made by home buyers and sellers is not arranging for moving day well in advance. Even if you've just put your property on the market, or are only in the beginning stages of shopping for a new home, you should start planning for moving day now. If you don't, you might find yourself scrambling to make arrangements, which can be – to put it mildly – stressful.
Start now by researching moving companies and making a short list. You should also find economical sources of boxes, bubble wrap and other packaging materials you may need. If you plan to do some or all of the move yourself, don't assume that uncle Ned is going to help you. Get rock solid commitments from any family or friends who have volunteered to be there on moving day.
LITTLE TOUCH UPS THAT MAKE A BIG DIFFERENCE
You are probably already aware of the major things you need to do around your home to get it ready for sale. These include getting rid of clutter, doing minor repairs, and making everything clean and tidy so every room is as much of a showcase as possible. But there are a myriad of little touch ups you can do that you may not have thought about before… touch ups that can make a big difference in how attractive your home looks to potential buyers.
Here are just a few:
- Paint or replace the mailbox.
- Add a couple of flowering plants to key areas, such as the dining room, living room, and just outside the front door.
- Patch up any minor cracks in the driveway and walkways. (If there is a major crack, consider getting it repaired by a professional.)
- Put out the welcome mat. Literally! If it's not clean and completely free of stains, replace it.
- Clean your stainless steel kitchen sink using a special stainless steel cleaner and brightener. The effect will be dramatic; the sink will look like new.
- Use a special spot cleaner to lift any stains from carpeted areas.
- Replace plain or out-of-style light fixtures in the main areas of your home, such as the hallway and living room. Without spending a fortune, you can make a big difference in how these areas look.
- Consider replacing the hardware on the doors and drawers of old kitchen cabinetry. That, along with some touch-up paint or varnish on worn areas, can make your older kitchen look young again.
These simple ideas can have a big impact on first impressions, yet they don't cost much to implement, and you can probably do most of them in less than a day.