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Are We In a Buyer’s or Seller’s Housing Market?
The real estate industry is constantly going through changes, and that includes the climate of the market. If there is high inventory and low prices, you can bet that you are in a buyer’s market, and if there’s low inventory and high prices, you can be sure that you’re in a seller’s market. In the U.S., however, the type of market varies by location. Because of the size of the U.S., some areas might be displaying traits of a buyer’s market, and other places might be showing signs of a seller’s market. It all depends on where you live.
According to RealtyTrac, homes are selling for 108 percent of asking price on average in the Bay Area of California, as well as in Washington, D.C.; Cass County, North Dakota; and Winston-Salem, North Carolina. In these locations, sellers are receiving more than they originally asked for, which shows that there is a high demand for housing.
Then, there are areas, such as Atlanta, Baltimore, Pittsburgh, and St. Louis, where buyers have the most influence and sellers are receiving less than the asking price, and this is happening even though the number of homes on the market are limited.
According to RealtyTrac, less than a third of housing markets in the U.S. have homes that sell for above the asking price, 60 percent have homes selling for below the asking price, and only 14 percent of homes sell at their market value.
If you want further proof that the U.S. real estate industry can’t be pinned down to one kind of market over the other, there are also areas that have markets where the situation is on even ground between buyers and sellers. These places include the D.C. suburbs of Montgomery County, Maryland; Raleigh, North Carolina; the Phoenix metropolitan area; and Riverside County, California.
To give you an example of the areas around near where I live (the lower Hudson Valley and northern New Jersey), there is definitely a situation where there are certain counties that have markets that are more suitable for buyers, some that are better for sellers, and others that are great for both. Orange County is certainly a buyer’s market with its 30-percent sales increase of single-family homes from last year and a median sales price of $220,000. Dutchess County also has a relatively low median sales price, coming in at $249,600.00, but faired even better than Orange County in terms of sales for single-family homes, topping that region with a 21.4 percent increase. Putnam County experienced changes that have made it a decent market for both buyers and sellers, with sales having shown a considerable increase of 18.2 percent and prices displaying more consistency and a promise of growth.
The northern New Jersey counties near the lower Hudson Valley (Bergen, Morris, and Passaic), have been displaying wonderful activity within their markets. All three counties have enjoyed increases in sales and prices, and they also have the lowest amount of average days on market for their homes (ranging from 76-155 days), whereas Westchester, Rockland, Orange, Putnam, and Dutchess Counties in New York have homes that spend a higher average of days on the market (ranging from 170-218 days).
When you’re looking to buy a home, it’s always important to study the current housing market and see where you can get the best deal for a home. Each area has its own market that favors either the buyer, the seller, or both, so you should have an idea about what a certain market is going to offer you before you actually visit that area. As long as you stay on top of the market and use it as a valuable real estate tool, you will surely know where it is best to search for a home.
If you’re interested in Better Homes and Gardens Rand Realty’s full market report for the second quarter of 2015, you can find it here on our blog. The QMR includes a market overview and in-depth analyses pertaining to each county that Rand Realty covers.
To learn more about Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter.
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How to Help Your Children Adjust After a Move
After moving from a home in which you’ve spent several years, to a home in a completely different location, it will take some time to get used to the new surroundings. Although it might be a little easier for adults to get accustomed to the move, it could be a little more difficult for children to come to terms with it because they are used to the routines and familiarity of their previous home life. It could take some time for them to get used to their new settings, but there are ways how you can assist them with this major transition.
One of the main challenges your children will go through is adapting to a new school with having new teachers and making new friends. It can be hard for children to assimilate into a new school, but you should encourage them to have fun with it. A really easy way for them to make new friends is to join any clubs or athletic teams that will give them the opportunity to meet people who share similar interests. Although they might be hesitant at first, this is a time to be supportive of your children and encourage them to come out of their shells. Also, despite being in a new environment, if your children continue to be a part of the same extracurricular activities that they were involved in at their previous school, it will add some comfort to the process of meeting new friends as they will be a part of something that they enjoy and are familiar with.
When you move a significant distance away from your previous home, it will be difficult for your children to visit their friends. When this is the case, have them take advantage of Skype or FaceTime to keep in touch with their friends. Instead of just calling on the phone or texting, your children can use these applications to enjoy a face-to-face conversation with a friend. This will help your children feel better connected to their old friends and will make their conversations a little more special than if it was just a conversation with voices on the phone or words in a text message.
If you have children who are in pre-K or kindergarten, set up playdates between your child and a friend in their class. Younger children may not have as many extracurriculars outside of the classroom, so this will give them a chance to socialize with a friend when not in school and help build stronger friendships.
You should also help your children find fun things to do around the neighborhood. No matter where your family lives, your community is bound to have different events going on that could attract any age. As a family, encourage your children to discover what the town has to offer, helping them get to know many other families within the town.
Most importantly, you should sit your children down and talk with them about why you had to move and why it was good for the family. Depending on how old your children are, it might take a bit of time for them to understand the necessity behind the move. If they don’t seem receptive to the reasoning behind the move at first, they will eventually warm up to it as they start to make memories of their new lives. If need be, provide your children with some space so they can be alone with their thoughts and process the change that is occurring.
Emotionally, moving to a new home can be one of the most difficult things a person can do, especially for children. It’s a period of leaving behind what you have all come to know and starting a new chapter in your lives. This can be a challenge for children, but not one without its silver linings, so remind your children to always try and find the positives in a big life change. If they do that, then they will surely come to love their new home.
To learn more about Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter.
How to Make Friends When You Move to a New Neighborhood
Moving to a new home can be one of the most exciting chapters in your life, but it can also bring a few transitionary challenges, one of which is that you’ve moved away from your friends in your previous neighborhood. Although this may seem hard at first, today’s technology will allow you to keep in better touch with them, and you now have an opportunity to make a whole new set of friends. Here are some ways to establish friendships with the residents in your new neighborhood.
One of the first things you should consider is throwing a housewarming party. An event such as this will surely attract several neighborhood residents to your house. If you know a few of your guests better than you do others, you can ask one of the former to introduce you around to some of the neighbors you’re not yet too familiar with as a way to create more friendships. Other than food and music, you should include some fun games that require teamwork, which will therefore strengthen the connection between you and your new neighbors.
If you have young children, and if some of your neighbors do as well, you can set them up on a playdate. Not only will this help you bond more with your neighbors, but it will help your children establish new friendships as well. Also, if your children and your neighbor’s children go to the same school, you can volunteer with other parents to chaperone at any school functions or join the PTA. When you and your neighbors have children, this will also give you the chance to go to any local family-friendly events that you all can enjoy together.
Another way you can connect with your neighbors is to try and find common interests. This will open a whole host of opportunities where you can bond over hobbies you love, which will make those hobbies more enjoyable when in the company of friends. If you all like community service, find an organization at which you can volunteer. If you like to exercise, you can go on daily runs, bike rides, or join a gym together. If you’re sports fans, catch a game. When living in a sizable neighborhood, you’re very likely to find at least a few other people who enjoy what you enjoy.
You might also want to think about establishing a weekly or monthly tradition, such as a movie night, game night, or date night. Creating traditions will give you and your friends something to look forward to in the middle of your busy schedules and will provide you all with a chance to spend time with each other if you haven’t done so in a while.
The workplace is also a possible spot where you can make new friends. You can connect with your coworkers by assisting them with certain tasks, and you can also connect with them on lunch breaks or at work events. As you get to know your coworkers when assimilating into your new career surroundings, this could lead you to spending time with them outside of work, such as taking part in some recreational activities.
Getting to know everyone is all part of the moving process, and it can also be the most fun. While meeting your new neighbors might seem a little intimidating at first, you have to remember that they were in the same position as well when they moved to that neighborhood. All you have to do is be friendly, and then everything else will fall into place.
To learn more about Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter.
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