Good news for home inspectors: Existing home sales up in 49 states!

[Nick Gromicko]

Existing-home sales continued to recover in the first quarter with gains recorded in 49 states and the District of Columbia, according to the latest survey by the National Association of Realtors (NAR).

Total state existing-home sales, including single-family and condo, rose 8.3 percent to a seasonally adjusted annual rate of 5.14 million in the first quarter from 4.75 million in the fourth quarter, and are only 0.8 percent below a 5.18 million pace during the same period in 2010.

The national median existing single-family home price was $158,700 in the first quarter, down 4.6 percent from $166,400 in the first quarter of 2010. The median is where half sold for more and half sold for less. Homes are now very affordable for most Americans.

Distressed homes, typically sold at a discount of about 20 percent, accounted for 39 percent of first quarter sales, up from 36 percent a year earlier.

The share of all-cash home purchases rose to 33 percent in the first quarter from 27 percent in the first quarter of 2010. Investors accounted for 21 percent of first quarter transactions, up from 18 percent a year ago. Investors often hire inspectors, when they buy. Then home inspectors are hired again when the investor sells the home.

Regionally:

Northeast: Existing-home sales increased 0.8 percent in the first quarter to 800,000.

Midwest: Existing-home sales increased 7.9 percent in the first quarter to 1.09 million.

South: Existing-home sales increased 8.5 percent in the first quarter to 1.96 million.

West: Existing-home sales increased 13.5 percent in the first quarter to 1.29 million.

Good news for inspectors all the way around.

[Nick Gromicko]

If you've been following some of my posts, this is exactly what I've been explaining: Prices going down = number of sales (and therefore number of inspections) going up.

[Gary Farnsworth]

http://www.reeceandnichols.com/pages...rket-trends-kc

Apparently Kansas is the only state where sales went down?

February, March, April of 2010 KC area home sales total 6647
February, March, April of 2011 KC area home sales total 5398

23% decrease. NAR is just saying anything to spur home sales. It is sad that they do not realize that a Move-In certified pre-sale home inspections can actually increase the sales price, and sell a home quicker.

[Joseph Hagarty, CMI]

"Northeast: Existing-home sales increased 0.8 percent"

over 2010....

says it all....

[Bob Elliott]

aprox 2,000 sales in March for Cook County

Over 1,000 inspectors serving Cook County

Less than half get a home inspection

Those buying gutted foreclosures just bring in contractors.

Do the math.

I am remaining positive and glad I market well but would hate to be the new guy in the Chicago area.

[Christopher Currins]

Originally Posted by belliott

Those buying gutted foreclosures just bring in contractors.

Do the math.

Same here. Most buying foreclosed properties in my area, gutted or not, Do Not hire a home inspector. Instead they bring contractors, or uncle Chuck.

Also May has started out really slow, home sales are way down. I know several agents and banks that will verify this. March and April were pretty good, especially April.

[Gary Farnsworth]

"Shoot, Mr. home buyer. I can get my Uncle Bob or any contractor to come over and check anything for free. Anything you want. If they find anything wrong, they can repair just about anything".

They can even create some defects so they can make money even if they do not find anything wrong. Sad for home buyers and sellers.

[Bob Elliott]

Originally Posted by ccurrins

Same here. Most buying foreclosed properties in my area, gutted or not, Do Not hire a home inspector. Instead they bring contractors, or uncle Chuck.

Also May has started out really slow, home sales are way down. I know several agents and banks that will verify this. March and April were pretty good, especially April.

My May started out slow also but having a good week.
Nice weather seems to matter around here.

Banks seem to be trending towards requiring inspections so we shall see how that plays out.