La Jolla, CA (PRWEB) September 07, 2012
Tobias Nergarden of RealEstateMarketingInsider.com issued some observations about the reports from real estate professionals that homes are selling faster now than they did in 2011 today, and his opinion is that this will help home sellers because this indicates more demand and can factor into a real estate marketing plan for anyone wanting to sell your own property.
The Associated Press, via the Washington Post, reports that homes are selling faster than they were a year ago, which is considered a sign of housing recovery. According to the National Association of Realtors, the median time that a home was listed for sale in July 2011 was 98 days, while for July 2012, it was 69 days. This data does not include short sales, but the number of both short sales and the number of homes on the market has decreased. This has in turn increased demand and bidding wars in several markets, including places such as Las Vegas, which was severely hit by the housing crisis.
The National Association of Realtors (NAR) is a trade organization created to represent the interests of real estate professionals such as brokers. The NAR has been involved in lobbying efforts before Congress in order to regulate real estate laws and regulations. The NAR also engages in regulating real estate broker practices in order to ensure that there are nationwide standards in terms of brokerage. These standards come from a code of ethics adopted in 1913 that each Realtor is expected to follow.
A short sale is a common alternative to foreclosure, basically consisting of a home owner being allowed by a lender to sell a property for less than is currently owned on it. This usually only happens when a borrower can prove that they have a financial hardship and are not able to meet their obligations. A short sale does not necessarily mean that the borrower does not still owe the full amount, and in many cases the deficiency is still owed. A short sale usually results in damage to a borrower’s credit rating.
Las Vegas saw a major boom in real estate from the 1990’s until the housing crisis started in 2007. A large part of this boom involved construction projects for housing developments and commercial real estate. The slowdown in the housing market therefore resulted in massive unemployment from the construction sector. The economic downturn nationwide also meant that fewer Americans were visiting the city to gamble, which is a massive part of the city economy.
Real Estate Marketing Insider today commented on the decrease in the time homes are on the market as compared to July 2011.
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Real Estate Marketing Insider, based out of La Jolla, CA, provides online tips to real estate professionals everywhere regarding hot news, trend analysis, and marketing.