Higher Inventory a Welcome Sign for Spring Buyers

The spring home buying season is off to a stronger start than at this time last year, with modest price increases and a spike in inventory, according to realtor.com’s National Housing Trend Report for March.

The number of properties for sale on realtor.com® in March rose 9.5% above March 2013 levels, to 1,841,844 units, according to the report. The median list price of $199,900 was 5.3% higher than in March of last year, and the median age of inventory increased 22.9% above the year-ago figures, to 102 days on the market, the report’s data showed.

These figures suggest that the market is more balanced than it was in 2013, when a shortfall in available supply led to double-digit increases in many markets’ housing prices.

Having more homes on the market may mean more affordable prices for first-time and move-up buyers. Lack of inventory in 2013 led to intense competition, creating another barrier to homeownership.

“Bidding wars in many markets last year frequently elevated offer prices beyond the reach of first-time buyers who could scarcely save for the down payment,” said Steve Berkowitz, CEO of Move, Inc. “While inventory is still low, the continuing annual lift in the number of homes on the market that we’ve seen over the first months of 2014 is an indicator that buying conditions this year may be notably improved from the frenzied pace of last spring.”

Despite the positive signs, home sales activity remains sluggish, and low inventories remain a significant factor in housing market health. The National Association of REALTORS®’ Pending Home Sales Index for February showed a 10.5% decline compared to the same period in 2013, the eighth-straight month of decline for pending sales. However, the number of contracts signed has remained fairly stable over the past three months, and NAR reported that buyer traffic is showing a modest turnaround.

National Key Market Indicators for March 2014

March 2014 Year-Over-Year Percentage Change Month-Over-Month Percentage Change
Number of Listings

1,841,844

9.5%

5.6%

Median Age of Inventory

102 days

22.9%

-10.5%

Median List Price

$199,900

5.3%

0.5%

 

Key Market Highlights

 

Price Increases Strong in California, Nevada
While California and Nevada markets continue to figure prominently in the list of areas experiencing the largest year-over-year increases in median list prices, both Houston and Columbia, MO, are new to the list, replacing Orange County, CA, and Los Angeles.

10 MSAs With the Greatest List Price Increases, Year Over Year

March 2014 vs. March 2013

Stockton-Lodi, CA

38.9%

Las Vegas, NV-AZ(NV)

30.4%

Detroit, MI

30.0%

Reno, NV

23.5%

Riverside-San Bernardino, CA

20.4%

Denver, CO

20.1%

Houston, TX

18.5%

Fresno, CA

17.4%

Columbia, MO

17.2%

Bakersfield, CA

16.4%

 


 

Denver, Austin in the Spotlight for Fewest Days on Market
Denver has taken the top position for fewest days on market, unseating Oakland, CA, for the first time since November 2013. While Austin is new to the top 10 list at just over half the national average of 102 days, the other markets have been there for many months, and are in the process of a vigorous housing recovery. The average year-over-year increase in median list price in these markets was just under 15%.

10 MSAs With Fewest Median Days on Market

March 2014

Denver, CO

25

Oakland, CA

27

San Jose, CA

31

San Francisco, CA

33

Seattle-Bellevue-Everett, WA

38

Boulder-Longmont, CO

42

Anchorage, AK

43

Stockton-Lodi, CA

48

San Diego, CA

51

Austin-San Marcos, TX

52

 


 

On the Rise: Denver, Austin, Houston and Chicago
With declining inventories and days on market year-over-year, and double-digit increases in list price, these markets appear to be in a similar supply-driven adjustment process that led to rapid home price appreciation in California in 2013. However, the inventory deficits are not as large, suggesting that these markets are unlikely to experience the kind of unsustainable appreciation that occurred in California through much of last year.

Market Volatility Remains
The trend toward moderation has yet to reach a handful of markets in California, Arizona and Florida that consistently made headlines during the height of the recession. While last year many of these markets—Stockton, CA; Fresno, CA; Bakersfield, CA; Riverside, CA; and Phoenix—experienced some of the most severe inventory shortages and soaring prices, this year these volatile markets are experiencing simultaneous surges in prices and inventory, year over year. If sellers remain too confident and raise prices too fast, then fewer transactions may take place.

Month-Over-Month Inventory Increases Are Moderating
Of the 146 markets tracked by realtor.com®, the number of markets with declining inventories year over year increased to 51 markets in March from 44 in February, reversing the steady drop in the number of markets with declining inventories that had been occurring since mid-2013. Additionally, the number of markets with increasing inventories dropped to 91 markets in March from 99 in February. This departure from recent trends could forecast a slowing of the inventory increases of the past several months.

 


 

Realtor.com® regularly tracks real estate data and develops monthly reports featuring the number of listings, median age of inventory and median list price across the U.S. and in specific markets, as well as providing year-over-year and month-over-month changes. These reports are the only ones pulled directly from the realtor.com® database, where 90 percent of listings are updated every 15 minutes from more than 800 MLSs. We regularly review and update historical data in order to provide the most accurate and comprehensive market information available. For more information on Move, please visit www.move.comor one of its many online real estate properties including realtor.com®.

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Should you sell? 5 Crucial Considerations

 

If you’ve been paying attention to the news, you’ve undoubtedly seen headlines stating that real estate prices are on the rise, and in most markets, housing has begun to bounce back.  In a selected few metros, like Los Angeles, San Francisco, and New York City, the housing market isn’t just bouncing back – it’s booming!  So, if you’ve been on the fence, waffling about whether or not to sell, consider these 5 things:

Equity  Advantage

During the housing bust, a huge percentage of home owners saw their equity evaporate as home values dropped.  Many even owed more than their houses were worth. No one wants to sell when it requires writing a check to the bank or listing as a short sale. And owners with equity definitely didn’t want to list knowing that lower sale prices would have eaten it all away.  If you’ve been waiting to sell for this reason, chances are you now have a bit more positive equity in your home, thanks to recent market upswings.  Maybe now is the time to consider that long-awaited sale and hopefully walk away with some equity intact.

Too Big for Your Own Good

You’ve grossly outgrown your current home – the house you’re in is either way too small after that 2nd or 3rd child, or an elderly parent has moved in.  If you’re in a home that’s too small for your immediate – and future – needs, this is the time to consider the jump to something a bit larger. Sale prices are solid, the spring selling season is upon us, and you can take advantage of current interest rates before they start to climb.

Incredible Shrinking Family

What if you’ve recently joined empty nester club?  Maybe your oldest child has headed off college, and you’ve realized it’s time to pack up that extra bedroom and ditch all that square footage.  Selling now and downsizing has many perks – lower costs and less cleaning and maintence, to name a few – so go for it, and take advantage of a move that enhances your new lifestyle.

Interest Rates Could Light a Fire

Interest rates aren’t going anywhere but up, so if you’re wondering when it would be the best time to get a good mortgage for a new home once you’ve sold your old one, the answer is NOW.  Rates are at historic lows and aren’t likely to go anywhere but north in the foreseeable future. Sell now, buy, and get in on those low rates for the long term.

Sell When You Need to, Don’t Chase the Market

When it comes to selling advice, the bottom line is: List when you need to. If you really need to sell your current home for a specific reason, including job changes, divorce, children, health issues, marriage, etc., don’t try and chase the market in either direction.  When you sell and subsequently buy another house, there’s good news: if you’re selling low, then you’ll be buying low.  And if you’re selling high, well, then you’ll be buying high. It’s a wash.  Come to terms with the current market, and sell your home for its current fair-market value.  And when you move on, be sure to buy a house you can afford, both now and in the future!

 

 

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Freshen Up On The 7 Financial Benefits of Home Ownership This Tax Season

 

 

The financial benefits of homeownership are evident year round, but particularly around tax time – they seem to jump off the page. Let’s examine how homeownership makes “cents” –  from the tax benefits, to good old fashioned financial stability.

1. Homeownership Builds Wealth Over Time

We were always taught growing up that owning a home is a financially savvy move. Our parents knew it, and their parents knew it. But this past decade of real estate turbulence has shaken everyone’s confidence in homeownership. That is why it’s so important that we discuss this again now that we’re in a ‘new market.’ Homeownership can be a very savvy financial move – but only if people buy homes they can actually afford. In 2014, this idea of sticking to a home you can afford to gradually build wealth is a “rule” that just happens to be new and old at the same time.

2. You Build Equity Every Month

Your equity in your home is the amount of money you can sell it for minus what you still owe on it. Every month you make a mortgage payment, and every month a portion of what you pay reduces the amount you owe.  That reduction of your mortgage every month increases your equity. That is especially true now with the elimination of risky mortgages like negative amortized and interest-only loans – thanks to the new “Qualified Mortgage” rules. The way mortgages work is that the principal portion of your payment increases slightly every month year after year. It’s lowest on your first payment and highest on your last payment. Thus, as the months and years go by, your equity grows!

3. You Reap Mortgage Tax Deduction Benefits

  • Mortgage deduction: The tax code allows homeowners to deduct the mortgage interest from their tax obligations. For many people this is a huge deduction, since interest payments can be the largest component of your mortgage payment in the early years of owning a home.
  • Some closing cost deductions: The first year you buy your home, you are able to claim the points (also called origination fees) on your loan, no matter whether they are paid by you or the seller. And because origination fees of 1 percent or more are common, the savings are considerable.
  • Property tax is deductible: Real estate property taxes paid on your primary residence and a vacation home are fully deductible for income tax purposes.

4. Tax Deductions on Home Equity Lines

In addition to your mortgage interest, you can deduct the interest you pay on a home equity loan (or line of credit). This allows you to shift your credit card debts to your home equity loan, pay a lower interest rate than the horrendously exorbitant credit card interest rates, and get a deduction on the interest as well.

5. You Get a Capital Gains Exclusion

If you buy a home to live in as your primary residence for more than two years then you will qualify. When you sell, you can keep profits up to $250,000 if you are single, or $500,000 if you are married, and not owe any capital gains taxes. Now, it may sound ridiculous that your house could be worth more than when you purchased it after these past several years of falling house prices. However, if you purchased your home anytime prior to 2003, chances are it has appreciated in value and this tax benefit will come in very handy.

6. A Mortgage Is Like a Forced Savings Plan

Paying that mortgage every month and reducing the amount of your principal is like a forced savings plan. Each month you are building up more valuable equity in your home. In a sense, you are being forced to save—and that’s a good thing.

7. Long Term, Buying Is Cheaper than Renting

In the first few years, it may be cheaper to rent. But over time, as the interest portion of your mortgage payment decreases, the interest that you pay will eventually be lower than the rent you would have been paying. But more importantly, you are not throwing away all that money on rent. You gotta live someplace, so instead of paying off your landlord’s home or building, pay off your own!

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Here’s How Much Real Estate $1 Million Buys You in Every Major U.S. City

470165431-people-stop-to-look-at-san-franciscos-famed-painted
“So, just how many houses could we get in Detroit for this?”
Photo by Justin Sullivan/Getty Images

This post originally appeared in Business Insider.

How much housing you can buy with a million dollars very much depends on what city you are looking to buy in.

According to Knight Frank data cited by CNBC’s Robert Frank, a million dollars goes a lot further in Cape Town, South African, than it would in Monaco.

But what about in the U.S.?

We looked at housing list price data from real-estate brokerage Movoto.com and real-estate marketplace Zillow.com. The diagram below shows the number of square feet of housing that you can buy for $1 million, based on the median price per square foot in each city:

140317_BI_RealEstateAndy Kiersz/Business Insider, data from Movoto and Zillow

With a median list price of $666 per square foot, San Francisco’s real-estate boom limits a million dollars to buying about 1,500 square feet. On the other end of the spectrum, the median list price in beleaguered Detroit is just $12 per square foot—55 times cheaper than in San Francisco.

Considering all five boroughs, the median price per square foot in New York City is $424. Looking just at Manhattan, however, that price jumps to an astronomical $1,538 per square foot, leading to $1 million buying just 650 square feet.

 

Andy Kiersz is a reporter at Business Insider

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4 million renters want to buy. Can they?

 

Paul Bradbury | OJO Images | Getty Images

As the housing market moves slowly into recovery, more and more Americans are gaining confidence and hoping to jump into home ownership.

The home ownership rate has been dropping steadily since its high of 69.2 percent in 2004 to now just 65 percent. Millions lost their homes to foreclosure and millions more never entered the market, fearing falling home prices.

‘Zombie foreclosures’ clog home inventories
As home prices rise Americans are becoming more confident in the real estate market, but inventories remain historically low, reports CNBC’s Diana Olick.

Now, 10 percent of U.S. renters say they would like to buy a home in the next year, according to a new report from Zillow, which surveyed renters in the nation’s 20 largest housing markets.

If all the renters who said they wanted to buy a home in the next year actually did, that would represent more than 4.2 million first-time home buyer sales, about twice the number of first-timers in 2013.

First-time home buying has actually fallen to the lowest level ever recorded by the National Association of Realtors, at just 26 percent of sales in January. These buyers usually make up roughly 40 percent of the market. Interestingly, the majority of the renters who said they wanted to buy felt they could afford home ownership, despite rising home prices and rising mortgage rates.

The trouble is there is just not that much out there to buy. Home construction is still recovering at a slow pace, and prices for newly built homes are far higher on average than for existing homes.The number of homes for sale is rising slightly but is still well below historical norms across most markets.

“Even after a wrenching housing recession, this data shows that the dream of homeownership remains very much alive and well, even in those areas that were hardest hit,” Zillow’s chief economist Stan Humphries said in the report. “But these aspirations must also contend with the current reality, and in many areas, conditions remain difficult for buyers. The market is moving toward more balance between buyers and sellers, but it is a slow and uneven process.”

Homeownership aspirations among renters were actually highest in some of the hardest hit markets of the housing crash, such as Miami, Atlanta and Las Vegas, according to Zillow. That may be because so many renters there are former homeowners who lost their homes to foreclosure. They are now seeing these markets recover, as investors bought up the distressed properties, pushing prices higher far faster than anyone expected. These renters are seeing market resilience, and likely want back in.

(Read more: What happens to prices when Wall Street is your landlord)

Foreclosure activity, in fact, fell 10 percent in February from January and is down 27 percent from a year ago to the lowest total since December 2006, according to a new report from RealtyTrac.

(Read more: Foreclosure falls to lowest in 7 years: Report)
“Cold weather and a short month certainly contributed to a seasonal drop in foreclosure activity in February, but the reality is that new activity is no longer the biggest threat to the housing market when it comes to foreclosures,” said Daren Blomquist, vice president at RealtyTrac.

(Read more: Google to invest $50 million in real estate site Auction.com)

The report, however, does note that more than 152,000 properties that are in the foreclosure process but not yet bank-owned have been vacated by their former owners, likely due to the long foreclosure timelines. These so-called “zombie foreclosures” have been in process an average of 1,031 days, according to RealtyTrac. These homes sit untended and are a blight to the neighborhoods around them, often reducing nearby property values.

Institutional investors’ influence on housing
CNBC’s Diana Olick discusses the impact institutional investors are having on key housing markets.

Ironically, these bargains might be perfect for first-time buyers looking for a good deal, but they remain stuck in limbo land. Meanwhile, tight credit and higher prices are keeping many of these same potential buyers away from new construction. Analysts at Credit Suisse who survey real estate agents monthly found weaker buyer traffic and demand in February.

“This is in contrast to the recent generally-positive commentary from builders and the optimism reflected in the stocks,” they noted. “We believe the impact from 2013’s sharp rise in home prices and interest rates is having lingering effects and the near-term demand environment will continue to underwhelm, especially for first-time buyers.”

Again, renters may want to buy, but there are still considerable headwinds in the market. However, as more inventory becomes available in the spring, these winds should ease considerably.

By CNBC’s Diana Olick. Follow her on Twitter @Diana_Olick.

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SD luxury home values rise in 4Q

 

Luxury home values increased in San Diego in the fourth quarter of 2013 compared to a year ago, according to the First Republic Prestige Home Index by First Republic Bank.

San Diego area values gained 16.6 percent in the fourth quarter year-over-year and 1.3 percent from the third quarter of 2013. The average luxury home in San Diego is almost $1.9 million.

The 16.6 percent increase year-over-year was also the second straight quarter of double-digit gains in the region.

“In Rancho Santa Fe, we’re seeing multiple offers and offers over the asking for properly priced homes up to $3 million,” said Linda Sansone, of Willis Allen in Rancho Santa Fe. “From $3 million to $5 million, the market is solid, prices are appreciating and supply is tight. For homes $5 million and above, there is plenty of supply, and prices are rising modestly.”

San Francisco Bay Area values climbed 12.4 percent from the fourth quarter of 2012, and 1.8 percent from the third quarter of 2013. The average luxury home in San Francisco is $3.1 million.

Los Angeles area values rose 13.7 percent from the fourth quarter a year ago and 1.3 percent from the third quarter of 2013. The average luxury home in Los Angeles is $2.3 million.

“Luxury home prices again posted double-digit gains on a year-over-year basis in San Francisco, Los Angeles and San Diego,” said Katherine August-deWilde, president and chief operating officer of First Republic Bank (NYSE: FRC). “Market conditions in California’s luxury communities continue to be very strong. Limited inventory, robust demand and low-interest rates are driving prices higher.”

By Daily Transcript staff report

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San Diego Real Estate Market in “Inventory Crunch”

The median-priced house in San Diego County sold for $420,000 last month according to Dataquick. By SDBJ Staff |  Wednesday, Jan 15, 2014  |  Updated 8:31 AM PST The median-priced house in San Diego County sold for $420,000 last month, … Continue Reading

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$1M home sales at 6-year high

By Jonathan Horn11:41 A.M.JAN. 30, 2014
9736 La Jolla Farms Road, La Jolla, sold for $18.5 million in 2013. Photo by Cameron Acker.
9736 La Jolla Farms Road, La Jolla, sold for $18.5 million in 2013. Photo by Cameron Acker.

 

San Diego County homebuyers last year purchased the most $1 million-plus properties since 2007.

In 2013, 3,519 properties worth $1 million or more sold in the county, a 48.7 percent jump from 2012, real estate tracker DataQuick reported Thursday. It was the highest number of seven-figure homes sold since 3,888 changed hands in 2007. In the summer, San Diego median home values saw 24 percent year-over-year appreciation. That and higher demand pushed many recovering home values back into the $1 million range, DataQuick reports.

The county’s biggest sale last year was a Del Mar home at 1936 Ocean Front, which went for $18.75 million, public records show. La Jolla’s 92037 ZIP code recorded the county’s most $1 million-plus sales in 2013 with 398, ranking it third in the state.

“La Jolla naturally keeps its appreciation stronger than North County,” said Michelle Silverman, a La Jolla-based Realtor with Berkshire Hathaway Home Services. “When you live in La Jolla, you get a view of the water. That’s not going to go away. They are not going to be building new homes in La Jolla.”

La Jolla’s biggest sale last year was an estate at 9736 La Jolla Farms Rd. that went for $18.5 million. That property was originally listed in 2012 for $27.3 million.

Silverman said nine out of the top 10 sold in La Jolla last year were all-cash buys. Those types of deals fueled the market’s jump, she said.

“Everybody was holding onto their cash until they decided it was time to move,” Silverman said.

Most expensive properties sold

Rank Sale Price Address City/Neighborhood Zip code
1 $18,750,000 1936 Ocean Front Del Mar 92014
2 $18,500,000 9736 La Jolla Farms Rd. La Jolla 92037
3 $13,800,000 308 Vista de la Playa La Jolla 92037
4 $11,000,000 8562 El Paseo Grande La Jolla 92037
5 $8,825,000 2337 Calle Chiquita La Jolla 92037
6 $8,550,000 1175 Muirlands Dr. La Jolla 92037
7 $8,300,000 919 Ocean Blvd. Coronado 92118
8 $8,200,000 464 Prospect St. #301 La Jolla 92037
9 $7,500,000 6221 Mimulus Rancho Santa Fe 92091
10 $7,000,000 4 Buccaneer Way Coronado 92118

 

The county’s record number of $1 million-plus homes sold in a year came in 2005, with 5,671 transactions.

Statewide, the number of $1 million-plus home sales hit their highest level in six years with 39,175. The biggest sale came in Malibu, with an estate that sold for $74.5 million in January 2013. The 1993 home has 15,355 square feet, eight bedrooms and 14 bathrooms. The largest property sold had 25,447 square feet and was purchased for $2.25 million in Indian Wells, near Palm Springs.

DataQuick president John Walsh said in a statement that the luxury market reacts to unique economic factors.

“Things like job growth, mortgage interest rates and migration patterns do not play the same role as IPOs, stock market performance or how well one type of investment does compared to another, and where one wants to park one’s excess money,” Walsh said.

Del Mar was the only other county ZIP code to rank in the top 25, with 310 sales above $1 million. Manhattan Beach had the most last year, with 439 sales above $1 million.

In California, there are 8.8 million homes and condos, 270,590 of which are assessed at more than $1 million, DataQuick reports. The real-estate tracker said last year there were 6,440 sales where the price was unavailable, but it could be determined that the deal exceeded more than $1 million because of the size of the mortgage.

Bloomberg News contributed to this report.

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Del Mar Preparing For Dual Racing Seasons in 2014!!!

           With all approvals ensured and long-range projections starting to come into clear focus, Del Mar Thoroughbred Club has begun to move forward toward a two-meet racing season in 2014 – the initial session being its usual summer stand, the second a shorter run covering the month of November.

            Near the conclusion of 2013, Del Mar received the green light for its dual meets from both the California Horse Racing Board and the California Coastal Commission. In addition, it also worked through date and grounds issues with its landlord – the 22nd District Agricultural Association, the state body that oversees the multi-purpose, 350-acre Del Mar Fairgrounds that is home to the seaside racing oval.

            With all parties in agreement, DMTC officials now are preparing to put on their usual special summer show followed by a unique fall session that will help patch one of the holes in the Southern California racing calendar caused by the closing of Betfair Hollywood Park in December.

            The track’s summer season – which will be its 75th going back to 1937 – will open on Thursday, July 17 and go forward to Wednesday, September 3. Over the past several decades Del Mar usually has started its regular meet on a Wednesday, but with the San Diego County Fair running until Sunday, July 6 in 2014, the extra day to prepare the grounds and the racing surface – and to allow horses to adapt to it – was considered a safety priority. Del Mar last opened on a Thursday in 1999, and also opened on that day in 1969 and 1956.

            Del Mar’s fall meeting will have 15 racing days, opening on Friday, November 7 and concluding on Sunday, November 30. It will race Friday-Saturday-Sunday on its first weekend, then settle into a four-days-per-week (Thursday through Sunday) schedule for the balance of the session. In conjunction with the singular nature of the second season, track officials are planning a totally different theme to the session, one that calls on the track’s Hollywood roots harkening back to its founder, Bing Crosby, and his show business connections.

            First post during the summer will be the usual 2 p.m. with the adjustment to 4 p.m. for all “Four O’Clock Friday” cards. The fall stand, however, will see first post at 12 noon throughout to allow for the earlier sunsets. The lone exception to the noon start will be Thanksgiving Day, November 27, when the starting time will be 11 a.m. to allow fans time for a day at the races as well as the opportunity to be home in time for a turkey dinner.

            Both sessions this year will showcase the debut of Del Mar’s new seven-furlong inner turf course, a wider, safer racing surface that is replacing the track’s original greensward installed in 1960.

            Online ticket and seat sales for the summer meet is schedule to start on Friday, May 9 at 10 a.m. Tickets and seats will be available for the fall session during the summer meeting beginning on a date yet to be determined.

            In 2015 Del Mar is scheduled to run a similar twofold arrangement with slightly different dates. The 2015 summer season is slated for Wednesday, July 15 through Labor Day Monday, September 7, an expansion of its standard dates from seven to eight weekends and a total of 41 racing days. The fall session would be scheduled from Wednesday, October 28 through Wednesday, December 2, a five-week season that would enable the track to be open and available during the Breeders’ Cup traditional dates, which are normally either the last weekend in October or the first in November.

            “Our fall race meeting starting this year will be totally separate from our summer session,” noted Del Mar Thoroughbred Club president and CEO Joe Harper. “They will be two different animals. We know our summer meet is a winner; we’ve proven it over and over again. And we expect our autumn run can be special, too, in its own way. With the backing of our horsemen and all our many racing fans in the San Diego area, we think we can put on a first-rate show here in the fall and help to keep racing in Southern California strong and successful.”

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Home Resellers More Optimistic!

Published by the San Diego Daily Transcript.

Home resellers are more optimistic about repurchasing a home than in the past few years, thanks to strong growth in home prices, record-low interest rates and better personal financial situations, according to the California Association of Realtors’ (CAR) “2013 California Home Sellers Survey.”

More than two-thirds (69 percent) of home resellers purchased a home after selling their previous residence, up from nearly half (47 percent) in 2012, and from only 12 percent in 2011.

“Much-improved housing market conditions in the last year have given sellers more confidence to own a home rather than to rent one,” said CAR President Kevin Brown.

“With sellers being more positive about the future of home prices, the vast majority of sellers who are currently renting plan to buy again in the future,” he said. “In fact, 70 percent of resellers who are currently renting said they would purchase another home, up from 22 percent in 2012.”

Nearly half of resellers (43 percent) believe that home prices will rise in one year, compared to just 9 percent in 2012, and nearly three of five resellers (58 percent) believe home prices will increase in five years, up from 12 percent in 2012.

The reasons for reselling changed in the past year.

In 2012, the majority of resellers sold primarily because of financial difficulties, but as home prices surged, a desire to trade up became the top reason in 2013.

Others wanted to take advantage of low interest rates to finance their next home, and some resellers believed the price of their home had peaked and wanted to cash out.

Heightened market competition in 2013’s first half led to an increase of multiple offers, nearly all home resellers (98 percent) said they received multiple offers, up from 83 percent in 2012.

On average, each home resale received 5.9 offers in 2013 compared to 3.1 offers in 2012.

Fierce market conditions also led to bidding wars, with nearly half (45 percent) of all resellers receiving offers higher than the asking price.

In fact, more than one-third (37 percent) received three or more offers above asking price. Resellers, on average, received 2.2 offers above asking price.

The Internet continued to be the most common resource (51 percent) for resellers to find an agent.

One-fourth of resellers used the agent with whom they had previously worked, up significantly from just 3 percent in 2012.

Website listings were an integral part of the selling process, with more than two-thirds of resellers finding Realtor.com as the most important website in the selling process.

Social media is playing a larger role in the home-reselling process.

Nearly three-fourths (74 percent) of resellers incorporated social media into the selling process, up from only one-fourth (24 percent) in 2010.

Resellers used social media sites such as Facebook (83 percent); Twitter (52 percent); YouTube (39 percent); LinkedIn (24 percent); and Yelp (19 percent) to learn more about their agents or to communicate with them.

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