www.elgrupoharwood.com

Great news! We have now added Spanish to our list of translations for The Harwood Group website! The Spanish website is now the fifth language adding to our current French, Russian, Hindi and Lithuanian offering.

To access these websites from The Harwood Group website www.theharwoodgrp.com, just click the ABOUT US tab (far right) and scroll down to LANGUAGES – then click on the language website you wish to be directed to. You’ll notice there is also a tab for the Punjabi website. This site is currently under construction and will be our next language added.

If you wish to access these language websites directly, the URL and links are below:
Spanish www.elgrupoharwood.com
Hindi www.harwoodhindigrp.com
Lithuanian www.harwoodgrupe.com
French www.harwoodimmobilier.com
Russian www.ivyleads.com

Pending home sales rose to their highest level in 21 months in January, according to the National Association of Realtors, as agents signed more contracts for existing homes.

The seasonally adjusted index increased 2% month-over-month to 97 from a downwardly revised 95.1 in December. Signed contracts also jumped 8% over the year-earlier reading of 89.8.

The trade group’s index marked its highest point since a 111.3 reading in April 2010, also the last time it topped 100.

Analysts polled by Econoday predicted 1.5% monthly growth, with a consensus range between a 1.1% drop and a 3% increase.

Lawrence Yun, NAR chief economist, said job growth and rising rental rates “are hopefully pushing the market into what appears to be a sustained housing recovery,” despite wavering in the pending home sales. The index dipped in December from 96.9 in November.

“If and when credit availability conditions return to normal, home sales will likely get a 15% boost, speed up the home-price recovery, and thereby significantly reduce the number of homeowners who are underwater,” Yun said in a release.

Pending sales grew 7.7% and 7.6% in January month-over-month in the South and Northeast, respectively, while West and Midwest sales fell 4.4% and 3.8%. All four regions, however, saw signed contracts increase from a year earlier, from 10.8% in the Midwest to 0.7% in the West.

The nation’s average mortgage interest rates rose from their near-record lows for the first time in three weeks amid recent data showing the housing market improving.

The Freddie Mac survey showed the 30-year, fixed-rate mortgage averaged 3.95% for the week ending Thursday, up from the prior week’s average of 3.87%. Last year at this time, the 30-year FRM averaged 4.95%.

The 15-year, fixed-rate home loan, a popular refinancing choice, averaged 3.19%, up from last week when it averaged 3.16%. A year ago, the average rate for a 15-year FRM was 4.22%.

Five-year, Treasury-indexed hybrid adjustable-rate mortgages averaged 2.8% this week, down slightly from 2.82% the prior week and lower than 3.8% a year earlier.

And one-year Treasury-indexed ARMs averaged 2.73%, falling from last week when it averaged 2.84% and down from 3.4% last year.

“New data released this week suggest the housing market is continuing to gradually improve,” said Frank Nothaft, vice president and chief economist at Freddie Mac. “Loans that were seriously delinquent fell to 5.3% of prime mortgages at the end of 2011, representing the lowest quarterly share since the start of 2009, according to the Mortgage Bankers Association.”

Nothaft cited the Census Bureau report that new residential construction starts in January outpaced the market consensus forecast, led by condominiums and apartment buildings, and December’s figures had upward revisions. Existing home sales in January were the strongest since May 2010, according to the National Association of Realtors.

Home loan analytics firm Bankrate reported the 30-year, FRM rose to 4.16% from 4.1%, while the 15-year, FRM rose to 3.38% from 3.35%, and the 5/1 ARM rose to 3.12% from 3.03%.

jhilley@housingwire.com

Some homeowners have been waiting for years for a better housing market and a good time to sell. Is it better to wait a few more years and see if you can realize a higher sale price, or sell now and move on with your life?

The motivation for selling is a key factor. Are you commuting to work several hours a day and the commute is killing you? Are your children grown and your home is now too big, in addition to being a burden to maintain? Is your home too small? Have you taken a job out of the area? Can you no longer afford to own your home? Or do you no longer want to pay the price it costs to own your home?

These are all good reasons for considering making a move. Not only do current market conditions enter into the equation, but making a move like this is usually more complicated than it was the first time you bought a home.

HOUSE HUNTING TIP: First, you need to find out the probable sale price of your home and access the state of the current home-sale market in your area. You also need to know what you can do to maximize the salability of your home. Then you should consider where you’ll live next and how much that will cost.

If you don’t already have one, find an experienced real estate agent who specializes in your area. Friends whose opinion you trust are the best source of agent referrals. Meet with your agent at your home and ask for a comparative market analysis. This will give you information about what homes like yours have been selling for in the current market.

You’ll also want to know how long you can expect it to take to sell your home. How many homes like yours have sold recently? Are homes like yours in high demand? Or, is it located in a less desirable area that could mean a longer marketing time and, perhaps, a lower price than you were expecting?

Ask your agent to walk through your home with you and point out what should be done to make your home marketable. Homes that sell today are priced right for the market and are in move-in condition.

You want to make cost-effective improvements. If the kitchen and bathrooms are outdated, consider a cosmetic redo. Update paint, hardware, light fixtures and floor coverings, if necessary. Don’t do a complete remodel unless you plan to stay in your home for years; otherwise, you won’t recoup your investment.

Deciding where to move — and when — can be difficult. Some buyers can afford to buy a new home before selling, and prefer to make the move that way. Most repeat buyers can’t afford to buy first. Others who can won’t buy first due to market uncertainty and the stress of owning two homes at once.

The most prudent approach to making a move from one home to another is to sell first and rent if necessary until you find the right home to buy. By selling first, you will know exactly how much money you have to apply to a new home. Today’s housing market is volatile. A dip in the market could shave tens of thousands of dollars, or more, off your selling price.

The other benefit of renting before buying is that you’re under no pressure to buy the first listing you see. Interest rates are low and are expected to stay low through 2012. Prices are also low and aren’t expected to move up much for the next several years.

THE CLOSING: This gives you time to find the home that will suit you for the long term.

Dian Hymer, a real estate broker with more than 30 years’ experience, is a nationally syndicated real estate columnist and author of “House Hunting: The Take-Along Workbook for Home Buyers” and “Starting Out, The Complete Home Buyer’s Guide.”

Next Tuesday, the December 10- and 20-City Composite Case Shiller Home Price Indices will be released. Zillow is predicting the non-seasonally adjusted 20-City Composite Home Price Index will decline by 4.0% on a year-over-year basis, while the 10-City Composite Home Price Index will show a year-over-year decline of 3.9%.

We’re anticipating the seasonally adjusted month-over-month change from November to December will be -0.6% and -0.5% for the 10- and 20-City Composite Home Price Indices, respectively.

“As we mentioned last time, the Case-Shiller indices are experiencing the bulk of 2011 home price depreciation in the last quarter of the year contrary to the trend displayed by the Zillow Home Value Index, where the pace of depreciation has slowed since the start of this year with only December showing a significant pick-up in the depreciation rate,” said Zillow Chief Economist Dr. Stan Humphries. “While home values are expected to fall further in 2012 with a definitive bottom probably a year away, home sales are expected to pick up pace in 2012 stabilizing home prices across the nation.”

The full forecast and further commentary can be found on the Zillow Real Estate Research page.