Home Prices Show Biggest Rise in 6 Years!

Home Prices Show Biggest Rise in 6 Years Home prices are accelerating in most local markets. CoreLogic, a real estate data provider, says average home prices rose 8.3 percent in December compared with a year earlier, the biggest annual gain since May 2006. Prices rose last year in 46 of 50 states. Home prices also rose 0.4 percent in December from the previous month: a healthy increase given that sales usually slow over the winter months. Steady increases in prices are helping fuel the housing recovery. They’re encouraging some people to sell homes and enticing some would-be buyers to purchase homes before prices rise further. Higher prices can also make homeowners feel wealthier. That can encourage more consumer spending. CoreLogic says January home prices, including distressed sales, are expected to rise by nearly 8 percent on a year-over year basis from January 2012, and fall by 1 percent compared with December, reflecting a seasonal winter slowdown. Excluding distressed sales such as foreclosures and bank short sales, the average home price index is expected to rise more than 8.5 percent compared with the year before. “December marked 10 consecutive months of year-over-year home price improvements, and the strongest growth since the height of the last housing boom,” says Mark Fleming, chief economist for CoreLogic. “We expect home price growth to continue in January.” By Richard Davies 8 Ways to get your home ready for Spring Change Outdoor Bulbs Clean all light fixtures, and replace burnt-out bulbs with energy-saving CFL bulbs. Give Your Door Some Love Restore the luster of your door by polishing the hinges and knobs with Nevr-Dull Wadding Polish. Paint or stain the door with a color that stands out, yet also complements the trim and siding. Put out a clean, new welcome mat -- and make sure the doorbell works. Repair the Walkway Snow and cold can wreak havoc on your walkway. With warmer weather approaching, take this time to patch cracks and replace loose bricks and pavers. Rent a power washer or purchase a chemical treatment to clean up embedded stains in concrete, stone or asphalt. Plant Foliage and Shrubbery Strategically placed plants can conceal unattractive aspects of your house or yard. Place large pots or hanging baskets around the stoop or porch. Bushes or hedges can hide air-conditioning units or propane tanks, and flower beds and window boxes will stylize a stark facade. Freshen Up Furniture Spray a fresh coat of paint on furniture and replace the cushions. Fill an empty spot on the porch or stoop with a modern bench or porch swing. And get your outdoor space ready for summer! Keep It Clean Sweep the sidewalk and stoop, clear away cobwebs, tighten wobbly railings, and repaint posts and supports. Clear Gutters This can save you a lot of money on repair costs. Inspect your downspouts and gutters just before the spring rains start to be sure they’re clear of leaves, tree limbs and other debris that might cause problems later on. Clogging usually occurs at the elbow in a drainage system, where the downspout connects to the gutter. Since this elbow is relatively easy to remove, take it off and inspect for clogging. Interested in learning more about what is happening with the housing market in your area? Give us a call! We would be happy to talk about what houses are selling for, current market inventory, and where we think this market is heading. Contact us today, we will be happy to hear about your home and talk about how we may be able to help. Call me! Lisa E 810-357-8404 Lisa Ekanger Your Hometown Realtor!