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Putting Your Home In Its Best Light

CHICAGO (MarketWatch)—Good pictures are crucial in marketing a home for sale. Just ask Clarissa and Mark Padilla, who were able to get a contract on their Sherman Oaks, Calif., condo unit in less than two weeks—and at a price they wanted. Clarissa Padilla attributes the quick sale to the professional photography that marketed the home and was able to lure about 20 to 25 people to an open house the first weekend. “When we saw the photos, we fell in love with our place all over again,” she said. “The colors were so bright, and it made it look fresh and very spacious. It’s only 950 square feet. [The pictures] made it look huge.” Read more.

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Nationwide Real Estate Supply Down and Prices Up

Sales of existing homes rose in July even with constraints of affordable inventory, and the national median price is showing five consecutive months of year-over-year increases, according to the National Association of Realtors®.  Monthly sales rose in every region but the West, where inventory is very tight. Total existing-home sales1, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, grew 2.3 percent to a seasonally adjusted annual rate of 4.47 million in July from 4.37 million in June, and are 10.4 percent above the 4.05 million-unit pace in July 2011. Lawrence Yun, NAR chief economist, said housing affordability conditions are very good.  “Mortgage interest rates have been at record lows this year while rents have been rising at faster rates.  Combined, these factors are helping to unleash a pent-up demand,” he said.  “However, the market is constrained by unnecessarily tight lending standards and shrinking inventory supplies, so housing could easily be much stronger without these abnormal frictions.” Read more.

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Louisville Home Values On The Upswing

Today, we report another month of positive real estate news as Louisville home sales were up 18 percent over last year! Eight hundred, fifty-two homes were sold in July 2012, compared to just 720 in July 2011. While this was just shy of May and June’s identical 859 homes sold, activity was likely affected by the record heat wave blasting the area, and might have been higher. For some historical perspective, 678 Louisville homes were sold in July 2010, 926 in July 2009, and 696 in July 2008. Louisville home values are also improving. The median home sale price for the month dipped from $147,000 in June to $144,590 in July but with the trend still moving upward, there may be some optimism for those holding to the view of a recovering real estate market. Read more.

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