Housing Activity Delayed as Winter Weather Affects Early 2014 Sales

By Keith Loria

The first few months of 2014 have been chock-full of miserable weather, record snowfall and bitter cold temperatures, all of which have kept people indoors. And the same holds true for those involved in the house-hunting process.

It’s no surprise then that the National Association of REALTORS® (NAR) reported that existing-home sales fell in January to their lowest level in a year-and-a-half. And based on early predictions from industry experts, February sales have not been much better.

According to NAR, total existing-home sales decreased 5.1 percent to a seasonally adjusted annual rate of 4.62 million in January from 4.87 million in December. This is 5.1 percent below the 4.87 million-unit pace in January 2013.

“Disruptive and prolonged winter weather patterns across the country are impacting a wide range of economic activity, and housing is no exception,” Lawrence Yun, NAR chief economist, said. “Some housing activity will be delayed until spring. At the same time, we can’t ignore the ongoing headwinds of tight credit, limited inventory, higher prices and higher mortgage interest rates. These issues will hinder home sales activity until the positive factors of job growth and new supply from higher housing starts begin to make an impact.”

If you’re looking to put your home on the market this spring, now’s the time to make any small repairs that may have moved to the bottom of your to-do list. It’s also a great time to remove clutter from inside your home and search the Internet for new decorating ideas that could ultimately help you sell your home.

It’s also a good idea to spend some time looking around various social media sites to see what real estate professionals are posting when it comes to homes in your area and what people who are seeking a new home are interested in. Maybe there’s a new trend out there that you can easily incorporate into your home to attract more buyers.

As you wait for the weather to warm up, take some time to clean those ‘extra’ areas that you don’t always get to. This includes cleaning the inside of the kitchen cabinets, dusting the light fixtures, polishing doorknobs, etc.

While spring is right around the corner, house hunters will soon be out in full force. Get ahead of the game by making sure you’re always prepared, regardless of the temperature outside.

For more housing statistics, contact tour office today.

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