Greenwih Real Estate Market Explained

WSJ: End of Housing Slump Seems to Be Drawing Near

Signs of Stability Emerge In Mortgages, Home Sales, Buoying Economic Prospects

By CHRISTOPHER CONKEY

Recent firmness in mortgage applications and an increase in new-home sales suggest the housing slump may be nearly over, limiting the risk of wider damage to the overall economy.

One indication that home-buying demand has leveled off after a yearlong decline comes from the Mortgage Bankers Association, which conducts a weekly mortgage-application survey.

Yesterday, the group said mortgage applications fell sharply last week from the week before. Even so, its indexes of applications for home purchases and refinancings have been rising steadily since summer. The four-week moving average for the MBA's purchase index, which offers a less-volatile picture of the trend, has risen 12% since August, while the four-week average for the group's refinancing index has soared more than 41% since July.

A recent pickup in new-home sales also points to stabilizing demand. The Commerce Department said yesterday that new-home sales rose 3.4% in November to an annual rate of 1.05 million units. While that pace is down more than 15% from a year earlier, it has risen since July and has held fairly steady in recent months.

Despite some continued uncertainty, economists view the recent data as an early indication that the worst of the housing market's downturn may be over. "The net of all the numbers we've gotten is that it looks like the housing market and home sales appear to have stabilized, at least temporarily, in the latter part of the year," said Thomas Lawler, a former economist for Fannie Mae who now runs a consulting firm in Vienna, Va.

If this turns out to be the case, and the housing market begins to rebound next year, the economy would be likely to benefit. The slump has been one of the biggest dampers on the nation's economic growth. In the third quarter, for example, the decline in home building and residential investment shaved more than one percentage point off the annual rate of economic growth. Many economists expect a similar reduction in the fourth quarter but expect some improvement next year.

The chances of a pickup in 2007 partly depend on whether home builders can trim their inventories of unsold homes. Last month, there were 545,000 new homes on the market, or the equivalent of a 6.3-month supply at current sales rates, according to the Commerce data, down from a recent high mark of a 7.2-month supply in July.

Home-buying activity could wane, however, if interest rates rise or other factors, such as employment or the stock market, deteriorate. Economists expect the normally quiet winter months to produce volatile readings and say the best gauge of the housing market will be whether buyers come out in force as usual in the spring.

The median price of a new home -- or the price at which half sold for more and half sold for less -- was $251,700 last month, up from $237,900 a year earlier, the Commerce Department said. The figures aren't adjusted to account for the changing mix of sales. Thus, the November reading may have been distorted by the fact that sales in the higher-priced Northeast rose last month, while sales in lower-priced South fell.

Greenwich Real Estate News - Before Moving Out

Once you have sold your home, set a move-out date, and have begun packing, time will probably seem to fly right by. All you really need to do is pack up your stuff and leave, right?

Maybe. You should, of course make sure all of your personal belongings are out, and that you have cleaned up all of your garbage. You will still have to get your keys to the new owners in whichever way was previously agreed upon, but other than that, you're not really obligated to do anything else.

You could, though. A little extra work and consideration can make moving in a lot more pleasant for the family that will be moving in. A lot of agents will recommend that the home is at least "broom swept" before you move out. Sweep the floors, get rid of cobwebs along the walls and ceiling. Take it a step further, and mop or vacuum and clean the windows and surfaces, such as countertops and sinks. You should also take the time to give the bathrooms one last cleaning.

If it has been several days since the last time the lawn was mowed, that might be a really nice gesture to consider. Rake up leaves in the fall, or, in the winter, shovel the driveway and put down some rock salt to get rid of ice.

Of course, after you've gone through all of the work associated with moving, trying to get extra work done is probably not what you want to be doing. If you can, try keep everything neat while you are cleaning, and do any necessary yard work before you start loading the moving van. Then, you will only have a few quick things (a quick sweep and mop) to get done afterwards. This can be even easier if you entirely clean out each room as you get everything out of it. Empty out a room, clean it quickly, and then move on.

If you really don't have the time, consider calling a cleaning service to give the home a once-over after you have moved out. Yard work could be handled by a neighborhood teen.

So, what do you get out of this extra effort or expense? Nothing, really, other than the knowledge that you have made moving a more enjoyable experience for the new owners. Not having to handle a lot of cleaning in the first few days after they have moved in will mean a lot.

You don''t need to scrub the home from top to bottom, but a little extra cleaning can make a great impression. You've loved living in the home you are leaving behind; make sure the new occupants will love it just as much, from the moment they walk through the door.