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SOURCE: Morrow & Associates
Covenant Cites Emerging Trends of Increased Home Equity and Referred Agent Representation Contributing Factors to Burgeoning Real Estate Activities
Dallas, Texas (PRWEB) January 25, 2013
Covenant Realty Corporation, a relational, referral-based residential real estate firm based in Dallas, reports a record-setting sales volume for 2012 with a 123% increase in home sales for November and December. This figure far exceeds the overall 18% increase in real estate sales in the Dallas-Fort Worth area during this time period from 2011. Covenant Realty cites two key trends emerging in the market for these heightened sales.
Home equity has been increasing steadily for owners due to the following market conditions. According to the Nation’s Housing Index for 2012, as of July last year there had been eleven consecutive months of home sale increases. This increase has and is expected to continue due to a combination of reduced inventories, improving buyer demand, and bottom low rates. These factors contribute to the longer term stability and growth of the housing market and will continue to strengthen the broader economy. In addition during 2012, Covenant Realty noted that cash sales at the firm comprised 28% of all closed transactions. This demonstrates, the firm believes, that even though rates are low, cash is still powerful and people would prefer not to incur any debt.
Recent statistics also reveal the cost-effectiveness of owning versus renting. By the end of 2011, according to the Wall Street Journal, the cost to rent an apartment was higher than the cost to own a home by 15%. Naturally, the rates being at all-time historical lows contribute to this. On the average, with each percentage point lower, the homeowner saves approximately $100.00 per percentage point of interest on the average home sold in Texas in 2011.
Another emerging trend focuses on referred agent representation. Based on a current survey by the National Association of Realtors (NAR’s), 71% of consumers state that skilled agent representation is more important now than ever before. As a result, according to NAR’s, 66% of all sellers located their respective agents through referrals or had worked with them previously.
“While naturally thrilled with our sales volume outcome in 2012, we anticipate that 2013 will be yet another banner year for Covenant Realty,” said Ryan Kirkpatrick, Vice President, Broker, ABR, Covenant Realty Corporation. “We attribute our entire success to the fully invested relationships we have with our clients.”
“We are and always will be with our clients before, during, and after the real estate transaction,” added Kirkpatrick.
For information, see http://www.covenantrealtycorp.com.
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