Existing Home Sales Continue to Surge
Existing home sales got 2017 off to a good start and hit a 10-year high according to the National Association of Realtors (NAR).
The NAR reports that existing home sales climbed 3.3 percent in January to a seasonally adjusted annual rate of 5.69 million from an upwardly revised 5.51 million in December 2016.
January’s sales pace is 3.8 percent higher than it was in January 2016 (5.48 million) and surpasses November 2016 (5.60 million) as the strongest since February 2007 (5.79 million).
Total existing-home sales are defined as completed transactions that include single-family homes, townhomes, condominiums and co-ops.
“Much of the country saw robust sales activity [in January] as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home,” said Lawrence Yun, NAR’s chief economist. “Market challenges remain, but the housing market is off to a prosperous start as home buyers staved off inventory levels that are far from adequate and deteriorating affordability conditions.”
And the near-term looks good too. “Competition is likely to heat up even more heading into the spring for house hunters looking for homes in the lower- and mid-market price range,” Yun remarked.
Once again, I hope all of these new homeowners understand how valuable plants and trees can be to their new purchases — and invest in our industry’s products. The website www.houselogic.com says good landscaping can add up to 28 percent of the overall value of a home — that’s not too shabby of a return on investment.
Study Says Big Box Retailers Improve on Customer Service
For the first time in several years, consumers say they are pleased with how many of the big box retailers are taking care of them. According to the newly released American Customer Satisfaction Index (ACSI), Costco continues to be one of the top favorites for shopper satisfaction, but the Home Depot, Lowe’s and Wal-Mart all saw significant gains in customer satisfaction last year. As many retailers reduce their store numbers “shoppers may experience better service in the stores that remain,” says David VanAmburg, ACSI managing director. “Although this is obviously not ideal or sustainable in the long run, fewer customers mean shorter lines, faster checkout and more attention from sales staff.”
Lowe’s to Trim Jobs at North Carolina HQ
Last week, Lowe’s announced it would be eliminating approximately 500 jobs at its headquarters in Mooresville and its facilities in Wilkesboro, North Carolina. The staff reductions represent less than 1 percent of the home improvement retailer’s 285,000 employees. According to a company spokesperson, the move is designed to create a “more agile and efficient operating structure for corporate-based positions.” Earlier this year, the company announced it would be adding 1,700 positions at three customer support centers between now and October.
New Wal-Mart App Aims to Save Time, Money for Shoppers
To help shoppers save time and money, Wal-Mart has added new capabilities to the Walmart app to create a faster, easier and more convenient experience for its customers. Along with these expanded features, the retailer will create a new store experience that allows customers to skip traditional service lines using their app in “express lanes.” The app is designed “to deliver one seamless shopping experience for customers,” said Daniel Eckert, senior vice president, Wal-Mart Services. The new capabilities will start to roll out this month and are anticipated to be available in nearly all of Walmart’s 4,700 stores by fall.
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