SUMMER WILL BRING THE HEAT
Misperceptions can lead to missed opportunities. As we enter into the summer season, the general assumption is that the real estate market slows down. Though spring has been historically known as the busiest selling season, the fact is, the summer months can be just as active and lucrative.
As we head into summer, home sales continue to rise and according to the National Association of Realtors®, sales in April have been above year-ago levels for 22 consecutive months, while prices show 14 consecutive months of year-over-year price gains. In some locations, prices have jumped upwards by 22.5 percent, according to the Standard & Poor’s/Case-Shiller home price index.
To gauge whether this trend is happening in your area, refer to the graph, or contact a Coldwell Banker Residential Brokerage sales professional who can provide you with the exact statistics for prices and inventory in the communities that most interest you. Since real estate is local, trends can vary throughout the region, town-by-town, and even across neighborhoods.
As prices rise, more home sellers are jumping back into the market to take advantage of the unprecedented increase in buyer demand. In a recent release by NAR, total housing inventory available for sale at the end of April rose 11.9 percent compared to March. Though it’s still a seller’s market today, the scale could tip in the near future.
As more home sellers enter the market, the level of competition will increase. If buyer demand does not remain high, sellers could see shorter price gains and sit for longer periods on the market.
For now, buyers are still increasingly active and opportunity still exists for home sellers. In the same release by NAR, listed inventory is 13.6 percent below a year ago, which means little competition and a shorter time on market for smart sellers.
Buyers, remain patient. Even in a seller’s market, there is opportunity for you as well. Obtain pre-approval for a mortgage so you know exactly what you can afford and be ready to make a quick purchase decision. Work closely with a Coldwell Banker Residential Brokerage sales professional who will lead you through the process and help you get your dream home.
At Coldwell Banker Residential Brokerage, we think this summer market will continue to rise along with the temperature. If you are wondering whether or not you should take advantage of the heat, contact a Coldwell Banker Residential Brokerage sales professional today.