Once a month I am going to keep my friends and clients up-to-date on housing trends. Keeping up with the ever changing market is an essential part of my job. I will sift through the statistics and bring you the highlights so that you can make the most informed decision when it comes to buying or selling real estate. Here is a quick update from closing statistics in April.
Low housing inventory and low interest rates are still putting upward pressure on home prices. Given the lack of new home construction and the huge pent-up demand, the seller's market will likely continue for some time. This means prices will rise higher than normal- which means todays buyers will be happy they purchased when they did.
The market is more intense than a year ago. We are still seeing 80 percent of the homes coming on the market sell within the first 30 days. Virtually all new listings are selling, many with multiple offers.
Our market is near historically low levels of inventory. This has things weighted in sellers favor. Successful buyers are working closely with their brokers to study the market, choose great lenders, and make smart choices in composing compelling but not careless offers. To win a home, buyers need to have all the bases covered.
We will likely continue to see price appreciation and a shortage of supply through the summer.
As always, email or call me with any real estate questions. If anyone you know needs to buy or sell a home pass on my information. I will provide them with the same excellent service I provide you.