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Real Estate Review: Fall really feels like spring

Karen DeRose
Coldwell Banker – Clifton Offi ce
Offi ce: (973) 778-4500
Direct: (973) 778-4500 Ext. 144
Cell: (973) 580-6445
Fax: (862) 345-3516

 

Last spring, we witnessed some very advantageous dynamics for home sellers. Active buyers, anxious to take advantage of low interest rates and prices, flowed into the marketplace bringing with them bidding wars and quick home sales. Hundreds of thousands of home sellers and home buyers achieved their goals. Do you think that you may have missed your opportunity? Think again.

According to the National Association of Realtors® (NAR), pending home sales in September are up 14.5 % above September 2011. Additionally, the amount of time homes are staying on the market has dropped 11 % in the last year according to the latest Realtor.com data, telling us that buyers are still quick to make a purchase decision.

Lower levels of inventory, extremely low interest rates, and rising prices, are propelling buyers to act now. According to a recent release by NAR, total housing inventory available for sale is 20 % below a year ago. When inventory levels drop, it signifies less competition for the home seller and limited choice for the buyer, which results in higher sale prices. The national median existinghome price for all housing types was up in September, 11.3 % from a year ago according to NAR.

In the article, A New Housing Boom, by CNN Money, industry watchers are forecasting that home prices could be back to peak levels by 2015. With rising prices however, one can expect rising construction. According to the same article, many experts are forecasting home construction to grow by at least 20 % a year for the next two years, meaning that home sellers will have more than enough competition in the near future.

How does this information impact you? If you are thinking of putting your home on the market, there is a window of opportunity right now that shouldn’t be missed. Buyers are active, prices are gaining strength, and with limited competition at this moment, the same opportunity that was available last spring, could be yours today. With increasing prices, moveup buyers may find that they have enough equity to finally make their move.

Contact a Coldwell Banker Residential Brokerage sales professional to determine if now is the right time for you. Using information included in the attached graph, along with additional data, your Coldwell Banker Residential Brokerage sales professional can help you make the most of this rare opportunity.

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