The Real Estate Market is Still Warming Up
After the impact of Hurricane Sandy, many are concerned about a possible drop in the momentum that was building regionally in the real estate market. Though many homeowners were impacted, and some home closings were delayed, we at Coldwell Banker Residential Brokerage are still experiencing activity as home sellers have been quick to remove debris and make repairs.
If you are a homeowner still in need of assistance with repairs, please feel free to visit the Concierge section of ColdwellBankerMoves.com. Numerous licensed contractors, who partner with Coldwell Banker Residential Brokerage, offer a myriad of services that may be helpful to you.
If your home is in good condition and you are debating on whether or not to wait until spring to put your home on the market, don’t wait. Buyers shouldn’t wait either. If you are interested in purchasing a home, and you are currently sitting on the fence, you may just lose the opportunity to own your dream home, or pay much more for it.
For the first time in a very long time, industry experts and watchers have been very consistent about the status of the real estate market and they all agree; activity is increasing and prices are rising nationally. There is substantial data that reflects their opinions.
According to the National Association of Realtors® (NAR), pending home sales are the highest they have been since March 2007. On a year-over-year basis, pending home sales have risen for 18 consecutive months. Prices are rising as well. According to the S&P/Case-Shiller Home Price Indices, home prices rose over sixth straight months.
Consumer confidence in the economy and an improving job market are important factors. Additionally, the steady increase in rental costs and incredibly low mortgage rates are driving more and more buyers into the market, creating fierce competition.
There is also an incredible lack of inventory. With less homes to choose from, buyers are suddenly finding themselves in bidding wars. If you are in the market to buy, then you need to come prepared with financing and be ready to make a quick purchase decision and a reasonable offer. Ensure that you are more prepared than your competition, and you will be in a better position to obtain your dream home.
For sellers, the message is very clear. Put or keep your home on the market and ensure that the property is in excellent showing condition. Buyers are in the market, and your property could be their next dream home.
If you want to gauge whether or not the time is right for you to make your move, look to the graph to see what is taking place in the communities you are most interested in. I can also guide and advise you throughout the entire home listing, selling and purchasing process. Please feel free to call me today at (914) 374-8354.