It's the Hot Season-Summer Market Watch

It is a hot summer season here at Coldwell Banker Residential Brokerage.  Not only have temperatures risen, but real estate agents across numerous regions are reporting increased showings at open houses, instances of multiple offers on properties, and offers over asking price within weeks and even days.  There is positive excitement in the real estate industry right now that is infectious and exhilarating.    

Overall, there has been steady interest and demand from entry level and move-up buyers, but we are also seeing more confidence in the high-end market, with some luxury homes going under agreement fairly quickly. In one instance a condo priced at $1.495 million recently went under contract in under a week.  One home in a suburban neighborhood priced in the $400,000’s had incredibly heavy attendance at an open house and received an offer the same day. 

Look to the graph to see if similar trends are happening in the areas that are of most interest to you. You can also contact me, a Coldwell Banker Residential Brokerage sales professional.  I can tell you exactly what is happening in your community, and the price points that are experiencing the most interest.  

So what has changed to cause this kind of stir and excitement that hasn’t been seen in years?  In many areas, prices are no longer falling and have remained somewhat steady.  Pent up buyers also recognize that interest rates could go up and for many, lifestyle changes make it imperative to purchase a home. Consumer confidence is growing and inventory levels are still relatively low compared to years past. 

With this level of activity, buyers need to come prepared with solid financing, and be ready to make a quick purchase decision.   Despite the misperception, financing is available for qualified buyers. If you are interested in purchasing a home, I can tell you what you need to do in order to obtain financing, locate your dream home in your price range, and negotiate on your behalf. 

For those thinking of placing their home on the market, but are not sure if now is the right time, now is not the time to wait if you want to list and sell your home. There are buyers currently in the market who have financing, and as we’ve seen in the past weeks, are prepared to make a purchase decision now.

Samantha Rasmussen

Coldwell Banker-Upper Saddle River

201-327-8305

201-887-1954