Sellers' Market, Yes. Prices Rising, No.

Seller's Market..Yes. Prices Rising, No.

Due to lack of inventory in Lindenhurst, we are seeing the beginnings of a seller's market. However, prices are not rising yet. We need to see more homes sell above list price and we are not quite there. It will be a long time before we get back to 2004/2005 prices.

36 sold homes closed since January 1st, 2013. Four of these homes sold at list price and not above (click on the graphic to view the chart). We are seeing homes getting first accepted offers fairly quickly and buyers are becoming frustrated. More and more homes are getting back-up offers and in some cases, multiple buyers race to get under contract at the same time. Whomever signs the contract first gets the house. Crazy!

Mortgage rates are slowly rising. In December 2012 the mortgage rate for a 30 year Conventional was 3.35%. The rate as of February 28th, 2013 was 3.53%.

When it comes to selling, and this is how I feel if it were me, I would rather sell low and buy low and take advantage of the low mortgage rates. These mortgage rates will not stay low forever.

Until next time, take care and stay well.