Buyers are out there taking advantage of affordable housing with continuing low % rates.
The closed median home price in April, 2013 for Long Island, which includes Nassau, Suffolk, and Queens’s housing data, was $351,250, representing an increase of 1.8% over last year.
There still continues to be a short supply of homes available for sale on the market now. Because of this short supply it’s creating a higher demand. Homes are selling quicker and getting multiple offers and even fetching higher prices because of it, too. Buyers are still able to take advantage of the low % rates, but there is a fear of the rates going up, making them more anxious to “make a deal.”
“The inventory level, while less than a year ago, rose in April 4.4% over March. As prices have stabilized and even increased sellers who had delayed putting their homes on the market are more confident now that they'll result in an acceptable sale,” said Joseph E. Mottola, CEO, MLSLI.
According to the KCM Blog, “The good news is that homeowners have realized that attempting to sell their home on their own is a demanding process best left to an industry expert. According to NAR’s most recent Profile of Home Buyers and Sellers, the percentage of sellers selling on their own, known as For Sale by Owners (FSBO’s) has dropped in half over the last 20 years; from 19% to 9%.”
Experienced real estate business professionals are required to continue with their education and have the necessary resources to be true industry professionals with the ever-changing market conditions. In today’s volatile market, it is necessary to have a real estate professional represent you and your best interests if you want to sell your home for the best possible price in the shortest amount of time – and to make sure the 'deal' gets to the closing table!
•Note: Be wary of realtors who want to keep your listing as an EXCLUSIVE in their office only - you should get the maximum exposure you deserve to get EVERY available buyer out there to see your home. Also, when a broker is having a PUBLIC open house for you, request they, also, alert other brokers to come in to view the home, too, (because they are working with buyers, also).
While the lack of supply is ‘good news’ for prices in the short term to get the multiple bids and possibly over asking offers, for a long term recovery in housing, an increase in current inventory is crucial.
In closing,
•The real estate market is in the midst of a major comeback. •Sales are greater since 2007.
•Consumer confidence is increasing with interest rates continuing to stay low.
•Economists agree that housing sales is the major lift we need towards our nation’s overall economic recovery.
