Activity is Robust, But for How Long?
The spring selling season is bursting with activity. Buyers are jumping into the spring market in droves to take advantage of low interest rates and lower home prices before they rise any further. The activity is sparking serious competition among buyers who are driving prices upwards with multiple offers above asking price.
Real estate professionals across the region are reporting increased showings and properties going under agreement in a matter of days and weeks.
According to Lawrence Yun, chief economist for the National Association of Realtors® (NAR), buyer activity is 25 percent above a year ago. While inventory has increased slightly due to the spring selling season, it still isn’t enough to level the playing field for buyers.
NAR reports that listed inventory remains 16.8 percent below a year ago when there was a 6.2 month supply. At these levels, there is a tremendous opportunity available for home sellers that shouldn’t be missed. Additionally, a competitive market analysis can help determine an appropriate price for the home.
According to NAR, the national median existing-home price for all housing types was up 11.8 percent in March when compared to the same time last year. The increase is the strongest since November 2005. The price increase may be enough to make a move.
For those waiting for prices to dramatically increase, stop waiting. When inventory levels begin to build again, the dramatic increase in prices will begin to slow and time on market may be longer. This of course is good news for buyers.
Until then buyers, do your due diligence in advance. Obtain a mortgage pre-approval, which will allow you to make a quick purchase decision in this fast paced environment, and work with a real estate sales professional, like myself, who will negotiate on your behalf. Most importantly, keep your homeownership goal in sight. With me as your partner, you’ll be moving in no time.
Rockland County Housing Statistics(Activity last 30 days source MLS)
Houses Condos
Total Inventory 1256 392
Under Contract 180 43
Title Transfer 109 32
Hello my name is Michael Rizzuto and I’m a licensed real estate agent with Coldwell Banker- Regional Sales Office in New City, NY. This column will list the open houses for the upcoming weekend and give the current housing market statistics for Rockland County. If you have any real estate questions, please feel free to Email me at: Michael.Rizzuto@cbmoves.com