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Selling a home? Click here for a FREE Home Price Evaluation
Call me at (215) 576-8666 for a FREE home buying or selling consultation
I started off last month's report talking about existing home sales, so let's begin there again.
Existing home sales have been cascading upward since February and March, which bodes well for a strong market this summer, no matter which region you're looking at. Existing home sales aren't the only things that excite us, it's the fact that homes are selling in nearly every category. Sales in the $250K-$500K range are up by almost 27%! However, homes below $100K are drying up because there are very few foreclosure sales happening anymore.
Foot traffic has also significantly increased, and this is an important trend. We're getting much, much more foot traffic this year than we were last year. A reason for this renewed interest in buying homes may be because 31% of Americans believe that real estate is the best type of long term investment. People chose real estate over stocks, gold, savings accounts, and bonds.
Throughout the country, homes are selling in less than 45 days, but you'll be happy to hear that my average is 26 days! However, inventory levels year-over-year increased in March, but we're still below inventory in our area. This means that home prices may be rising soon. The Case Shiller year-over-year price change tracker for 20 cities shows that we're seeing a steady level of appreciation, ranging from 3-5%.
All this activity has the media begging the question: is there another housing bubble forming? My answer is no, but there is probably a strong seller's market taking shape.
This means if you're looking to sell your home, rising prices may move you off of the fence and into the market. I can sell your Tri County home for top dollar this summer!
If you were not available to attend my Home Selling Sharks Seminar June 17th, get my FREE Home Seller toolkit here, http://www.homesellertoolkit.com/. It lists my eight secret strategies for home selling.
