Long Island Market Watch
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| August, 2012 |
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Rising Home Prices Are No Surprise |
| Coldwell Banker Residential Brokerage |
Our Coldwell Banker Residential Brokerage sales professionals had an incredibly busy spring and summer selling season. For several months now, sales professionals have been abuzz with stories of multiple offers over asking price and homes going under agreement within a matter of days. So it comes as no surprise that the Wall Street Journal recently reported in the article Home Prices Reflect Strengthening that home prices in the second quarter rose from the year-ago period for the first time since 2007.
Home sale prices rise when there are lower levels of housing inventory. When inventory levels drop, it signifies less competition for the home seller, and limited choice for the buyer. Additionally, incredibly low interest rates and renewed confidence in the economy are compelling buyers to act now. With these elements in play, the competition between buyers who have their sights set on the same dream home can become fierce.
We at Coldwell Banker Residential Brokerage recognized this low inventory level trend in early spring, and it is still occurring in many markets. According to the Wall Street Journal’s quarterly survey of housing market conditions in 28 U.S. metropolitan areas, inventories of unsold homes have fallen in every market and are down by more than 20% in two-thirds of those markets. To see if this movement is occurring in your community of interest, look to the graphs on the right of this page.
For those who are thinking of selling their home, this could still be an opportune time to act, especially for those who have built equity in their home. Stories of home sellers selling their property with a profit have also been on the rise, and buyers continue to be attracted by historical low interest rates.
Speak to a Coldwell Banker Residential Brokerage sales professional to determine if now is the right time for you to sell your home. Your sales professional will conduct a competitive market analysis, identify the inventory levels that will impact you, and advise you on appropriate marketing and pricing strategies. You may be pleasantly surprised by what your real estate professional may tell you.
Additionally, make the necessary improvements to your home before placing it on the market. The properties that are in good condition and are move-in ready, are moving more quickly. Your Coldwell Banker Residential Brokerage sales professional will be able to advise you on which improvements will have the most impact.
Though the late summer and early fall have historically been known as slower selling seasons when compared to spring, this year we at Coldwell Banker Residential Brokerage would have to disagree. If you want to move now, call today!
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| ©2012 Coldwell Banker Real Estate LLC. Coldwell Banker is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Owned and Operated by NRT LLC. |
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Phillip King, Suffolk Realtor, Coldwell Banker Residential Brokerage, 5018 Express Dr. S Ronkonkoma, New York, http://www.philliprking.com, phillip.king@cbmoves.com, 516-241-6264, 631-588-9090, Real Estate Long Island, Long Island Real Estate, Homes For Sale Long Island, Long Island Homes, NY Real Estate License, Long Island Condos, Houses For Sale Long Island, Suffolk Real Estate, Long Island Home, Long Island House, Long Island NY Homes, Suffolk Houses For Sale, Condos For Sale Long Island, Suffolk County Condo, Long Island Houses, Houses For Sale, Brookhaven Township, Islip Township, Ronkonkoma, Village of, Holbrook, Lake Grove, Holtsville, Farmingville, Selden, Centereach, Sayville, Bohemia, Blue Point, Bayport, Oakdale, Patchogue, Medford, Bellport, Brookhaven, Mastic, Shirley, Manorville, Center Moriches, Moriches, East Moriches, Eastport, Miller Place, Mount Sinai, Shoreham, Wading River, Ridge, Rocky Point, Coram, Middle Island, Yaphank, Babylon, Bayshore, Smithtown, Nesconset, Hauppauge, Residential, Resale’s, New Construction, Builders, Investors, First-time Buyer, Vacation Homes, Short Sales, Listing Agent, Buyers Agent, How to
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