Long Island Market Watch
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| November, 2012 |
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FALL REALLY FEELS LIKE SPRING |
| Coldwell Banker Residential Brokerage |
Last spring, we witnessed some very advantageous dynamics for home sellers. Active buyers, anxious to take advantage of low interest rates and prices, flowed into the marketplace bringing with them bidding wars and quick home sales. Hundreds of thousands of home sellers and home buyers achieved their goals. Do you think that you may have missed your opportunity? Think again.
According to the National Association of Realtors® (NAR), pending home sales in September are up 14.5 percent above September 2011. Additionally, the amount of time homes are staying on the market has dropped 11 percent in the last year according to the latest Realtor.com data, telling us that buyers are still quick to make a purchase decision.
Lower levels of inventory, extremely low interest rates, and rising prices, are propelling buyers to act now. According to a recent release by NAR, total housing inventory available for sale is 20 percent below a year ago. When inventory levels drop, it signifies less competition for the home seller and limited choice for the buyer, which results in higher sale prices. The national median existing-home price for all housing types was up in September, 11.3 percent from a year ago according to NAR.
In the article, A new housing boom, by CNN Money, industry watchers are forecasting that home prices could be back to peak levels by 2015. With rising prices however, one can expect rising construction. According to the same article, many experts are forecasting home construction to grow by at least 20 percent a year for the next two years, meaning that home sellers will have more than enough competition in the near future.
How does this information impact you? If you are thinking of putting your home on the market, there is a window of opportunity right now that shouldn’t be missed. Buyers are active, prices are gaining strength, and with limited competition at this moment, the same opportunity that was available last spring, could be yours today. With increasing prices, move-up buyers may find that they have enough equity to finally make their move.
Contact a Coldwell Banker Residential Brokerage sales professional to determine if now is the right time for you. Using information included in the attached graph, along with additional data, your Coldwell Banker Residential Brokerage sales professional can help you make the most of this rare opportunity.
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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 http://www.philliprking.com
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