Long Island Market Watch
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| May, 2012 |
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IT'S FINALLY GETTING HOT |
| Coldwell Banker Residential Brokerage |
As the temperature rises, so does the real estate market. For the first time in a very long time, positive headlines dominate real estate news sites. Those of us at Coldwell Banker Residential Brokerage are excited for our clients and customers who are making their home buying and selling goals a reality.
With consumer confidence rising, low interest rates, rising rents, and still modest inventory levels, the general consensus with real estate professionals and industry watchers is that this level of activity should continue.
More good news was announced last month when the Federal Housing Finance Agency issued new guidance requiring servicers of Fannie Mae and Freddie Mac loans to speed responses to short sale requests. The guidelines will help expedite the short sale process and essentially give an extra boost to the housing market.
Regionally, prices remain somewhat steady. However it is important to note that in some communities, prices are starting to rise along with the temperature. Look to the graph to see what trends are taking place in the communities that most interest you. Real estate is very local and what is reported regionally can vary town-by-town. To know exactly what is happening in your marketplace, contact a Coldwell Banker Residential Brokerage sales professional who will walk you through the graph and share additional insights about your market.
Overall, this activity indicates that buyers are prevalent and are acting on those opportunities where they perceive value. Additionally, the homes that are in good condition are making the most impression. The message to home sellers is very clear; price your home competitively, follow your Coldwell Banker Residential Brokerage professional’s marketing plan, and make those improvements to help your home shine.
For those looking to purchase a home, it is important to come prepared with solid financing, be ready to make a purchase decision and most importantly, be honest about the price. For those markets that are moving quickly, a low, unrealistic offer could result in a missed opportunity. Again, contact a Coldwell Banker Residential Brokerage sales professional who can help you find a property, and assist you throughout the negotiation process.
We at Coldwell Banker Residential Brokerage are very excited by the spring activity we’ve seen so far, and our expectation is that it will continue to heat up.
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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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