MarketWatch
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July 2013,
SUMMER WILL BRING THE HEAT
Coldwell Banker Residential Brokerage
The lazy days of summer may be here, but the real estate industry is busier than ever. According to the National Association of Realtors (NAR), pending home sales in May were the highest in six years. With the spring rush, real estate sales professionals have worked overtime with homes going under agreement in a matter of days, and deals entering into serious bidding wars.
For homebuyers who didn’t find their dream home in the spring, the time is still ripe for those who want to purchase a home. While interest rates are rising, they are still holding at all-time record lows providing homebuyers an opportunity to get in the market.
It has been speculated by industry watchers that interest rates will climb as the economy recovers. Even the slightest bump in interest rates can price a buyer out of their dream home. The key message here is don’t wait, or you could miss your opportunity.
Inventory still remains tight in most areas ensuring that we’ll most likely experience a seller’s market throughout the summer months. Home sellers who missed the early spring rush won’t be making a mistake putting their home on the market now. New home buyers are still anxious to take advantage of lower interest rates and move into their new home before school starts in September. Look to the graphs to review the inventory trends in your area.
Home prices continue on an upward trend. According to NAR, The national median existing-home price for all housing types was up 15.4 percent in May from May 2012. This marks six straight months of double-digit increases and is the strongest price gain since October 2005. For potential home sellers concerned about lack of equity, call a Coldwell Banker Residential Brokerage sales professional who will run the numbers for you. You may just find that you can in fact make your move.
Overall, there are opportunities to be had for both buyers and sellers.
For more information about real estate trends in your community, please contact a Coldwell Banker Residential Brokerage real estate professional today.
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2013 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 Phillip King Lic. Real Estate Salesperson
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