It is a good real estate market for sellers right now. And it is a crazy real estate market for buyers right now. Sellers are getting top dollar for their homes, and often times they are seeing bidding wars and multiple offers in the under $300,000 price range. Buyers, on the other hand, have to act fast when they find that perfect home. Most likely, they will have competition for it and the highest offer will get the deal.
Here is how our market was doing, as of the end of March:
TOTAL HOMES FOR SALE : 1,941 (down 23.5% from same time last year)
AVERAGE HOME SOLD PRICE : $267,451 (up 4.3% from same time last year)
TOTAL HOME SALES : 2,891 (up 22.4% from same time last year)
AVERAGE DAYS ON MARKET : 47 (down 53% from same time last year)
MEDIAN PRICE : $239,500 (up 6% from same time last year)
Although it remains a seller’s market in most cases, it does change to a Buyer’s market at approximately the $450,000 price range. At that point buyers still have multiple properties to pick from and can probably expect some concessions from the seller. Full price offers are not as common at this point.
My advice…buy while you still can. Home prices are going up this year. I suspect interest rates will rise, too. Real estate won’t be any cheaper a year from now.