The Real Estate market continues to be dynamic as 2012 comes to close. Here are a few things to consider as you weigh the advantages of home ownership.
1. Inventory is down 32% from last year
2. Sales prices are up 29.3%
Buyers must be prepared to make realistic expectations as the market evolves.
• Expect to be patient with your home selection. I’ve had several buyers lose out on bidding wars before they made the winning offer on the right house.
• The shadow inventory of houses … owners who are delaying putting their homes on the market until prices improve…is not emerging. Short sales still are taking months to get approved.
• Continue to see supply down over the balance of this year with higher demand for quality homes from serious buyers.
• The days of stealing the deal are over. Expect to see slow and normal price increases.
• Expect to see multiple offers for homes selling in the $150 -$250,000 range.
• Expect to pay closer to full price, but there are still ways to ask for concessions in the offer.
The results of the presidential election will have a lot to do with what happens to interest rates. Sooner or later, they are going to go up. Combined with higher prices, the dream of home ownership will get more expensive. NOW is the Time To Buy!
Call Me at 860.945.9284 to review your mortgage options and to take advantage of my FREE Mortgage Pre-Approval service. I’m here to help!
Read more on “How to Deal with Today’s Real Estate Changes” by Alan Zeider at: http://www.abc15.com/dpp/lifestyle/sonoran_living/sl_sponsors/real-estate-tips-for-todays-market