submitted by Lynne Kelleher, Prudential Fox & Roach, Realtors – Newtown Office
Third quarter market statistics are in and show a continuingly improving real estate market in Bucks County. The average sale price is up 1.9% to $333,582 and the number of closed sales is up 28.3% over last year. The time it takes to sell a home is down to an average of 81 days, a reduction of 23.5%, inventory levels are down 12.1% and there’s a six-month supply of inventory which is down 26.4%, signifying a return to more “normal” conditions.
What’s it all mean? For one thing, the bottom of the market is clearly behind us and we’re finding ourselves in one of the busiest markets in years. While the pace has slowed somewhat, well-priced homes in good condition are selling in a matter of days, often with more than one offer to choose from. As the economy continues to improve, prices, as well as mortgage interest rates, will continue to rise. Most economists are forecasting a 2% rise in prices annually over the next several years.
No matter how you slice it, now really is a great time to buy or sell a home. If you need to sell your current home before you can purchase your next one, waiting until it appreciates isn’t the answer. Any gain you may make will be wiped out by rising interest rates and higher home prices for your new home.
If you’re considering getting out of mom and dad’s basement or out of an apartment and into your own place – get off the fence and DO IT! The time will never be better.
The same holds true for those of you looking to expand your portfolio or diversify your retirement strategy. Rental properties are in high demand and an investment property could offer some long-term growth and passive income in those golden years.
There are still opportunities to be had in this market but who knows when that window will start to close? If the circumstances are right for you, now may be the time to make it happen.