submitted by Kathleen Layton, Prudential Fox & Roach, Realtors – Newtown Office
… and we’re expecting the healthiest spring season since 2007.
Freddie Mac is projecting an increase in sales of 8-10 percent compared to 2012. Nationwide, we’ve seen 20 consecutive months of sales increases over the previous year, and prices have increased for 12 months in a row.
In the Philadelphia region, sales are up 26% January 2013 vs. January 2011, and inventory levels are down 22%. Things are no different here in Bucks County – we’re experiencing a marked change in the pace of the market so far this spring.
The number of houses selling is up, prices are up, inventory levels are down and the shift from a buyers market to one more equally distributed has already occurred in most price ranges. Properties that are priced right and in good condition are selling at a rapid pace, often in a matter of days and some with multiple offers.
A word of caution here, lest you think we’re back to the days of old, when you could ask whatever you wanted and some desperate buyer would actually pay it. Those days are gone, thanks to cautious appraisers and loan underwriters who work under strict guidelines to prevent lenders from getting burned again.
Buyers too are skittish – everyone knows someone who overpaid for a home that is now in foreclosure or a short sale and they don’t want to find themselves in the same position.
If you’ve been thinking of selling your home you could be pleasantly surprised. If you’re thinking of selling your home and buying a new one, the timing will never be better.
And if you’re thinking of becoming a homeowner again or for the first time, this fabulous window of opportunity that’s been open for the past few years may be slowly closing – did you know that a 1% increase in interest rates can cut your buying power by 10%?
No matter how you look at it – if you’ve got real estate on your mind, now is the time to act on it!