THE SUMMER MARKET WILL BE HOTTER THAN THE TEMPERATURE
The general assumption is that the real estate market slows down as we enter into the summer season. Though spring has been historically known as the busiest selling season, the fact is, the summer months can be just as active. Misperceptions can lead to missed opportunities so don’t miss yours.
As we head into summer, home sales continue to rise and according to the National Association of Realtors®, pending home sales rose in April for the fourth straight month and reached their highest level in nine years. The Pending Home Sales Index,* a forward-looking indicator based on contract signings, increased 3.4 percent in April up from March and is now 14 percent above April 2014. The index has now increased year-over-year for eight consecutive months and is at its highest level since May 2006.
These numbers are up despite the incredible lack of inventory in many markets. It demonstrates that there are plenty of active buyers in the market ready to purchase a home now. Essentially, the real estate market is hot. To see to what degree in your area, look to the statistics here, or contact me and I can provide you with the exact statistics for the communities that most interest you.
CoreLogic® released its April 2015 CoreLogic Home Price Index (HPI®) which shows that home prices nationwide, including distressed sales, increased by 6.8 percent in April 2015 compared with April 2014. This change represents 38 months of consecutive year-over-year increases in home prices nationally. On a month-over-month basis, home prices nationwide, including distressed sales, increased by 2.7 percent in April 2015 compared with March 2015.
Buyers, remain patient. As prices rise, more home sellers should jump back into the market to take advantage of the unprecedented increase in buyer demand. As more home sellers enter the market, their level of competition will increase. Be prepared by working closely with a sales professional like myself who can lead you through the process and help you get your dream home.
I think this summer market will grow even hotter. If you are wondering if you should take advantage of the heat, contact me today.