We’re at the half way point of the 2013 Real Estate Market and by now I’m sure all of you have heard some media outlet or platform report on the improving housing market. You may have even seen a yard sign in front of your neighbor’s home followed up with a SOLD sticker on it just a few days later.
Are there still great buys out there? Have housing prices really bottomed out? Well one things for sure… Interest Rates have moved well above the historic lows, but a 4.5% interest rate on a home is still an incredible rate.
This biggest problem I see moving forward the second half of this year is Listing Inventory. Or should I say the lack of it. Inventory is so low that it’s sparked incredible buyer demand, rising home values, fewer days on market, multiple offers and intense bidding wars. The numbers don’t lie.
The Second Quarter 2013 Numbers for St Charles County are in…Compared to this time last year.
- Units sold are up over 21% so far this year as compared to last year.
- The median home is selling for 8.22% more this year.
- Pending sales are up 15.23% over last year.
- It took 27 less days to sell a home this year than it did last year.
What does all of this mean? It’s quite simple. It’s a Seller’s Market! Period! If you are thinking about selling your home, now is the time to do it. Don’t wait because just like the interest rates, things can change overnight in this business.