It’s finally April, which means we’re finally approaching warm weather! It’s the first Saturday of the month, so it’s time to look back on last month’s stats in the Penfield Real Estate Market!. Spring is here even if you can’t tell by the weather! We are seeing a similar pattern in that inventory is low and multiple offers are common.
In the last 30 days, 75 single residential properties were listed with a median sale price of 290k, which is an increase over last month.
Of single residential homes listed in the month of March: 75 have gone under contract with a median price of 220k. The average days on the market is 4. We’re seeing the activity pick up with more homes under contract than last month.
In the last 30 days, 26 properties have sold with a median closed price of 237k.
If you are looking to sell your home, you may be tempted to test the waters and price it high. The truth of the matter is you’d be better off to price it at a fair market value to capture buyers in more than one price range.
If you’re buying a home, make sure your offer is the best it can be:
- pre-qualified (get your paperwork ready) rather than pre-approved.
- Be flexible with your move in dates if you can be.
- Put down the strongest deposit you can.
- Consider an escalation clause.
In a seller’s market, some are concerned that if they sell their home, they won’t find what they are looking for. The good news is that it only takes one home to come on the market to be the right home. If the timing isn’t stellar, you may have to move twice. Keep in mind that it’s all worth it as you will receive the best price on your home and be completely non-contingent for the next home. If the thought of beginning a big move seems like a lot to take on, we’re here to tell you that it’s not. Tell us what you’re looking for and we’ll handle the rest; reach out today!