1. The average sale price has remained steady overall in the region; with Monroe County showing an average sale price increase of 2.4%. The news could be worse. Despite a slower economic recovery, we are holding steady. It’s Rochester. It’s Upstate New York. It’s what we do. You won’t make a 100k on your home in 5 years, but you won’t lose it either.
2. There was a decrease in homes listed (9%) and hence, a decrease in sales (8.3%) Blame it on the Polar Vortex. While we have heard of something called Global Warming, it’s not happening here. The weather was frightful and downright nasty. There were also new mortgage regulations that might have caused some to postpone their buying until they can get their ducks in a row. Some sellers hesitated to put their home on the market, to be sure the lanscaping and such was seen in its greatest light.
3. Within the last month, pending sales are up 19%. Spring market has sprung. We’re not only coming out of our houses again, we’re putting them for sale and we still need more inventory.
Here’s what it means to you:
1. Buyers: If you are thinking about buying a home, make sure you are qualified by a trusted mortgage professional. Understand that inventory is just starting to pick up so you may find yourself in a multiple offer situation. It’s okay. We have been down this road before and we know how to represent you in the best way possible. If a house fits your established criteria, buy it, even if it is one of the first houses you have seen. There were homes listed on the market before you bought this one and there will be homes listed on the market the day after you close on this one. “Do the best you can, with what you have, where you are.” (Thanks Eleanor Roosevelt!) Interest rates are still low so grab them before they start to increase.
2. Sellers: It’s time! If you list it, they will come. Lots of them. You will get the best price for your home now. We understand your landscaping will look better in full bloom, and that the sun will sparkle on the water of your pool once the cover is off. Do you have any pictures from last summer? Buyers will believe you and they are so excited, they might even buy your home for more than you are asking.
3. Homeowners: Now is the perfect time to understand what your home is worth, even if you have no intentions of moving. A spring market shows us what consumers are willing to pay and what the current competition looks like. Knowing the value of your home will help you make decisions not only about selling, but about refinancing and home equity loans. And, as an awesome reminder, take pictures of your home now, in all seasons to highlight its fabulous features. That way, if another polar vortex comes our way, you’ll have the pictures to prove what’s under the snow!
Many people want to know when the best time is to buy or sell your home. Because we study the market daily and keep up with how it changes, and what the advantages and incentives are, we can honestly say, that every day is a great day to buy and sell a home!
If you would like to make a move or know the value of your home, we can help!