Just because the days are cooler, doesn’t mean that the real estate market is too. While spring and summer tend to be the more popular selling seasons, the fall selling season presents a myriad of opportunities for both home buyers and sellers.
During this past spring, the pressure to make an offer before someone else did was draining to many buyers. Stiff competition, bidding wars, and no time to research and compare homes as they went under agreement within hours, left many buyers feeling frustrated, exhausted and disheartened.
According the National Association of Realtors (NAR), summer was no different. In a NAR release, sales in July remained at the highest pace since February 2007, and were 10.3 percent above a year ago. According to their Pending Home Sales Index, a forward-looking indicator based on contract signings, late summer should be steady as well. The index increased in July 7.4 percent above July 2014. The index has increased year-over-year for 11 consecutive months and is the third highest reading of 2015, behind April.
This indicates that there are still many buyers in the market searching for their perfect home. In fact there are reports across many markets that sales would be even stronger if there was more inventory available in certain price points.
The message to sellers is very simple. Buyers want your home now. This fall could be more advantageous for you. There is less competition than the spring market and if your home is in good condition and priced appropriately, it should sell rather quickly. According to the National Association of Realtors, the average time on market was 42 days in July, less than two months. Prices are additionally rising. The median existing-home price for all housing types in July was 5.6 percent above July 2014. July's price increase marks the 41st consecutive month of year-over-year gains.
Even better, contact Gloria Benaroch, a Coldwell Banker Residential Brokerage affiliated sales professional who can explain the home buying and selling process, the benefits of home-ownership, and can guide you every step of the way. You may just find yourself moving in the right direction!