If you’re thinking about getting into a housing market this HOT you should probably have a FIREFIGHTER by your side!!!
The National Association of Realtors announced last week that the pending home sales rose 6.7% in May to the highest level since late 2006. That is a 12.1% rise over May 2012.
The Pending Home Sales (PHS) index measures housing contract activity and is based on signed real estate contracts for existing single-family homes, condos and co-ops but doesn’t necessarily reflect closings.
NAR Chief Economist, Lawrence Yun said,
“Even with limited choices, it appears some of the rise in contract signings could be from buyers wanting to take advantage of current affordability conditions before mortgage interest rates move higher,” he said. “This implies a continuation of double-digit price increases from a year earlier, with a strong push from pent-up demand.”
Dr. Yun expects the national median existing-home to rise 10% to nearly $195,000.
What does all of that mean to Northeast DFW?
It means the market is HOT and is VERY FAVORABLE FOR SELLERS. If you have considered selling your house, THIS IS THE SELLING ENVIRONMENT THAT YOU HAVE BEEN WAITING FOR.
Remember high school economics? Supply and Demand ring a bell? It basically states that when the inventory
We are currently experiencing the “supply is low and Demand /Price are high” end of the spectrum.
In Collin County the inventory is incredibly low. Click the graph to the right and you’ll see that inventory hasn’t been this low since January 2007.
On the other hand, Click the graph to the left and you’ll see that the Median Sales Price is rising rapidly! Dr. Yun stated that he expected the national median existing-home price to rise 10% to nearly $195,000. From looking at the June 2013 data, the current Collin County existing-home median price eclipses the national average and comes in at nearly $250,000!!!
What does that mean to you?
If you are a buyer, you have already missed the bottom of the market. Sorry to be the bearer of bad news but those are the facts. Both interest rates and prices are on the rise and if you don’t act quickly and make solid offers in this market it is difficult to buy a house.
If you are a seller, it’s time to get off of the fence and get your house on the market. Interest rates are still low but rising and inventory is still low but new home builders and existing home owners are rushing to fill the gap in inventory. If you are considering selling, this is the perfect market storm.
What should you do?
Like I said before, if you’re thinking about getting into a housing market this HOT you should probably have a FIREFIGHTER by your side!!!
Call the real estate 911 – Really… call 469-269-0911. FireBoss Realty is here to be your partner and walk with you every step of the way.
Selling your home is both a beauty contest and a price war. We’ll help you stage your home to appeal to potential buyer’s; price your property to compete in the current market and bring you the most equity; aggressively market your property using the most current technology; and walk with you during contract negotiations and closing processes.
If you’re in the market to buy a home, we’ll work to understand the unique needs of your family; provide the technology to support an efficient search for your new home; and walk with you during contract negotiations and closing processes.
Call us at 469-269-0911
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Here is NAR Chief Economist, Dr Lawrence Yun…