I’m noticing a few interesting trends that everyone buying and selling should be aware of:
- Median sales prices are still declining but at slower rates. Bargain hunters and first time homebuyers are still out there in droves and they are snapping up lower priced inventory quickly! If you want to get in on deals and you don’t have all cash, make sure you are pre-approved. See my list of mortgage professionals to talk to.
- In residential homes, the average sales price is going up! Yes, more people are buying higher end homes. This is a return to days where we consistently saw a large difference between average and median prices.
- Foreclosure stats are showing fewer short sales on the market and being sold. Bank-owned property inventory and sales remains steady. Are people just getting tired of short sales? Or are homeowners working through mediation per the new foreclosure laws? They are often still some of the best deals out there!
- Cash sales are still king with about 50% of sales being cash. Lending is not what it used to be. I’ve had several clients who have bought and sold houses before who are shocked at the lending requirements! Everyone and everything is challenged. When they tell you, next week, it turns out being several. Contract timelines seem to mean very little to lending organizations.
- As we approach our busy season, I predict that we’ll see further stabilization in the market. More action everywhere but little change in prices.