It looks like Real Estate decided to take the summer off! It is normally our slowest time so this is not a big surprise. Over the year, median prices are up 13-19% while average prices are down 15-20%. What do you think is causing that? The bottom is past; people are willing to pay more while sellers are holding out if possible.
What are busy agents saying? We’re swamped with people looking to buy. We are seeing lots of multiple offer situations. Prices are starting to creep up!
- ACT 48 continues to play out as we see fewer bank-owned properties on the market. More are coming online with tenants. We are seeing more issues with that prevent conveying clean title as these are pulled off the market. They are still out there but at first of month we had 80 on the market. The highest number was a year ago (when ACT 48 was passed), with 230 bank-owned properties available.
- Short Sales continue to have more success with the highest number of sales EVER!
- In general, we are seeing the market transitioning. Less inventory now, higher prices tomorrow!
- On a personal note, we were able to refinance our mortgage using the HARP 2.0 program. We reduced our payment by $660/month without putting any money in.