Hello my name is Michael Rizzuto and I’m a licensed real estate agent with Coldwell Banker- Regional Sales Office in New City.
This column will list the open houses for the upcoming weekend and give the current housing market statistics for Rockland County. If you have any real estate questions, please feel free to Email me at: Michael.Rizzuto@cbmoves.com.
For a great real estate resource and to view more information on these properties go to www.MichaelRizzuto.com.
Rockland County Housing Statistic
(Activity last 30 days source MLS)
Houses Condos Total Inventory 1070 375 Under Contract 89 25 Title Transfer 89 35
November Real Estate News
Last spring, we witnessed some very advantageous dynamics for home sellers. Active buyers, anxious to take advantage of low interest rates and prices, flowed into the marketplace bringing with them bidding wars and quick home sales. Hundreds of thousands of home sellers and home buyers achieved their goals. Do you think that you may have missed your opportunity? Think again.
According to the National Association of Realtors® (NAR), pending home sales in September are up 14.5 percent above September 2011. Additionally, the amount of time homes are staying on the market has dropped 11 percent in the last year according to the latest Realtor.com data, telling us that buyers are still quick to make a purchase decision.
Lower levels of inventory, extremely low interest rates, and rising prices, are propelling buyers to act now. According to a recent release by NAR, total housing inventory available for sale is 20 percent below a year ago. When inventory levels drop, it signifies less competition for the home seller and limited choice for the buyer, which results in higher sale prices. The national median existing-home price for all housing types was up in September, 11.3 percent from a year ago according to NAR.
In the article, A New Housing Boom, by CNN Money, industry watchers are forecasting that home prices could be back to peak levels by 2015. With rising prices however, one can expect rising construction. According to the same article, many experts are forecasting home construction to grow by at least 20 percent a year for the next two years, meaning that home sellers will have more than enough competition in the near future.
How does this information impact you? If you are thinking of putting your home on the market, there is a window of opportunity right now that shouldn’t be missed. Buyers are active, prices are gaining strength, and with limited competition at this moment, the same opportunity that was available last spring, could be yours today. With increasing prices, move-up buyers may find that they have enough equity to finally make their move.