Although it’s a hot summer, you would think the housing market would be cooling down by now - Right? I don't think so...the housing market is still hot, too! Realtor’s like myself, are still continuing to work hard to find homes for our buyers!
Unfortunately, the low inventory of homes available for sale is playing havoc for both buyers and real estate agents alike. There’s “slim pickin’s” out there for our ready and willing buyers who want to make a quick deal as the % rates inch their way up.
Some buyers have become so over-anxious to buy that they're getting into bidding wars and will go as far as to offer over an asking price. Statistics are showing that buyers are now willing to bid 1-5% higher to get the home of their dreams!
Find out what's happening in Syossetwith free, real-time updates from Patch.
According to a July report - http://www.dsnews.com/articles/survey-shows-aggressive-tactics-desperate-buyers-are-willing-to-use-2013-07-26
And just out for August: Existing home sales rose 6.5% in July, reaching their highest level in nearly four years, the National Association of Realtors said Wednesday.
Find out what's happening in Syossetwith free, real-time updates from Patch.
August report - Posted on USA Today: http://www.usatoday.com/story/money/business/2013/08/21/home-sales/2680599/#!
In our area alone, during the week of 7/28/13, MLS (Multiple Listing Service) reported we were hovering around the 97 mark of available homes for sale in Syosset.
This week, 8/27/13, MLS is showing 72 available homes for sale in Syosset. This time last year we had near double the amount of homes available on the market.
(...Out of the 65 homes that were listed between January to June of this year that went under contract (UC), there was an average of 46 days on the market (DOM). While 3 days on the market was the shortest amount of time that a home went under contract to be sold, 165 DOM was the longest...)
The rental market is sizzling, too!
I’m, also, finding that because of the low inventory, there’s another issue that arises when a seller gets a great offer on their home, and they don't accept it because they can't FIND a place to go! Either they end up taking their home OFF the market, or they opt to rent for a year. It’s not just the low inventory of homes for sale, the opportunity to find a rental is low, also.
If you have a home you want to sell, NOW is a GREAT time to sell!
