The
lazy days of summer may be here, but our real estate market is busier than
ever. According to the National Association of Realtors (NAR), pending home sales in May were the highest in six
years, with the strongest price gain since October 2005. With the spring rush, homes
have been going under agreement in a matter of days, and deals entering into
serious bidding wars.
For
homebuyers who haven't found their dream home yet, it's still a good time to
purchase a property. Interest rates are rising, but still near all-time record
lows, and industry watchers speculate that rates will climb as the economy
recovers. Even the slightest bump can price a buyer out of their dream home, so
don't wait, or you could miss your opportunity.
Inventory
remains tight in most areas, most likely ensuring a seller's market throughout
the summer. Home sellers won't be making a mistake putting their home on the
market now, as buyers are anxious to take advantage of current interest rates
and move before school starts in the fall.
Opportunities
exist for buyers and sellers. For more information about real estate trends in
your community, please contact me at 410-493-6854
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