The Calm Before the Storm....
As many people say there is a calm before the storm...
As you may know, we are entering into the the summer months.
What does that mean for the Real Estate Market?
Well if you take historical data from past years, we see a large increase in Residential Home Sales once school is dismissed for the summer. Guess what Is happening Thursday! Conway Schools dismiss for the Summer! Some of you are happy, some of you are like oh boy my kids are going to be home everyday!
Peak selling season for the Conway Real Estate Market shows an up tick in housing sales starting March and continuing through September.
2015 Total Residential Transactions = 956
March - September 2015 = 629
AVERAGE DAYS ON MARKET = 66
Year to Date 2016 = 335 (as of 5-25-16)
March = 60 Closings
April = 87 Closings
May = 85 Closings (as of 5-25)
AVERAGE DAYS ON MARKET = 51
What does this mean for buyers?
In my opinion this means buyers have less time to make a decision on if they want to purchase the house they looked at.
It also means their realtor is going to be advising them to move quickly so they don't lose out on a home they want. This can easily be translated into the buyer (especially First Time Buyers) feeling like the agent is pressuring them. Well in simple terms yes and no. We aren't trying to pressure them into buying just any house. But if we see that the client really likes a home, we don't want to see the disappointment on their face when we have to tell them it sold before they could make an offer.
So to all the buyers out there that might be reading this, please know that we have your best interest at heart when we make recommendations.
What does this mean for sellers?
Sellers this is the perfect storm for you. Our local area has created this lack of Starter Homes (1100-1500 Square Foot). The price of land has risen so much that it is not affordable for local builders to build the smaller homes and make a profit. What does this translate to for you the seller? This means that homes in that square footage range are going to get more looks and quicker offers. The Supply and Demand are tipped in your favor. SELLERS MARKET... This means price per square foot is going to increase, days on market are going to continue to decrease, and the number of buyers trying to buy your home is going to translate into better offers.
Interest Rates are great...
Buyers are out there looking...
Why not take advantage of the opportunity and make that move?
If you are considering taking that step of Buying or Selling a home, we would love the opportunity to earn your business. You are more than welcome to check out www.RousselTeamRealtors.com