Homes Selling at High Prices
The year 2015 continues to roll along in a positive direction with each month producing year-over-year improved numbers. But with homes on the market still not meeting the inventory demand of buyers, homes are selling at the high prices.
The market is hot and buyers are eager to scoop up a property as quickly as possible. Homeowners are more hesitant because of the fast-paced market and are nervous they will have difficulty competing in the market and finding a home in time after selling their current property. This limited inventory has allowed the competition over properties to increase and selling prices to meet or exceed listed prices.
All cash sales, distressed properties, and individual investor sales are dropping thereby leveling out the market to allow “regular” buyers to have a fair chance in the market today. It’s good news that the market is stabilizing and people are jumping back into the idea of investing in real estate. But perhaps from a buyer’s perspective, things still have a ways to go before the competition is not as intense.
“Existing-home sales increased in June to their highest pace in over eight years, while the cumulative effect of rising demand and limited supply helped push the national median sales price to an all-time high, according to the National Association of Realtors®