First Quarter Real Estate Update

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For anyone who's been in the real estate business for the last several years, it's almost impossible to get through a week without having someone ask you how the markets doing.  This is because over the last five years, the news really hasn't been all that reassuring.  Many people have had the equity in their home hurt or devastated by a recession that's worse than anything we have seen since the 1930s.

Here in the center region, we've enjoyed some insulation from the foreclosures, short sales and underwater situations that have dominated so many other areas of the country.  In this article, we're going to look at the first quarter of 2012 in comparison to the first quarter of 2011 to see how the real estate market is doing these days.

First of all, our average price of $212,000 is about 5% higher than it was this time in 2011.  Our average days on market have actually dropped from 134 days to 117 days.  Also, home sellers have received about 96% of their original asking price as opposed to 92% last year.

Of course, interest rates are still amazingly low and prices are attractive.  This means that buyers are taking advantage of low prices and the low cost of money to get into the market place.  In short, buyers just aren't as concerned about the real estate market as they used to be.

At the same time, home sellers have been concerned about the real estate market.  Worried that they might lose money, many sellers kept their homes off the market.  This is giving buyers less homes to choose from which means that sellers are getting more of their asking price.

Add to that the fact that most of the United States seems to have skipped winter altogether and moved straight to spring, the message to home sellers is that it's time to get back into the real estate market.  If you think that you've waited long enough and you still want to sell your home, now's a great time to do so.  Buyers are looking for great homes and they are willing to make an offer on yours.

For home buyers out there, conditions are great.  The extended spring has given you more time to look, and money is cheap right now.  Interest rates are great.  Money is available and waiting for you, so if you're interested in purchasing a home, it is a great time to do so.

As always, give me a call or drop me an email with your real estate questions or concerns.  If you want to know if now is the right time to list your property for sale, I'll be glad to do it through market analysis for you.  And if you're a buyer looking for a home, we can help you find the perfect one for you.