What's Changing the Momentum of Our Market?

Is anything happening right now that has affected the momentum of the market?

There has been a lot of excitement about how the market has turned around nationally and locally. We’ve had inventory issues, a surge of buyers, etc.

I think sellers are starting to feel a lot more robust about things and maybe a little bit over confident. Interest rates are starting to rear their ugly head.

As agents, we have to be concerned with buyers and their pre-approval letters. If they have a pre-approval from three months ago, but interest rates have increased by a point, that changes the game. If you are looking at a home for $360,000, your payment has gone up by $300 a month. This is a huge impact on the amount of money a bank is comfortable with lending as well as a huge impact on what a buyer can financially do.

So, sellers need to recognize now is the time to put their home on the market before interest rates increase more.

Give me a call at 814.880.23208 so we can get started on your next real estate move!

What Can We Expect for the Rest of 2013?

Check out our Free Home Value Report to see how much your neighbors sold their homes for!

What price points are selling and what can we expect to see the rest of the year?

Any homes priced up to $250,000 are doing remarkable. If a home is priced fairly and in good showing condition, it can sell in a matter of days.

There is also exciting news for homeowners in the higher price range. Currently in State College there are five active homes on the market and eight in pending sales. That is a great ratio of homes under contract vs. homes available.

There are only about 750 active listings. Unless there is an increase in inventory, it will remain a sellers’ market. Buyers made be frustrated with their limited selection, but builders are starting to dig and build again. A great sign for our economy!