Thursday, August 16, 2012

Trends Are Great....Why are You just Setting There

Amazing Survey Results!!!

Realtors are surveyed regularly by various groups to get a sense of the market for buyers and sellers.

A recent report by Credit Suisse was quite revealing.   There was not a trend in any factor measured that was lower than 2011.  In fact most factors have steadily improved since November 2011.

This is quite impressive as this is a nationwide survey in the top 45 Markets.  And it is based on the experiences of Realtors in our day to day  interaction with buyers, sellers and prospects.

Here is a summary by factor:

Buyer Trends:  Increase 26.9(factor) to 51 in July 2012, with peaks as high as 63.5.

"Buyer interest remains solid due to the favorable affordability but a lack of inventory is a dray on sales in many markets"

Price Index:  "All time high of 63 in July"
Note:  Reading above 50 indicates higher home prices in past 30 days.

Incentives(closing costs, buydowns, etc):  
Rose from 37.6 August 2011 to 50 in July 2012
(indicating incentive are less prevalent).

"Unchanged in July(from May/June) and likely to fall as demands improve"  

Inventory Levels:  "Inventory levels continued to trend lower in July, as our home listing index rose to 72 from 68 in June, the highest reading since our survey began."

Length of Time to Sell:  "Decrease again in July"...a growing trend since August 2011

Across the board, the market has improved for sellers and become a bit tougher for buyers(improving prices and low inventory).   No doubt every market is not responding the same!  Yet every market is moving forward.

Whether trying to buy or sell, don't let this market past you.  

Buyer:  Rates are unbelievable

Seller:   Buyers are looking for you!

Finally, is your market better

                   or 
        
                      worse than this survey suggests??

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