Spring into Fall(?)
No I am not talking about the time change.
Rather, we are again experiencing a Spring-like Fall in the Hampton Roads Real Estate Market.
Typically, February through July are the peak selling period. Many buyers and sellers call me during this period every year to buy or sell a property. Yet, in 2014, the real estate market has had mediocre improvement through August. I have seen the same in many ways in my own business.
Yet, in the past three weeks, I have had five homes sell with those sellers buying three homes at the same time. It feels like May!!!
But with home inventory low and moving fast, the length of time on the market is getting shorter. Three homes sold in less than 30 days! You can see the trend is national!!!
This increase speed of market turn for properly priced homes is happening as interest rates soften again. Note the trend in rates below is noted to increas in the 3rd quarter but they have actually decreased due to overall economic market conditions.
Yet do not believe that these analysts for each of these organizations were trying to error. Rather, they have their thumb on the overall trend. And that trend is for rates to increase...they just got the timing wrong.
It is the combination of events along with the fact that buyers and sellers have heard and seen reports that the real estate market is improving though not at a gangbuster rate that some had projected or is seen in a given state like California that crashed hard but now is in recovery. Yet as you look at the map below, you be hard pressed to find a depressed area in 2014.
Thus, we see the confidence that causes buyers and seller to take action in Fall 2014!!! Imagine that improving sales, low interest rates and lack of inventory would cause this reaction!!!