It’s back to school for most of our area… what does that mean in Real Estate? Well, for much of the Berks County and surrounding market areas, it means buyers are once again becoming focused on their search.
Let’s face it. Selling a house in the summer can sometimes feel like selling bathing suits in February. Sure, there are those that have a trip planned, but for most of us, we’re just burying our heads, waiting for the first sign of life.
Over the past two years, the market has behaved somewhat differently than it has in the past. Typically, you have your “Spring Market.” This kicks off after the Super Bowl. Many of you may have heard me joke that it is basically when men will go back out looking at houses on a Sunday. Probably more truth to that than anyone would like to admit! The Spring Market traditionally ran through June… sputtering to a halt by the Fourth of July. Next up, the fall market (NOW)… this runs from back-to-school through mid-November. Recently, the July/August slow down has been minimal. I attribute this to the harsh winters we’ve had lately. How many of you were thinking home buying during the many polar vortexes?
So, what we have now is a market that has maintained some momentum through the summer, and will continue to perform until Halloween – or shortly thereafter. As a buyer, that means that the market could be competitive. Let’s stop low-balling every seller and actually try to close on something… 2010 is long gone, you missed that opportunity. For Seller’s, this means we’re back into a neutral market. Neither buyer nor seller have an inordinate amount of leverage in these negotiations.
Back with a healthiER market (not yet full-blown healthy) is the more widely accepted Home Sale Contingency… properties are moving once again.
In short, we’re back to school – and you should be back to house-hunting if you’re looking to make a move. Rates are still hovering at a low point (about 4%) and property values are increasing. Sales are at the highest levels we’ve seen since the bubble burst 8 years ago.
Strike while the iron’s hot!