The past couple of years have seen steady increases each year locally. This year has started out exceptionally strong. So far 817 houses have sold (January 1, 2012 through May 30, 2012) compared to 595 for the same period last year for 37% increase. May has been no different with 186 houses closed so far this month compared to 153 in May 2011 for a 21% gain.
What about price?
We’ve been seeing prices “flatten out” over the past few years. Median price is typically what is looked to “guage” price and compared to 2011, median price is almost flat. For this period last year, median price was $120,000 compared to $119,000 this year.
Is it the time to buy?
With mortgage rates at truly all-time lows and great prices on houses in the area, it’s tough to say it’s not a great time to buy. If you have been thinking about purchasing in the area, we are seeing decreases in the availability of houses for sale with 722 available right now with the lowest at $35,000 and the highest at $4.2 million.
The first step is to determine how much you can afford. If you are financing, contact a lender to find out what amount you could be pre-approved for and what your loan options are. Stop by our Financing page on PalmCoastHomeShow.com for lender resources and contacts. Or give us a call and we can help provide you with some direction.
Is it the time to sell?
This question is always one that it depends upon the particular situation, but in general . . . yes. Sellers over the past few years have been battling against a large number of properties on the market for sale. Selection is definitely down so you have less competition among other sellers. Couple that with a great amount of activity and it’s a good mix for sellers.
The biggest barrier that often comes up is value of one’s home. Lower number of houses for sale and increased activity does not necessarily mean explosive increases in what one can sell at. List price is the key first step in a successful sale process. That price is determined by evaluating recent comparable sales. This way you are getting as close to what buyers are willing to pay for your property and you are reducing possible issues with the house being able to appraise if the future buyer is financing. Over-pricing almost always leads to a much lengthier time on the market as well and in the end often results in less than someone may have received by just pricing right the first time.
Wondering what you home should be listed at today? We can help you with that. Click here to fille out our Home Evaluation Form or give us a call. Check out our Sellers page on PalmCoastHomeShow.com to see our strategy that gets sellers to the best financial benefit in the best possible time frame.
It’s truly been an exciting year so far. Feel free to drop Kathleen or I an email or give us a call with any of your local Real Estate questions or needs.
Disclaimer: Information based upon the Flagler County Association of Realtors MLS as of 5/31/2012 for Residential Houses. Information may be deemed reliable, but is not guaranteed