So this time of year ..... I've been told..... is a very quiet time in the Real Estate business. A time to prepare for a new year, a time to take a rest, a time to reorganize, re-evaluate, set goals.
Someone forgot to tell all the home buyers here in Central PA!
Our team has put 5 homes under contract and had 4 closings this month...... so far. This weekend I spent spent showing 10 homes to 5 different buyers, and more appointments this week.
So I'm thinking about what is causing all the commotion and I think it's a few things:
1.) Interest rates ARE going UP. I have been selling real estate for over 5 years, and every year I hear the threat of rising interest rates and it never happens...... well, it's happening. I've seen rates go from 3.375% to 4.25%+ in just a month. I believe if they stay under 5%, we won't see a huge decline in sales, but I think we have seen the last of 3.25% interest rates.
2.) The inventory of homes (# of homes available to buy in our market) is painfully low, and has been for a good part of this year. When a new home comes on the market, priced well and presented well, it sells. No one is "waiting until after the holidays", buyers don't want to miss these opportunities and many homes are getting multiple offers.
3.) I've been saying this all year...... buyers had been "waiting" for the right time, and they got tired of waiting. It's been a good time to buy for a while, but the housing crisis of the late 2000's made buyers (and sellers) gun-shy..... and they finally got over it..... a lot of them got over it at once.
4.) Weather. As long as we have decent, winter weather, no extreme cold, or heavy snow) buyers are not deterred.
Buying a home can be a fun and relatively easy process..... that is our Team's goal. We have fabulous lenders, terrific support and we work with a settlement company that will fight till the end to get you your new keys..... on time. We are available all the time, and back each other up and support each other through our sales, because our #1 goal is to buy and sell you a home, make it fun, make it easy and make it close.
Do you want a new house for Christmas? Or sell your home in 2017? Contact us for information.
Merry Christmas and Happy New Year 2017! From the Jen Feinberg Team