June 13th, 2015 By James Soletti in Blog.
According to the latest data from the National Association of Realtors, pending home sales rose by 3.4% in April to their highest level since 2006. On an annual basis, the gain was an even more impressive 14%. And homes are going under contract at their fastest pace in years
The market seems to be quite strong heading into the Summer selling season. Realtors are reporting more frequent multiple offers and houses selling in a matter of hours in some cases. The CEO of Redfin recently said that we’re going to see stronger price increases over the next few month, and the Summer is historically the strongest time of year for home sales. According to Realtor.com, the site is experiencing 35% higher search volume than last year so there’s no reason to think sales volume will decline anytime soon.
Even though mortgage rates have started to rise, they are still near record lows. Changes in the mortgage market this year are making it easier for first-time buyers. And, the rising home values are making it easier for formerly underwater home buyers to sell and purchase new homes.
Now may be the time to sell Homes are selling for higher prices and faster than in the past. Plus, mortgage rates aren’t likely to stay low forever. The Federal Reserve is widely expected to raise interest rates later this year and mortgage rates are probably going to increase as well. Even though mortgage rates have risen recently, they are still extremely low on a historical basis, and we may see an even higher-than-expected level of activity this summer as people scramble to take advantage of the low rates while they last. If you are considering selling your home this Summer and have any questions or would like to see a market analysis of what is currently on the market and recently sold, give Samantha a call and she will be able to help.