The trend continues that home sales are increasing, average sold price is decreasing, but so too are the months of available inventory. In this issue, we will compare Summer 2008 against Summer 2009 (May 1-Aug 31), which is historically a busy time for real estate.
Last issue, we discussed the market being moderately balanced for buyers and sellers. The reduction in available inventory and increased number of homes for sale bode well for the sellers. On the other hand, the continued decline in home prices and actual abundance of inventory meant buyers could still get a good deal.
We continue to support it being a great time to sell if you’re willing to price your home appropriately, and a great time to buy if you’re looking for a bargain. Buyers are taking advantage of continued low interest rates, decreased sales prices, government tax incentives and sizeable inventory. Additionally, with the holiday season notably slow, sellers may be more willing to negotiate.
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