A strange thing seems to happen every summer. The days – from sunup to sundown – are longer, and yet they fly by so fast! In a way, the same thing can be said of our current real estate market. Property is selling at an accelerated pace, and yet there is a shortage of properties to sell. It makes for quite a conundrum and, as you've surely witnessed, price aberrations occur within the marketplace.
Existing-home sales sprang ahead in May to their highest pace in almost a decade, while the uptick in demand this spring amidst lagging supply levels pushed the median sales price to an all-time high, according to the National Association of Realtors. In the Madison area demand is far exceeding the supply-thus competition among buyers is intense. Advantages exist for home buyers too. Mortgage rates, which are at three-year lows, allow qualified buyers to be well funded.
Home prices are increasing because of low inventory, but buyers are focused on getting as much house as possible while interest rates are so low. In short, this means encouraging those who are interested in selling to do so; the sooner the better!
Enjoy your summer. If a real estate move is part of your summer plans, I'm here! Just give me a call or shoot me a test. As always, I'm happy to help!
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