Finally, spring has sprung, and the real estate market has responded. I hear stories every day about listings that have sold in one day, listings that have not sold for two years and now have two offers in one week, listings that are having showings right and left, and buyers that are finally moving off the fence.
The market continues to be driven by first-time homebuyers, and there are still people moving here from other places that are choosing to rent before buying, but the activity is clearly on the upswing, and there is much more of a sense that things are beginning to recover. While we have more inventory than many other regions of the country, even we are seeing quick turnover in some neighborhoods and price ranges. For instance, Guilford still has 275 homes on the market, which is a 50% increase over last year, but houses are selling quickly there when they come onto MLS. East Rock in New Haven has 30 houses for sale, but one of our agents just sold one in a single day.
Have you been waiting for the market to turn so that you could buy or sell? Have you been waiting for prices to bottom out? Have you just been waiting? Wait no more. The time is now!
Showing posts with label houses. Show all posts
Showing posts with label houses. Show all posts
Tuesday, May 1, 2012
Tuesday, January 17, 2012
The Tide is Turning
Probably most of you think that prices in real estate are dropping, with no end in sight. I would certainly think so as well, if I went by what I read in the national press. That's why I found it so interesting to look at our numbers for the region for the last quarter of 2011.
Prices in the New Haven area went up 0.7% for the last quarter of 2011 versus the last quarter of 2010, and the number of sales went up 2.8% for the same period. While that might not seem like much of a jump, it must be compared to the impression people have that prices are falling. It's not apples to apples--it measures the total sales against the total sales, not the same houses being transferred each year--but it's a good indicator that the bottom of the market may well have come and gone. When both prices and units rise, it's not too likely that one of the trends is an aberration. Prices may not jump, and there may be a few hiccups involving taxes and financing, but the fundamentals are there, and we should see some of the rewards this year.
If you are interested in seeing all the statistics yourself, please check our website at http://www.hpearce.com/.
Prices in the New Haven area went up 0.7% for the last quarter of 2011 versus the last quarter of 2010, and the number of sales went up 2.8% for the same period. While that might not seem like much of a jump, it must be compared to the impression people have that prices are falling. It's not apples to apples--it measures the total sales against the total sales, not the same houses being transferred each year--but it's a good indicator that the bottom of the market may well have come and gone. When both prices and units rise, it's not too likely that one of the trends is an aberration. Prices may not jump, and there may be a few hiccups involving taxes and financing, but the fundamentals are there, and we should see some of the rewards this year.
If you are interested in seeing all the statistics yourself, please check our website at http://www.hpearce.com/.
Wednesday, March 24, 2010
Open Houses
As the weather improves, we are seeing more and more open houses, and more and more buyers are showing up. I guess it's not surprising that many of them are first-time homebuyers, and I guess it's not surprising that many of them are unrepresented--that is, they come to the open house without an agent or an agency agreement.
Since many of these buyers are younger, it should stand to reason that they read about the open houses on the Internet, where we can put open house notices. Interestingly, we do get a fair number of visitors from newspaper ads, which seems old-fashioned for Gen X and Gen Y buyers. Some are just driving around and come in when they see the sign.
Many of us now do a goodly portion of our shopping on the web, but there are certain things that are hard to buy that way (although I do have a friend who bought a tuxedo for his son's wedding on the web, his wife made him buy another one in person!). Houses, despite better and better virtual tours, fall into that category. You have to look in person at the place you're going to buy.
The new generation of homebuyers doesn't want to plan ahead for house shopping, any more than they want to plan Saturday night early in the week. Therefore, open houses are the most efficient way of looking at properties without having to make an appointment, and hence the high number of buyers visiting open houses these days.
What does this mean for sellers? Ironically, the oldest means of advertising--signs and open houses--are once again at the forefront of our collection of sales tools. Overlook them at your peril, and keep an open mind. And, of course, clean and de-clutter your house!
Since many of these buyers are younger, it should stand to reason that they read about the open houses on the Internet, where we can put open house notices. Interestingly, we do get a fair number of visitors from newspaper ads, which seems old-fashioned for Gen X and Gen Y buyers. Some are just driving around and come in when they see the sign.
Many of us now do a goodly portion of our shopping on the web, but there are certain things that are hard to buy that way (although I do have a friend who bought a tuxedo for his son's wedding on the web, his wife made him buy another one in person!). Houses, despite better and better virtual tours, fall into that category. You have to look in person at the place you're going to buy.
The new generation of homebuyers doesn't want to plan ahead for house shopping, any more than they want to plan Saturday night early in the week. Therefore, open houses are the most efficient way of looking at properties without having to make an appointment, and hence the high number of buyers visiting open houses these days.
What does this mean for sellers? Ironically, the oldest means of advertising--signs and open houses--are once again at the forefront of our collection of sales tools. Overlook them at your peril, and keep an open mind. And, of course, clean and de-clutter your house!
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