The year 2016 is going out with a real estate bang.
Sold dollar volume is up 10.23 percent this year in the Mid-Atlantic Region, according to RealEstate Business Intelligence (RBI) market stats. Units sold are up 9.11 percent, and average days on market were down 4.23 percent.
While overall sales prices were not up significantly higher than 2015, the market was nice and strong. Many sellers were able to take advantage of the numerous buyers in the market place, and sell with a good, solid list price to sales price ratio.
We are ending the year with great sales activity, and a solid amount of buyers looking to make a decision by year’s end.
The sellers who were willing to get a jump start on the spring market and list their homes are in large part seeing good, solid showing activity on their homes. These active buyers are in a good position to make a quick decision since, as many of you know, the Feds decided to raise interest rates in December for the first time this year, and the second time in the last decade.
While this first rate increase doesn’t mean a significant increase to your wallet, it will change your monthly payment.
The Feds confidence about the U.S. economy could mean more future rate increases down the road, so now is a great time to take advantage of our market and protect your near historically low interest rate. Why pay more for a house down the road than you would pay for the same house now? Or in many cases, you will need to lower the sales price of the homes you are looking for to keep the same payment you would pay now.
Regardless of when you enter the market as a buyer, seller, or investor, there are tremendous opportunities for everyone. 2016 showed a lot of success for many area consumers, and we are all excited to see what 2017 has in store.
For more information, call the Amy Cherry Taylor & Associates Customer Service Line 9 a.m. – 5 p.m. Monday through Friday at 540-632-2824, or reach me directly at 703-577-0135. Thanks for reading!
More
10 Tips to Sell Your Home During the Holidays
5 Tips for Showing Your Home
Simple Steps for Preparing Your Home to Sell
How Interest Rates Impact Your Home Buying Power
The Benefits to Buying a Home and Who You Should Call to Help
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