Ahhh, October! For some of us, it's the month that marks the end of the hot, humid summers and the beginning of weather - and outdoor activity - that makes our home the envy of our Northern friends -
I get many questions at this point on the calendar from people who ask whether they should list during the holidays.
Answer: YES
Reason: INTERNET
Behold this Trendgraphix® chart showing activity for the past couple years in 32801 and 32803, combined- Where do you see the largest upticks in the red line (contracts pending and preparing to close)? February!
All those holiday hours of social togetherness creates time... for people to hide in their phones and computers to surf the internet and look at homes! I've been preaching this theory for a while, but it does bear repeating --
---And when is the lowest inventory available (the least competition for you and your home)? December/January/February! Why list when everyone else is doing the same thing and increasing competition for sales?
With all the rumblings about interest rates increasing (I know it's discussed constantly, but the Federal Reserve is getting pretty firm on the idea-) and the possible end-of-year upticks as people try to hurry transactions before the end of 2015, Fall may be your prime time to benefit from listing and/or purchasing.
For the latest Freddie Mac interest rates click HERE. As I write this blog, today, rates are holding at 3.85% on average, with .6 in points.
Here is just the past 30 days worth of activity for residential properties on the MLS - Not condominium activity, but all other residential homes:
Average price for Sold listings in Thornton Park, and spots surrounding for Sold Listings was $241,800.00 for a 3BR/1.4 (not even '.5' ) for Baths. Continuous Days on Market (CDOM) are very low, at 34.2 days, on average.
Active listings are getting pricier, and while they are still selling, the average current price of Actives is much higher than the sold inventory ($459,200.00+).... as is the count for bedrooms/bathrooms (3.5 bedrooms, on average and 2.6 baths). Average Square Footage is decidedly higher for Active listings as well (2029 sq ft), compared to Solds (a very lean 1200 sq ft).The CDOM for Active listings is at 92 days, give or take* which indicates a bit more lag time at the higher price points.
Critical to know: October 3rd, 2015: Changes in TILA-RESPA:
If you are planning to finance in order to purchase a home, but you are not yet under contract, my hope is that you know that big changes are underway that will affect closings and procedures you may have used in the past.
Click HERE for the link to the "Know Before You Owe" section of the Consumer Finance Protection Bureau.
The goal is that better information shall be provided to buyers within a reasonable time for review, plus increased privacy of presonal/financial information that will benefit both buyers and sellers. However, the learning curve will be a long one, as every moving part in a real estate transaction will experience adjustments.
If you have questions or comments about anything in today's entry, feel free to email me at Shelley@PositivelyRealEstate.com, or visit my website, www.positivelyrealestate.com.
Enjoy the month!
*Please note that I pulled stats from The Brownstones development out of the chart because of home construction skewing the Days On Market. At 111 days on average (on the MLS) for three ACTive listings on this build, the DOM indicators for the total residential properties in the area would show as falsely longer on the market with this set of (very nice) listings included.
