After two plus years of an extreme seller’s favorable market, we are finally starting to feel a shift towards some sense of balance.
Although single family inventory continues to be low, we’re seeing an increase of active and coming soon listings. This week we finally have slightly over 1000 list opportunities as more sellers are deciding to go ahead and list their property for sale. Some I believe are wanting to take advantage of the potential to sell high before a more dramatic market shift comes. Others typically find Summer to be a good time to make a transition for families with children, so the move happens before the start of a new school year.
Buyers continue to be active, experiencing competitive situations of fewer choices and interest rate hikes. When a new listing comes on the market buyers must get there quickly if the property meets their criteria.
In a nutshell…single family inventory is slightly up. Home sales are up, median sale price is up, and interest rates are slightly up, yet still low compared to previous years.
As always, market conditions are specific to location, be it by state, town, neighborhood and street. Consult a professional for the best most efficient real estate experience.
With Summer upon us and gas prices high, you may be spending more time at home. Children are out of school, remember they are outside playing, riding their bikes, skateboards etc. Please keep them in mind when driving through neighborhoods!!
Hurricane season has also officially begun. Prepare for emergencies, wind, rain and power outages.
If you don’t have a generator, be sure to have plenty of alternative lighting, batteries, and coolers for daily necessities. There are some nice rechargeable battery lights that can be used outdoors or indoors during an outage. Solar lights work indoors too!
Keep gutters clean and redirect water away from the home with downspout extensions.
Trim trees and branches overhanging the home.
Pool safety is always a top priority. Be sure to follow practical safety measures like proper fencing, lighting, providing safety equipment and never leave children unattended in and around the pool.
Think about ways you can keep your home and family safe.
Have a safe and fun Summer!
Donna DeLauro is a Realtor at RE/MAX Real Estate Center in Coventry. She is also a Senior Real Estate Specialist and the Proud Founder of Mature Matters.
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