It's crazy to realize the year is more than half way over! It's been a busy year for me personally and professionally and I honestly can't say where the time has gone. But I'm not complaining!
Nationally, it's said to be a good year for selling your home. Locally, I would have to agree. I've have listings sell in record time, buyers in multiple offer situations and above asking price sales.
Below you'll see a chart with the June sales data for Montgomery County:
RealtyTrac recently stated 3 reasons why it's a great time for sellers:
1. Stronger Demand coming from Buyers. The pool of buyers are not only first time buyers, but also the boomerang and traditional owner occupants. FHA mortgages, which are common with first time buyers, is on the rise and accounted for 23% of all single family & condo sales.
2. Home Prices are Skyrocketing. Single Family and condo owners sold average of 13% above their original purchase price.
"So far in 2015, [sellers] are realizing the biggest gains in home price appreciation since 2007," Daren Blomquist says. "In June, sellers sold for above estimated market value on average for the first time in nearly two years." Median sales prices of existing-homes pushed above the previous 2006 peak to a record high in June, the National Association of REALTORS® reported this week. The median existing-home price for all housing types was $236,400 in June – surpassing the peak median sales price set in July 2006 at $230,400.
3. Sellers have less competition. Inventory is limited and results in buyers having to compete for the same home.
This 3rd point is a very general statement. Some areas are still lacking inventory, while others have a lot to choose from throughout our Philadelphia region.
Check out video with full details here:
Curious what your home is worth? Visit this site for help: