A FAST START
The first 2 months of 2012 are off to a very positive start. Nantucket real estate sales have expanded 47% in transactions and 64% in dollar volume over the same time period of 2011.
Although it is a bit early to suggest this will be harbinger for the entire year it is a heartening sign. In addition there are some other metrics that point to an improving market. This chart is a snap shot through the end of February:
Over the last 2 years inventories are down and contracts and sales up. As result the pace of price reductions has slowed. All these factors point to an improving sales market. Today Buyers still have a great opportunity to buy. If the above trends continue, that window maybe closing.
Important real estate questions can often be asked quickly —"What's the right sale price?" or "What's the right list price?"— however, the answers may take a while. A question may be simple to ask, but the answer is usually complex because real estate is complicated.
In markets where offers can be close, it’s important to take all other factors into consideration, like the terms, the mortgage, the pre-approval letter, and any appeal from buyers.
"NAR is predicting existing-home sales to reach 6 million in 2017, higher than its 5.8 million forecast for this year. But other entities are even more bullish. MBA is predicting home sales to eclipse 6.5 million next year, while Fannie Mae and Freddie Mac are both predicting 6.2 million."
If you're looking for a house that's not exactly turnkey, you're not alone. Call it the HGTV effect. Is anyone else OBSESSED with House Hunters Renovation?!