REAL ESTATE MARKET UPDATE NOVEMBER, 2016
Here is the latest Real Estate update for November, 2016. These numbers may reflect some of the recent changes from the Government.
NUMBER OF SALES were down from 801 sales in November, 2015 to 787, a decrease of 1.75%.\
Number of DAYS ON MARKET fell by 40.74% from 27 to 16.
AVERAGE HOME PRICES had a slight increase of 16.19% over November, 2015, to $658,925. This is a slightly lower overall increase as in previous months.
Inventory still remains extremely low as new listings on the market were down by 5.63% and active listings on market fell by 45.69%
The real estate market in general remains very busy. This type of market is considered a Seller’s market. A lack of homes available to buyers is making it difficult for some buyers to purchase their dream home. It is hard for them to stay positive and not become discouraged. Sometimes have to try several times before they are successful.
In this type of market Sellers often get many offers for their home. Typically these offers are over the asking price without conditions. These high prices create a false market where prices are inflated and not realistic. Often buyers make offers based on their emotions and how much they love the house. This could result in a bad financial situation if they have to sell soon after buying. It is never a good idea to buy a house based emotions. Be realistic and stay with price you can afford. Remember there are extra costs involved when buying a home so stay within your budget.
To look for information on buying or selling real estate, please visit my website: www.gloriavalvasori.com
For information on Buying Real Estate: https://www.gloriavalvasori.com/buying
To find information on Selling: https://www.gloriavalvasori.com/selling
Visit my Facebook page: https://www.facebook.com/streetsvillerealestate