The following is an expanded list of the number of house sales broken down by sold price ranges:
The following chart provides more detailed information of what occurred in the month of August and some year-to-date information:
Many assume real estate is seasonal. There is the impression that there is a big rush on real estate especially in the months of May, June and July. It’s all centered around the school year. Now that many schools are starting in August, that month is no longer considered a high volume month. Usually, we don’t see that pattern as being the norm, but we are noticing some elements that point to a bit of a slowdown this year. The number of properties in escrow (sales pending) is down for both houses and condos as of the end of August compared to the months before. Keep in mind that this number is not static; it changes hourly depending on how many new escrows and closings occur within a day.
If you or someone you know is planning to purchase some real estate and will have to take a mortgage, you should know that there are going to be some major changes taking place starting October 3, 2015. There is going to be more oversight and longer waiting periods throughout the course of the escrow that are due to the loan process. It also creates a bit more burden on the escrow officers. Some things that buyers need to take care of early on are determining how they will be taking title (vesting) and what insurance company they will be using and getting that in place. Some things to avoid are making any changes to the contract like the closing dates and also avoid any types of credits or amendments. All of these things are going to slow down the process. Until the kinks are worked out, a 30-day escrow with a loan may not be possible. Be sure to talk to your lender, in advance, and be aware of all the potential pitfalls.
Interest rates are still low. This is a great time to buy. There are more people buying real estate as investments. Where else can you get such a great return? If you are thinking of selling, buyers are anxious to see what is new coming on the market – you could be the next sale! If you need to buy, sell or just have questions about our real estate market, be sure to contact suding//murphy partners.