Summer stats post year over year gains once again in 2013 and all signs continue to clearly point to an economic recovery within the housing sector. Across the state of Ohio, the number of home sales reached 13,354 this was a July best since 2005. July 2013 was again a record breaking month with a 25.4% increase over 2012 in sales volume. With year over year gains for 25+months consecutively, we now look speculatively down the road as to when things may change from a buyer’s market into a seller’s market. In many areas of the US we’ve already seen the tides turn, San Diego, Atlanta, and the District of Columbia to name a few. Rising interest rates and motivated capable buyers are indicative of movement towards a seller’s market.
What does this mean for local buyers and sellers? As a seller, homes that are priced accordingly as suggested by a local Realtor, and are in good condition, expect more showings with serious buyers and less time on market, even throughout the seasonal slow period of November-February. As for buyers, be prepped for competition, rising housing costs, multiple-offer situations and not having the luxury of mulling over whether or not this house is “the one.” The best buyer toolkit for a seller’s market includes, a pre-approval letter, a narrowed down idea of what you want and where you’d like it to be, plan to partner with a local Realtor and last but certainly not least, find your way home!