No doubt about it. The real estate market is consumer driven.
While the average home prices in Springfield continue to rise, days on market also rose from what I previously reported last time. It seems consumers took a step back from the home buying rush experienced earlier in the year. Did the increase in the interest rates have anything to do with it? I would say so.
|August, 2013||August, 2012||July, 2013|
|Average Sold Price||$454,754.00||$390,939.00||$436,750.00|
|Average Days on Market||25||28||19|
|New Pending Sales||100||139||126|
Let’s look at it from an economist’s point of view. Higher interest rates are good – it means the economy is improving. However, if you look at it from the point of view of a buyer wanting to buy their first home, every hopeful new homeowner I’ve talked to wants the interest rates to drop back to below 4%!
Regardless of what the interest rates are today, I think we’ll all agree they will rise again at some point. So if you’re planning on purchasing a home, take advantage of these superior market conditions and take the plunge off that fence and buy a home. It’s still a great day for real estate!
Our agents at Avery-Hess, Realtors are experts in the field of real estate and we want to help. We’re available to answer any questions you may have so don’t hesitate to contact us. Visit our website at www.AveryHess.com.
Information obtained from statistics supplied by Metropolitan Regional Information Systems, and analysis and comment by Patricia Mancini, Sales Manager at the Avery Hess, Realtors Springfield Office