The Housing Market is heating up this summer!!
According to a recent NAR report, more than 50% of the homes sold in June were sold in less than 40 days!
According to the National Association of Realtors and its June Existing Home Sales report, more than 5 million homes were sold on a seasonally-adjusted, annualized basis last month as competition for homes remains high.
More than half of homes sold last months were listed for less than 30 days.
The Existing Home Sales report revealed more than just strong home sale data — it also showed that homes are selling much more quickly in 2013 as compared to the two years prior.
The June report showed the median Days on Market for homes sold in June dropped to 37 days. More than half of all homes sold in less than a month. This is a significant change to the “70 days on the market” compared to June 2011 stats and the “97 average days on the market” compared to June 2010 numbers. Excluding foreclosure and short-sale homes, the number drops to about 35 days!
Homes sell quickly these days and without the proper preparation and guidance a buyer is likely to miss out or pay more for their home purchase. A Pre-Approved buyer appears to have a better chance to going to contract than those who are first starting their “home buyers” process. For more information and access to our full resource center visit our Home Buyers Center now.
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