Tim’s 4-Points Bullet Points
- Click HERE for full recap from 2015 back to 2003 in Excel (spreadsheets & charts!)
- Closings were down 10+% from 2014 (No monthly increases this year)
- Closings were still the 2nd best May on record
- Inventory UP 6% from last April (I noted on an earlier report to expect more sellers to enter the market in ’15)
- Normal to seller’s market in price ranges to $1.5 million
- Homes below the $700k’s are in a seller’s market
- River Place has best sales month in one year!
- River Place has its highest inventory in 2.5 years, but is still about half of what was considered normal
- Steiner has 4th best sales month in 29 months!
- Steiner has its highest inventory in 12 months, yet is the 3rd lowest in 10 years
- Note that as interest rates rise in the future, don’t think of interest rates rising 2-4% from around 4%; realize the difference is 50% to 100% more!!!! Thus if you are planning on your dream home a few years from now, strongly consider moving up the timeline, as that dream home may have payments 50-75% more; or, the dream home may be half of what you may be dreaming about.
- Major Announcement: HUD (Housing and Urban Development) buyer & seller closing statement will be eliminated August 1st! A new government closing document must be prepared at least 3 days prior to closing. This is a major change, so expect hiccups from lenders achieving this task efficiently in August and September.