Dana Estates Market Report – November 2015

The Real Estate Market Continues to chug along in Dana Estates. Here are the latest statistics for our neighborhood at the end of November.

At the date this information was pulled on November 30 there were three active properties in Dana Estates with an average list price of $515,000. This is not surprising given the holiday season.

There were 8 Pending properties at the end of November. The average days on market had risen to almost 35 days. This could be due to aggressive pricing (see the days on market for sold homes) and to financing considerations.

In October the Consumer Financial Protection Bureau (CFPB) implemented new disclosure standards that may have stretched the closing times for purchases. This may be a partial explanation for some of the longer days on market.

What is most surprising to me is the average time on market for these sold properties 8.33 days. Looking at the graph below, you can see this is a slight dip from previous months.

This graph tells me that homes that are priced accurately are selling quickly. Overpricing a home is one of the major mistakes that agents and owners can make with their home.

Looking to 2016

My crystal ball is as cracked as the next guys, so I can only make an educated guess as to what the future holds.

Seller’s Market. I expect that, barring any major act of terrorism or financial crisis, early 2016 will be a seller’s market. The expected Fed rate hike will likely get some buyers off the sidelines for fear of rising mortgage rates.

For Buyers: It is still a great time to buy real estate with interest rates near historic lows. Making sure you are preapproved for a mortgage from a quality lender is imperative.

For Sellers: The peak sales months have been March through June the past few years. Making sure your property hits the market during those months is imperative. It can take some time to adequately prepare your home for sale, in some cases 2-8 weeks.

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Email me to set a time for a complimentary, no obligation, sales consultation. I will help you identify the items that you need to address prior to the sale of your home.