With the arrival of Labor Day, many buyers and sellers reflect on how the real estate market has fared since Memorial Day and what to look forward to in September.
August activity has been brisk, with showings of homes and acreage in all price categories and many offers presented to sellers for consideration. There continue to be low introductory offers from buyers; however, there are completed sales on record that can be used as solid comparables in supporting many prices listed for sale. The “comps” over the last year or so provide a consistency that we have not experienced in a very long while. Interest rates continue to be compelling and with news of a recovering economy and interest rates climbing, buyers now appear to have more of an incentive to purchase.
On the seller’s end, there are many homeowners who are dipping their toe into the waters, exploring the value of their property in today’s market, to possibly list their homes for sale in the Autumn or next Spring.
Find out what's happening in North Forkwith free, real-time updates from Patch.
Recent closings for August include:
· A high ranch on over 1.5 acres with tennis, pool and 4 bedrooms, listed in 9/08 for $1.3m, re-priced to $995k in 6/09, and re-priced again to $750k in 1/13. It sold 8/1/13 for $725k. Autumn 2008 was a time when no one knew how the recession would affect the real estate market. As a result, there were properties listed for sale that were pre-recession prices.
Find out what's happening in North Forkwith free, real-time updates from Patch.
· A traditional with elevated water views on nearly 2 acres with pool and guest house with association tennis and dock. It was listed 4/13 for $2.5m and sold 8/9/13 for $2.28m
There continues to be a good selection of inventory in all price ranges for homes and acreage, presenting good opportunities for buyers.
The summer real estate season started late, probably because of cool and inclement weather. With the activity we have experienced in August, it is expected that the strong activity will continue into Autumn.
As we remember the contributions which workers have made to the prosperity and strength of our nation, have a Happy Labor Day!
