Real estate slowed slightly in June, still selling fast overall
Posted on Monday, August 5, 2013 at 2:37:50 PM
Quick sales have almost become a trademark in the 2013 housing market. With many homes getting sold in under two weeks, it looks like buyers may have to get creative with residential financing in order to gain an upper hand.
While real estate is still considered fast overall, the market had slowed in June, according to recent data released by research center Redfin. The information highlighted a slight reduction in the number of homes moving fast, with only 30.5 percent of listed homes under contract within two weeks.
That represents a slight drop from May's 31.9 percent, and Redfin stated that it is similar to conditions last seen in February.
"As home prices and interest rates are rising, buyers are more reluctant to make a fast offer," said Redfin real estate agent Adam Vogt. "I am seeing homes stay on the market a little bit longer than they were earlier this year, but my new definition of 'a long time' is two or three weeks."
Several buyer-friendly tips include doing a simple drive-by, according to Bloomberg Businessweek. With competitive listings, knowing where to spend residential financing is half of the battle.
Telltale signs in new developments like toys, tools and curtains can signal a lived-in home, while under-selling neighborhoods may be lacking these traits. Every buyer needs an advantage in a hot housing market.