The summer real estate market is in full swing in our combined neighborhoods of McFerrin Park, Cleveland Park and Highland Heights. Inventory is down again  this month and has been shrinking for the last three months running. Â
With only 31 active homes for sale, this means that home buyers have LESS options that at other times during the year.  For home sellers, this means that there is less competition and can drive higher prices for premium properties.  The median list price per foot was up to 241 and median sales price is at 238 per square foot. This means that homes are selling at very close to the asking (listed) price and that there is not much room for negotiating in most cases. Homes are generally changing hands (or closing) in 39 Days. The average home sale price in our neighborhoods for the month of June was $383,000.
THIS IS IMPORTANT – SO READ IT….  Rates are crazy low right now so it is a fantastic time to purchase home;  but  It is also a great time to re-evaluate your mortgage.  If you bought your home in the last 2-5 years you may have significant equity (remember that equity is the difference between your homes fair market value and the outstanding balance of all liens on the property). Why is equity cool? You can potentially remove PMI (primary mortgage insurance), refinance to a shorter loan term (form 30 to 15 years) or use that equity to fund home improvement projects or investment goals.
If you’d like to talk about real estate (or anything, really) reach out! Â
