People always talk about the spring season when they talk real estate. However, this year it looks as though the summer real estate market will be just as hot.
The most recent Foot Traffic Report released by the National Association of Realtors (NAR) revealed that there are more buyers out looking at homes right now than at any other time in the last two years including the past two springs (in orange below).
The Foot Traffic Report is compiled from data on the number of properties shown by Realtors. NAR further explains:
“Foot traffic has a strong correlation with future contracts and home sales, so it can be viewed as a peek ahead at sales trends two to three months into the future.”
We can see that the number of prospective purchasers out looking at homes has been greater each month this year compared to the same month in 2014. And, though foot traffic fell off last June as compared to May, this year it has increased nicely. This also makes sense in light of the fact that in the last few months, more homes were sold than came on the market according to recent MLS data.
Furthermore the Boomerang Buyers are coming back in full force. What is a Boomerang Buyer? A former homeowner who has gone thru a “short sale”, “foreclosure” or “bankruptcy” in the past few years and has been saving for a down payment in preparation of the expiration of the waiting period, in order to qualify once again for a mortgage. This should help keep demand for homes strong over the next few years.
Bottom Line
The housing market will likely remain strong throughout the summer and into the fall, making for one of the best years in real estate over the last decade. Have you been thinking about selling your Orange County home? Give us a call at (949) 395-0960 and find how much your home has gone up in value!
Take a look at this infograph below for more details about the foot traffic report.
