WEDNESDAY, MAY 27, 2020
As predicted in our last market update, real estate spring-fever is here and robust, to say the least! Multiple offers, escalation addenda, purchasing sight-unseen, and reduced contingencies are all coming back into play and well-positioned sellers are once again being richly rewarded.
There are currently three active listings in Kings Park West. All three have been on the market for extended periods of time and all three have undergone significant price drops. In a hopping market, it might be time for these listings to be reevaluated for price and presentation.
There are currently twelve homes marked under contract in the MLS, six of which went under contract in less than two weeks. The chart illustrates nicely that well-presented homes will benefit from lower days on market and higher prices--traits which typically go hand-in-hand.
Items in green represent The Mary and Cathy Team listings
Five detached KPW homes went to closing since our last market update. Prices ranged from $524,900 to $715,000 and all of the homes went under contract in less than two weeks. None of the sellers provided seller subsidies to their buyers.
Items in green represent The Mary and Cathy Team listings
So what do we think is coming next for the local real estate market? We predict continued high demand for move-in ready homes, in particular. As the virus does continue to affect our everyday lives, purchasers are increasingly reluctant to buy homes which need work; most would require contractor visits, long hours of shopping, and too much bandwidth in an already stressed environment. Additionally, as we are working, home schooling, full-time parenting, and endlessly cooking more at home, the thought of adding a construction projection to the mix is enough to send most buyers running. Buyers are happily paying more to avoid the inconvenience, expense, and frustration of home renovations.
Finish this sentence!
Being home so much has taught me that my _________________ is just too __________________ and that I really need a _______________________.
Does not have to be real estate related!
We work and live in Kings Park West. We understand the nuances that make for a successful sale and will work with you no matter what your goal may be. Call or text 571.276.9421 or email us at TheMaryandCathyTeam@LongandFoster.com
Do you need guidance navigating this market? We can do almost everything virtually and our experience in the KPW market is making a difference for our clients.
For more info ☎️ (571) 276-9421 or 📧cathy.deloach@longandfoster.com
