April 3, 2013
“A year ago, we were happy to get one good offer. And here we have three. It’s consumer confidence. They’re thinking, everyone’s looking for the bottom. I feel people think we’ve hit the bottom. Every offer I’ve received was full price. Two years ago you’d see properties on the market 30 days or more. Last year that changed to 10 days or so. It’s timing. And price. There is a difference when you’re priced under $600,000 versus over $800,000—it’s strong under six, slower over eight. There’s not many houses in Burke over $1 million. Price makes a difference. We’re not seeing vacancies. We’re seeing good turnover, solid contracts. Short sales and foreclosures are minimizing—it’s mainly standard sales. When you’ve got inventory turning over that quickly and you love the business like I do, it makes it exciting.” - Pat Richter, Residential Preferred Properties, Burke
Stories this photo appears in:
Housing Market: ‘Sell and Buy’
Sustained low interest rates and rising prices have energized the marketplace.
The local real estate market is thriving, with Realtors reporting multiple offers on homes in some areas and dwindling inventory of homes for sale. At least two things are contributing to this change in the market.
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