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Two Weeks Til Closing!
April 25th, 2013 2:28 PM

It’s a race for time.  How much time do home buyers have before prices start escalating out of control?

Redfin, the real estate app, gathered information from 19 of our country’s fastest selling markets and documented a 15% increase in home prices from March of 2012 to March of 2013.

San Francisco led the way with more than a 31% increase in prices across the board.  This could also be due to the drastic reduction of inventory over the last year and the recent surge of closings just over the last 30 days.

So if you are looking to purchase a home, keep this in mind.  The pace, at which almost 35% of homes are going under contract, is around 2 weeks from the time the listing hits the MLS.  That’s pretty fast.  Redfin says it’s a record pace in fact.

Of those 19 markets experiencing price increases and record setting closings, the top 4 were all in California.  64% of home sold in San Jose were closing within that 2 week pace.  San Francisco, LA, and Ventura were the other markets with biweekly closing numbers of 52% to 60%. 

That reminds me of that movie, “The Money Pit.”  “Two weeks!”  Maybe the movie would have ended differently had they lived in California and not New York.

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Posted by Michael Hobbs on April 25th, 2013 2:28 PMPost a Comment

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