INVENTORY – Inventory is down -22% compared to this same time last year.
VOLUME – Sales are up +27% comparing the volume of closings from the first 6 weeks or so of this year to the beginning of 2014. There isn’t much to buy, but what’s out there isn’t lasting very long.
What does this mean to you?
As always, it’s about Supply and Demand. There is demand and there is very little supply.
SELLERS – If you’re thinking of selling, LIST NOW. Don’t wait for the typical late spring/early summer timeframe to list, as that’s exactly what your competition is thinking. There will be more properties for Buyers to consider in summer. There are Buyers out there now and there’s very little for them to see. Now is a great time to list so call us today if you’re thinking about it.
BUYERS – If you’re a buyer, you’re most likely waiting for the right thing to come along. While you’re waiting, be sure to get your ducks in a row, get educated on the market, get your finances in order and know what you want. Things that are priced well are not lasting long, so you need to be comfortable taking action on a property when the right thing pops up.
And speaking of “the right thing,” don’t miss the opportunity to buy at today’s prices and today’s (still super low) interest rates just because you’re holding out for the ultimate spot. If you find something that meets most of your needs and you’re reasonably excited about it, TAKE ACTION today. Chances are, looking at today’s price trends and what rates are doing, the same property is going to cost you more if you continue to wait. With home prices and interest rates inching upwards, I’d recommend you take action as soon as possible.
Have specific questions on your neighborhood? Want more detailed information about your price range or area of the county? Call or email me or anyone on the team today!
See the entire February 2015 eNewsletter by clicking here: February 2015 eNewsletter