The market continues be strong for sellers looking to move up or move out! Existing home sales spiked in October and November to the highest level since February of 2007. Buyers are out in full force looking to take advantage of low rates, low prices and the tax credits that are available – there hasn’t been a better time in recent memory to take advantage of the real estate market! Our biggest challenge today is inventory. Our existing home inventory is at the lowest level since April of 2005.
Even with this outstanding news, it is critical to realize that it our market remains extremely price sensitive. This means properties must be priced right, must be in the right condition and must show well (staged) if you expect to sell instead of just being for sale. Buyers recognize when houses have a perceived value and are acting quickly when homes fall within this category. If houses are priced at market value or a little high – they will collect days on market and help the other houses sell faster. To assist our buyers and sellers determine if properties are priced properly we have developed a unique pricing model – The Home Pricing Wizard. It takes asking prices, under contract prices, sold prices, square footage prices, tax assessments and market trends to determine the right price for a home. If you would like to learn more about our system or to see where the Wizard prices your home, feel free to call us today.
You still notice some reports out there that are casting a negative light on the housing market. What you need to realize is that the news you see, read and hear is national news and not necessarily local. As we have been telling you for years, real estate is local and even in some cases – hyperlocal. However, some national news that may be of consequence to us and may affect our area is the mortgage delinquencies and how they are on the rise with “prime” borrowers. This scenario is going to lead to our next wave of foreclosures both nationally and locally and will affect many in our area over the next few years. Borrowers who have ARM’s that are set to readjust are most likely to be affected as they are unable to refinance due to declining housing values or they cannot afford the newly adjusted payments. Keep your eyes and ears open and look for news on this as it will impact our market.
Again it’s a great time to buy or sell a home today. Our team of knowledgeable and professional agents are happy to help you negotiate the best deal whether you are buying or selling a house in this competitive market. Call us today!