Wow, it is hard to believe that we are almost half way through 2014 and summer is just about to get into full swing. It is going to be interesting to see how we get through the real estate market this summer as we had no true spring selling season. At our June Quarterly Meeting, I announced our numbers were up so far this year but we were expecting to have helped more families buy and sell homes up to this point. Of course the weather got in the way early on and now that school is about to get out, people will be taking their vacations. So it is important for sellers to be prepared for the upcoming situation.
Our inventory levels have continued to escalate since the warm weather broke in May. It has resulted in us having more homes for sale than any time since October on 2011. As we enter the summertime, the season generally slows down which will increase inventory as well, so sellers need to do all they can to attract the buyers that are out looking for a new home. Sellers need to position their properties accordingly, as there is currently a 2 month supply of houses on the market. The inside and the outside of the house needs to shine and show like a model home, as well as be priced to sell! We are not able to “push” prices like we did earlier this year. The sellers who overprice their properties, even just above what we recommend, sit on the market. Additionally, we are having appraisal issues with properties in areas where there are no sales to support the higher values – even in multiple contract situations in arm’s length transactions. The underwriting guidelines have made it tougher to get above market values approved, so please price your house accordingly.
If you have any questions, concerns, or would like to discuss your specific situation or the market, feel free to call me today (703) 652-5777.