Watch on your mobile device >>
We watch our marketplace closely throughout the year with the understanding that any activity reflects upon what we can expect moving forward. The numbers of sales, inventory on hand and average number of days it takes to sell a home are all changing. Here is a look at what’s happening today in our marketplace and what it means to you as a buyer or seller.
Homes Sales
Continue to Rise
Looking
at the sales figures from January, the number of closed sales was a phenomenal
46% higher than last year. The number of homes under contract this year has
gone up dramatically at than the previous year as well. This is in part due to
buyers finally jumping off the fence to lock in today’s low interest rates.
Inventory Levels
Dwindling
As
more and more buyers seek out their perfect homes, the number of available
homes on the market is continuously going down. Right now, we are reporting a
32% decline of available homes on the market as compared to the same time last
year. With the average number of days on market down to just 80 – things are
moving quicker than just one year ago.
Sellers Need
Strategic Positioning Despite Seller’s Market
Though
we are seeing far fewer homes on the market for sale, sellers still need to be
mindful of strategy. As always, well priced homes that are in good condition
and in great locations are the first to go. To get those multiple offers that
will drive your price up and get your top dollar, your need to be sure you are
pricing your property effectively.
Buyers Experiencing
Fierce Competition
Considering
that our sales are up and inventory is down – buyers are pulling out all the
stops to get the home of their liking. In fact, many are resorting to
aggressive measures to get their homes. Multiple offers, price wars, removal of
contingencies and larger earnest deposits are just a few of the things buyers
are resorting to, making it a great time to sell your property.
Interest Rates At
Historic Lows
Buyers
are still able to lock in amazingly low interest rates – currently at about
3.5% in our area. This has almost created a buying frenzy of sorts especially
given the pent up demand following last year’s Presidential election and the
Fiscal Cliff crisis. With rates expected to rise by mid-year this year or at
the latest, next year – many buyers are scrambling to buy now.
~
Whether
you are looking to sell your home or buy – now is a great time to jump off the
fence. Sellers are enjoying stacks of offers and buyers can relax with the
peace of mind knowing they are locking in the industry’s lowest rates ever.
Contact us today – we’d be glad to help you find your next dream home or help
you with an honest opinion of what your home will sell for in today’s
marketplace.
