Real Estate Tips February 5, 2019

Local Market Overview

As we saw in 2018, the challenge with low inventory of homes on the market was evident.  This challenge remains as we kick into 2019.  Buyers are waiting on the sidelines for new inventory to be introduced; and if the property is priced correctly, buyers can be prepared for that property to sell quickly and/or receive multiple offers.  If you think the house checks most of your boxes, don’t wait – call your Realtor to schedule an appointment to see it immediately.  As noted in a recent market report provided by BHG Rand Realty, “Going forward, we believe that the market is still poised for growth. Sales are falling mostly due to a lack of supply, not a lack of demand. Essentially, the market needs more “fuel for the fire” – more viable inventory for the buyers who are looking. And that might be happening: regional single‑family home inventory was up almost 10% from last year, rising for the second quarter in a row after 25 straight quarters of year‑on‑year declines. This makes some economic sense, of course, since we would expect that sustained price appreciation over a period of time should tempt more homeowners into the market. The question is whether buyer demand is strong enough to continue driving price appreciation, even while absorbing this increased inventory. Ultimately, we believe that the region is still growing as a seller’s market, which should allow for both increases in sales and prices in what will be a robust spring market.”

Are you thinking about selling and curious to hear what your home may be worth in today’s market?  Contact me so we can chat.