It seems that whenever I go out to a social event, and someone finds out I am a Realtor, one of two things happens. I hear their personal real estate horror story, or I get asked the question “what’s the market doing?”
The real estate horror stories are sad to hear, because it never nice to hear about an unhappy experience. On the other hand, the market information answers I can provide are going to be snap shots of what has happened, what is happening, and a crystal ball view into the future.
So, click click…here we go!
What has happened?
The market fell. Simple as that. If you bought in 2007-2010, your home price is probably lower, unless you stole it, or made substantial renovations to it. And even then, you might just be even.
What’s it doing?
Getting better! It is looking like the free fall of pricing has stopped, and that the overall market conditions are improving. Sales are up over last year, more people are looking and less homes are becoming available to buy. I am seeing homes that have been on the market for a very long time, suddenly sell after a small price reduction. Homes in the lower price range, if perceived to be a good deal, are snapped up in a hurry
Where is it going?
This is where the crystal ball comes into play. If we go by the historical numbers, we are poised for a slow and steady comeback. I am working with more first time home buyers than I ever have, and this is a fabulous sign that confidence is coming back! Remember, a market has to start somewhere, and if a first time buyer purchases that house, that sale leads to an upgrade on another home which leads to an upgrade on another, and so it goes. That one sale could trigger 3-5 more home sales!
The boom market of the 2000’s was one of the longest sustained increases in real estate history, therefore it stands to have been followed by one of the longer declines. It also could mean we are ready for another big shot upwards. It will be slow and steady at first, but the curve will increase upwards as more and more people jump onto the buying bandwagon. Nothing attracts a crowd like a crowd, whether they are running in or out the door!
Wanna beat the crowd?
Home prices are probably at the bottom, interest rates are still at historical lows, and the inventory is still quite good.
Are you in a mood to list and/or buy? Give me a call! 250.549.9022