The most common question asked in real estate is “how is the market” some of us tell you how things are going in our personal careers, some of us will give you statistics and some of us will tell you that it really depends on your position in the market. I think the latter is the most important, and happens to be how I answer the question.
Depending on whether you are wanting to buy or sell your home, the market is very different. Lets start from the buyer’s perspective. Houses are cheap, I personally think we hit bottom about 2 months ago, and interest rates are very low. If you have the money for a down payment, and the credit, you should be buying. You should also know, that because of these conditions there is an abundance of buyers, and investors, currently in the market. So the cheap houses that are in good, to decent, condition are selling incredibly quickly, and they are frequently right at or above listing price. Many buyers are still of the mindset that it is a buyers market and you can get a great deal on a house, and by great deal, I mean significantly less than list price. The fact is, most of the time, the list price already is a good deal, and there are enough people wanting to buy the same house that sellers don’t need to take a low ball offer. This is happening mostly because there are so little houses on the market.
Now from a sellers perspective, the lack of houses on the market is a very good thing. Most likely this means that your house is going to sell quickly, and you will probably even get what you want for it, as long as your house is priced appropriately. Buyers in today’s market are very savvy, they know what houses should be worth and they are doing research to prove it. If you have been thinking of selling, and you have the ability to sell, now is the perfect time to put it on the market. As you can see in the graph, since the beginning of the year, both the average and median list prices are getting closer and closer to the selling price. This is the kind of thing sellers want to see, and you need to take advantage of this.
The market constantly changes, and it is best to ask a Realtor how it is if you are considering making a move, no one can predict what it will do year over year, but we all have a pretty good feeling from month to month. Should you ever have any questions about the market I would love to help!