Tuesday, January 15 2013
Market Watch
Normally in January’s Market Watch I try to compare results from the past two years. Although I may mention a few comparisons, the overriding message in this Market Watch is pretty simple – if you are considering selling your house list it now! There are several reasons I feel so strongly about this.
First, nationally the inventory of existing homes for sale is at its lowest number since 2001. Locally our inventory is at its lowest level since January of 2006. Many sellers thinking about selling wait until April or May to list their homes, thinking that is when the selling season starts. Based on my experience, the spring selling season begins on Super Bowl Sunday! Last year in the four month February to May time period we sold exactly 33% of the homes that were sold over the course of the entire year. Waiting to list your home doesn’t make it more likely to sell, it just costs time. As more homes come on the market the competition increases so take advantage of buyers who are looking now.
Second, prices are up. The National Association of Realtors reports that nationally median home prices are up 10.1% from a year ago and through November prices increased for the ninth consecutive month, the longest streak since 2006. Locally our median price increased 4.3% from last year and I am confident that the median price will continue to rise this year.
Shadow inventory (homes 90 days delinquent, homes in foreclosure, and homes already owned by lenders) continues to decline. Although it is impossible to know exactly how many homes meet these criteria, virtually all experts agree that the number has declined significantly. Although there will continue to be some of these homes listed the number will be significantly less than in recent years, creating less competition for normal home sellers and less competition means higher prices.
Fourth, rental rates and occupancy continue to increase making homeownership more affordable in many cases, than renting. This coupled with increased consumer confidence in the housing industry, an increased desire nationally to own a home and increasing household formation all combine to generate more buyers.
If you or anyone you know is considering selling their home why wouldn’t they list it with the company that has been helping buyers and sellers for over 100 years and the company with the absolute best website for shoppers looking to buy in our area? Please visit FCTuckerEmge.com or better yet call me today. Let’s get started now.
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