This is shaping up to be one of the most interesting start of the New Year markets I’ve experienced in my almost 30 years in the business.
First the meat. Inventory in the NOVA area is down to a meager 3,366 homes. That is down 18% from 2017, which was down 24% from 2016! We all know the stock market, economic growth, employment and optimism are blowing at a torrid pace. And rates are actually starting to creep up as they have been predicted to do so for the last 5 years or so. We are seeing multiple contracts left and right on good properties.
So what does that mean for home sellers and home buyers? It’s actually creating some weird dynamics. First for the sellers. Median days on the market have crept up from 9 days to 30. A large reason for that is I believe that many sellers have looked at the advantageous inventory levels and have overplayed their hand by either pricing too far above recent sales (creating a ton of appraisal problems) or not doing the work to prep the homes for sale. However those who have priced, prepped and retained a great broker are enjoying bidding wars for their properties. As a consequence I am counselling anyone who is holding on to their place merely to time out the spring market to STOP IT and let’s get it for sale to take advantage of this perfect storm.
For home buyers you have to be ready to pounce and be in it to win it when a good property that fits your needs comes on the market. It’s never been more important to retain a well know and respected broker to represent you in contract negotiations and to have elite service providers lined up for your contract. It’s rarely just the highest priced contract that wins in these multiple situations.
Please give me a call no matter what side of the transaction and lets talk about how to best position you to succeed in this dynamic and exciting market.
It’s a good life.