Home buyers have not shut down for the Christmas season just yet!
Sales were up last week to 397 from 264 the previous week! Sellers who need to sell, and buyers who are taking advantage of that are continuing to put deals together. I put 2 places on the market at the end of November, we got them in top shape and pushed the listing prices on the high end because of the limited inventory, and got full price on both of them and are already closed!
Inventory remains low at 1,749 units which translates to a 1.2 months supply of homes. Median days on the market is a mere 11 days, so we have some listings that are not in shape and are overpriced for what they are despite the limited inventory.
On Chris’s wish list for Santa this year for the real estate market:
– That the new administration will index capital gains exclusions on principal residences for inflation. They’ve been the same (250K single, 500K couple) since 1997!
– Legislation outlawing trigger leads. If you’ve applied for a mortgage, car loan, insurance or credit card you know what I mean as you’ve been deluged with offers. Blame the reporting agencies that sell your information and the misguided FTC and CFPB policies that actually encourage this.
– Reverse the decision to require mortgage insurance on FHA loans for the life of the loan. Once they hit 80% LTV it should go away automatically. This will help first time buyers with lower down payments saved.
– Tax breaks for real estate investors who sell to first time buyers. Let’s free up some inventory!
– Continued zoning deregulation in detached home residential communities to allow Accessory Dwelling Units. We really need to help out with the housing affordability issue in the region.
– 2% inflation so we can get back to normal market operations by the Fed!
Merry Christmas and Happy Holidays to you all!
It’s a good life.
Chris
