We talk with people every day. A common thread that enters nearly every conversation is the topic of our local, hot real estate market. We hear stories; one bigger and more outlandish than the next. For example, a Buyer bought a home which appeared to him to be too dark with limited interior light. He installed brighter light bulbs then put it back on the market and made $100,000! There is some public consensus that there are virtually no homes for sale in our area and people from out of state will pay essentially any price because they are desperate and have no other choice. There is no doubt that we have the best market today that we have ever had. Inventory is low and choices for Buyers are limited.
Let's look at the real numbers. In the last 30 days, 1,045 new residential listings have been added to the market. There were 613 pending listings and 513 listings with price reductions. In a nutshell, this means we have a strong market. With every 10 homes coming on the market, 7 go pending and off market, and 6 will have price reductions. Inventory is increasing. In the over $600K price range, we still have a Buyer's market with an over 8 months’ supply of inventory. In the under $275,000 price range, we have less than a 2 months’ supply, which is a full blown Seller's market.
We do not have a gold rush whereas if you just put your home on the market, you will get rich! We have a great market and we can give you a perspective that will realistically optimize the equity that you have in your home when you decide to sell.
We are experienced and have a great understanding of our local market. Call us today!