How's the market?
"How's the market?"
That is number one question I get asked all the time.
People are generally surprised by my answer. Good.
The reason I say this, is because not only am I the Broker and founding partner of Resources Real Estate, I also own a home (or two) and have many investment properties. I just purchased two more in recent weeks.
So, when the supply exceeds demand - I buy houses because prices are lower. I also advise my customers to buy because of the affordibility factor when the supply is high. Especially given the interest rates. I saw the market start to swing up last year. This year so far has been like a shot out of a cannon. With prices running around the 2003 mark, lowered supply ( lowest since 2006) Mortgage rates at record lows - combined with job creation warming the pot and consumer confidence rising, the pot appears to be simmering and could boil over. In the last several weeks, I have seen several bidding wars and supply depleting even further. DOES THIS MEAN THE MARKET IS BACK? No, it means we have a new market - the "here and now market". It will take a very long time for us to cycle back to those crazy days of 2004 and 2005. Let's deal with what we have here and now. If you are seller, we need good inventory, a lot of what is out there is stale and overpriced. Well priced homes (2003 pricing) are selling quickly. At least ours are! If you are a buyer - don't get locked out of the home you want. If you offer too low, you lose credibility with the seller and buy time for another offer to come in and knock you out of the way. Make a reasonable offer and you will have the opportunity to negotiate.