A GREAT TIME TO BUY
Today’s market is nearly the reverse of what we saw a few years ago.
It was then a buyers’ market. Inventory was high, interest rates were low. Prices were in free fall. It was a great time to buy because it was a poor time to sell.
Now the tables are nearly turned. We have a relative sellers’ market. In some neighborhoods, inventories are low and prices are nearly back to boom levels.
This is especially true at prices at or below the local median price (about $230,000). In recent months, the pace of closed and pending sales has been at a fifteen year high in many local neighborhoods.
At higher prices, the market is still somewhat more balanced. Demand had been good but prices have shown some weakness. The numbers of sales at the high end is up. But most of those sales have come after extended time on the market and after substantial price reductions have eaten into seller expectations.
Country properties and homes in outlying cities still compete against considerable inventory.
On balance, it is now a great time to sell, because it is still a great time to buy. Interest rates are still low, but are threatening to rise soon.
The market will be headed back to sell/buyer balance soon – just as soon as the Fed begins to actually raise interest rates – as they have been promising and wanting to do for months.
It is time for both buyers and sellers to act sooner rather than later.
For more detail on what’s happened to sales and prices in your own part of the metro area or your own outlying community, we invite you to click on our Market Data pages.
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