Friday, April 4, 2014

Early Spring Often Sets the Tone

Looking back over the years I find that the early part of spring has proven to be a pretty good Nostradamus act for the real estate market. Like the famous 16th Century prognosticator, the indications are not 100% accurate and may require a little creative imagination to confirm.But in general if sales and new listings get a early spring bump the rest of the summer selling season tends to do well. Of course the market has many economic influences such as interest rates, legislation, overall economy, etc.

So my anecdotal view is that this spring is starting off quite nicely. Bare in mind that the industry experts are suggesting a more modest level of growth in values this year in contrast with 2013 which was quite robust. I am seeing well priced properties selling quickly and at very near or even over full price. Overpriced listings are not selling or are getting low offers closer to market value. We are not seeing the bid it up to the moon craziness of 2005-2007. Buyers are shrewd and seem to do a good job of sniffing out a deal when they see it or coming in soft on an overpriced listing.

This market still seems to favor the turn key move in ready homes. Light fixers or extremely dated homes take much more time to sell. Heavy fixers however, that are not financable are selling quickly as investors seek to find properties in a market with tight inventory.

All of this bodes well for the forthcoming months that are considered "prime time" for real estate. I am looking forward to helping many families find their ideal home in this solid and seemingly stable market.

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