If you view the market from my vantage point, I think you’d see some really encouraging signs. For those that have their homes on the market or those thinking about putting their home on the market, there are some real positives. The number of showings is always a pretty good indicator of sales to come, and showing activity has been picking up steadily. This simply means there are more Buyers out there looking. Also, sales are picking up and the amount of inventory is declining. For some real numbers, in-depth analysis and summary of last month’s market, take a look at my latest Market Watch Newsletter. In a word, the real estate market is “good” now…and it keeps improving more every month.
I know that there still are owners who have not had success in selling their homes, so this news doesn’t seem to apply to them, and they are wondering “Why can’t I sell my home?” There usually is a reason or reasons why. And if those reasons are addressed then the outcome should be more favorable. Usually the reasons have something to do with either price and/or condition and often marketing too. If the price is not competitive with other similar properties then buyers are going elsewhere. If condition is not close to perfect, then buyers are choosing other homes. Both of these have to be in proper balance with the market for a home to sell. Also, if a home is not receiving a robust marketing effort, then buyers don’t see it in the best possible light…or worse, buyers don’t even know the home is for sale. It certainly will never sell then.
The improving news also affects Buyers. Less inventory to choose from means the pendulum is starting to swing back toward Sellers and away from Buyers. It’s still somewhat of a Buyers Market. But it would make sense for Buyers to take advantage of the low interest rates and favorable market conditions now or soon if they want to capitalize on this. This is especially true for first-time buyers. I’ve mentioned this before, but if someone is a first-time buyer or hasn’t owned a home in the last 3 years, there is still an incentive available from the federal government that could mean a federal tax refund of up to $8,000 if they purchase a home this year. Here is a link to some information about that. If someone falls into this category, it would be crazy not to take advantage of this if they are thinking of buying in the near future.
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