The market is picking up momentum just ahead of spring. How do we know? Â January 2013 market stats showed less inventory compared to Jan 2012 stats in many cities and much of the existing inventory had multiple offers and even sold for above list price. Â Will March continue the trend?
This is key for sellers. Sellers need to stay AHEAD of the market, not chase the market. It's a great idea to list your home before the spring influx. Sellers purposely take their homes off the market during winter time and holidays thinking less buyers are looking. Whether or not this is a good strategy, the springs usually ensures a flood of new listings and lots of competition for buyers to pick and choose from.
Some noticeable bright spots in the market per NORMLS/MLS market data:
These numbers are extremely encouraging and are no surprise when hearing the "buzz" around the office, open houses, broker open and when speaking with buyers. Â There is a renewed urgency with lower inventory to make higher offers quicker. Â I will continue to follow these numbers and highlight areas of interest.
Both buyers and sellers will need to adjust to the changing markets. Buyers will need to be prepared to make a move on properties they like or be willing to lose them to other buyers. Â Buyers will need to realize their is less wheeling and dealing to be had, less concessions, and more solid offers. Â Sellers will need to realize the properties with multiple offers are the ones demonstrating their value. They are clean, pristine, and updated. The homes that are dirty, not staged, and not updated are not creating value for buyers. These are the homes staying on the market.
I love helping both buyers and sellers achieve their goals. Â If you would like find out the stats in your city, feel free to contact me directly!