By Living Room Realty, December 9, 2019
This year is quite different from last year. Inventory is way down and pending sales are way up compared to November 2018. This means that it is, technically, more of a seller’s market this year than it was last year at the same time. Maybe it’s due to the low interest rates. Maybe it’s that so many people are still moving here. Yet, it is still an unpredictable market. Even with the lower amount of inventory, buyers don’t feel quite the same urgency they have in past years. Therefore, It takes a strong presentation of your home to get the highest possible sale price and then a mutually fair deal in the inspection period to keep the sale together. How are sellers and buyers feeling?
Sellers: This time of year people always ask me if it is a bad time to sell. My answer is that it is a good time if it is what is right for your LIFE. Residential real estate has two main components that need to be balanced – the investment and the life needs of the client. Sometimes one of those has more power than the other. There are always buyers in December and January, although less of them. But there are also a lot less homes for sale so you have less competition. It can balance out. Otherwise, if you prefer to wait, start getting ready now to get your home on the market in Feb or March.
Buyers: This side is feeling empowered and will walk away when the seller is unwilling to compromise. My feeling is that interest rates have been so low for so long that buyers just don’t feel like they have to rush to beat out an impending increase. Yes, appreciation is happening, but less so than previous years. Buyers want to buy and are out there in force. But, if they don’t get what they feel is a fair deal, they know there is another house waiting and will walk.
My favorite thing to do is to talk strategy. What is your real estate situation? How can I help? Let’s figure out the game plan together.
November 2019 is a Seller’s market*
Home For Sale in November 2019: 2177 units.
• Down 15% compared to last month
• Down 17.6% compared to last year
Home Closed in November 2019: 810 units.
• Down 23.9% compared to last month
• Down 11% compared to last year
Home Placed under Contract in November 2019: 997 units.
• Up 1.4% compared to last month
• Up 35.3% compared to last year
*Buyer’s market: more than 6 months of inventory based on closed sales
Seller’s market: less than 3 months of inventory based on closed sales
Neutral market: 3 – 6 months of inventory based on closed sales
CLICK HERE FOR THE FULL MARKET REPORT
