David Lereah, NAR’s chief economist said “We now have the most favorable market for home buyers in several years, and most sellers–who’ve been in their home for a normal period of homeownership–are still seeing very healthy returns on their investment. Conditions for buyers have improved because sellers are flexible now and mortgage interest rates are near historic lows. The market promises to be more balanced between buyers and sellers by early spring, supporting future price growth”
Right now in the areas that I serve, those who are looking to buy seem to be benefiting the most from market conditions. For instance, today I was searching for a first time home buyer. I intentionally selected a broad search criteria. I do this in the beginning because I don’t like to prematurely limit a person’s options–at least not until I really understand what they are looking for. I found 87 listings that matched the most basic criteria: price, space and location.
In this case I narrowed it just a little more by specifying that the property had to have a garage. So on my first search I found 87 possible listings that we might view. It would be absolutely overwhelming to show someone 87 homes so I narrowed a bit more. He only wants brick and ideally he’d like to be within 10 minutes of a major highway. That left 52. Of the remaining 52 I can tell by reading the marketing remarks and looking at the photos and the days on market which ones I can shake to the bottom and which ones are likely to be over priced. By the end of my searching I felt that there were 27 that might be “the one.”
Good news for the buyer–but what about the seller? Check the next post