I am constantly asked “So, how is real estate doing?” So without further questioning, I will give you an information nugget or two that you can pass around the office.
Home prices nationwide are up almost 10% in the month of January from last January.
Locally, our inventory is at about 2 months. That means, that if no more homes come on the market, and sale activity remains the same, we will be OUT of houses to sell in 2 months! And this information nugget is even more valuable when you know that a balanced market has about 4 to 6 months of inventory available.
We are in a SELLERS MARKET in San Luis Obispo County and in many other parts of the country! WOW! It’s been YEARS since we’ve seen that!
My smart buyers are looking at everything available and making a fairly quick decision.
Know what you want to buy before you begin to look. Don’t expect to buy everything on your list. Realize that this time of very low prices and very low interest rates is very short. Get prequalified with a lender of your choice. And work with a real estate agent you know you can trust. That’s an information nugget and a good piece of advice all wrapped into one!
I know that there are many homeowners in the marketplace who would like to sell, but will not sell “short” i.e. be a bank short sale. I applaud you! Your patience will be rewarded as this market turns around. Some of you will be able to sell and then purchase another property in the next few years. Hang in there!
And to buyers, your information nugget is that despite all the real estate websites out there, no one has more information about your local market than a trusted, full-time ®Realtor. Find one in your area, and stick to them like glue until they buy you the best property possible for your budget. And I believe in dreaming big!
Always Expect the Best!
