How is that Real Estate Market?

Tax day is over…time to turn our focus back to the real estate market. I have to take a moment to say that I truly admire my accountants, because I could never do what they do – and so competently! Kudos to all you accountants out there for making peoples’ lives easier, and I am glad we all survived another tax day!

How is the real estate market doing? I get asked that question several times daily. My answer: it is HOT! Demand still has not met supply, and properties are selling quickly and oftentimes with multiple offers. It is great for sellers, but not so wonderful for buyers because there is little to choose from and they have to make quick decisions. For those buyers who are well-educated and know where they really want to live and what they can afford, they have to be ready to see new listings right away and ready to draft offers if they like what they see.

The Catch-22 in the real estate market today is that there are many sellers out there who would like to sell, but have nowhere to move to due to the lack of inventory, so they stay where they are and wait. Unfortunately this keeps the inventory tight in a market where demand is great.

Interest rates jumped a little this week, and many buyers are worried about the rumors that they will rise significantly in July. This is yet another reason for them to start searching for homes, which circles back to the low inventory levels.

Coming Soon! houses seem to be on the rise. I mean homes that have signed listing agreements but are not yet on the MLS. Agents put “Coming Soon!” signs in front to alert neighbors and those who drive by, creating excitement. Since I just had clients sign a listing and the tenants won’t be be out for about a week (and then another week for new flooring and paint)…I thought “what a great way to let the neighbors know this home will soon hit the market!” so I tried it. We’ll see what happens.

The bottom line is that the real estate market is strong in most areas, from what I have heard and read lately. Of course, as always I advise you to consult with a local area real estate agent before buying or selling a home. It seems that we have definitely climbed out of the doldrums and that the market has sprung back, so if you are thinking of purchasing or selling a home you should be in a good position to make that decision.