How’s the market? In March 2014 we did not see much of anything significant to report other than distressed sales (short and foreclosures) declined somewhat. It is our opinion that the faster we lower the distressed inventory the sooner we will see more dramatic price increases and equity growth for homeowners.
What this means for you the buyer is that it is still a good time to enter the market while inventory exists and interest rates are historically low. Our inventory remains near the 6 month figure which is considered normal and healthy to industry experts. Typically the Spring brings on a “wave” of buyers and sellers. If this occurs as predicted, we may very well see more competition for homes particularly in the conforming price ranges ($456,000 and under).
Are you a potential buyer? Do you have a particular City/neighborhood in mind? Ask one of our agents to prepare you a Comparable Market Analysis (free of course) providing you an estimate of current/past values.