So How’s the market?

So How’s the market?  It is interesting out there.  The market saw its normal inventory contraction over the holidays at the end of the year.  Since then, the story of the market is inventory growth.  Active inventory grew 700 units in the eight county metro area from mid January to mid February.  However, pending properties increased by 900 units.  That is a pretty balanced market to start the year.  There are some other important metrics to look at though.  Year over year, we have 61% more available homes today than we did last year. And while pending homes are up month over month, they are down year over year.  When you are considering where the market is going, it is important to look at the big picture, and the little picture.  That is why I help client look at their micro market trends as well.

Overall, we are seeing sellers get more and more aggressive with the price and terms they are offering to buyers.  This makes it a great time to buy, as fewer buyers are really understanding how to negotiate for a buyer package sellers are willing to pay for. If someone wants to buy, I have three great tips to get a home:

1. Have sellers buy down the interest rate, or prepay for HOA dues to make the payment better for the buyer for a short term.
2. Negotiate a price below the market for cash buyers or buyers putting more than 20% down.
3. Ask for improvements on the home for the seller to make as part of the transaction.

Every home and transaction is different, and has different needs.  If you know anyone looking for guidance navigating this ever changing market, have them call me.  I can help.