And, we’re off! The Spring market is in full swing, and the lack of inventory continues to frustrate buyers. Inventory is lower than it was in 2005 and interest rates remain at historic lows. And it’s happening not just in our area — at a recent real estate conference we attended, by one measure every state except Pennsylvania is now a sellers’ market. (Investors have swooped in to the hardest hit markets like Las Vegas, Florida, and Detroit, turning their downward trends around.)
If a property is priced right, in a good location, and in good condition, sellers are seeing multiple offers, escalation clauses, and waived contingencies. It’s almost like we’re back in 2005, but not quite. Today’s buyers, in contrast to 2005, are well-qualified buyers with large down payments. They’re also much choosier, as they are going to live in the homes for a while after they buy. Analysts at George Mason University’s Center for Regional Analysis had a very interesting post last week comparing and contrasting today’s market to the bubble of years past.
The one big unknown for the past few months here in our market has been the potential impact of sequestration. Now that we’ve started down that path, Stephen Fuller, also of GMU’s CRA, has said the impact will not be as severe as predicted.
Our team has been keeping busy with buyers and sellers this Spring. Do you know someone thinking of selling? NOW is the time! Please have them contact us. And if you’re thinking of starting your search, don’t delay — it may take you multiple tries before you get the house you want. A great first step is to attend one of our free first-time home buyer classes. The next class is April 23rd at Arlington Central Library. You can register here.
On a lighter note, we’re working on some real estate related Pinterest boards! If you feel like killing some time online, check out our latest boards: