Posted on April 5, 2013 - 10:08 AM
by Eastern Sierra Realty
2012 was a great year thanks to a very active real estate market. According to year-end reports, we’re seeing a turnaround. One sign of strength was the number of houses that sold. Overall, home sales grew by 16% from 2011 to 2012 with our office seeing a 30% increase. This definitely indicates consumer confidence. Top off increased home sales with a step in the right direction—an increase in the average sales price of 1% from 2011 to 2012. It’s the first time we’ve seen an increase since 2006, so that’s encouraging.
At the same time the number of homes for sale is very low and yet we have good demand from buyers. What does this mean for you? If you want to get top dollar for your property, you should take advantage of the low inventory. Here’s the thing: supply and demand affect what you’ll get for your home. When everyone who has been thinking about selling their home puts their home on the market is not the time to dive in—if you want to get the most out of your home. If you wait until spring (the typical time people put the For Sale sign up), you’ll have lots of homes to compete with. And when the supply of homes goes up, the price you’ll get for your home inevitably goes down. At the end of the day, you have a better chance at success if you decide to sell now, instead of waiting until all the Joneses get into the market.
Keep in mind that the mortgage loan rates are still fantastic, making buying a home more affordable than ever. A 30-year fixed-rate mortgage hovered at record-low rates during 2012, but the rates won’t last forever, so there’s not a better time to buy than now.
Next time, we’ll talk about short sales and foreclosures and what we see happening in 2013. All in all, the market looks good.
If you are interested in buying or selling your home and want to get in on record-setting low interest rates, contact us today at (760) 873-4161 or firstname.lastname@example.org email@example.com we can build a strategy to get you the results you want. We’d be happy to assist you.