The Adam Lee Team MAY 2014 Newsletter and Market update
In the edition:
The market is changing every month. Most of the changes are subtle changes. As you will see on the graphs below nothing has changed to dramatically from March to April.
It’s important to know what the numbers mean to you as a buyer or seller. Even if you’re a homeowner, and not looking to sell, it’s important to know what’s going on in the real estate market. If you’re a buyer right now, you really need to be looking at what interest rates are doing. With a small increase in your interest rate your mortgage payment can be dramatically changed. Prices are pretty flat right now so that isn’t affecting buyers as much. It is important to know that just because the asking price is set where that doesn’t necessarily mean that that’s the price you’re going to pay for the house. You should be putting in an offer for a home based off of the statistical information for that specific neighborhood and what the current fair market value is. Not what they have it on the market for.
If you’re a seller then it’s important to know how to price your home properly. Pricing your home in today’s market can be tricky and can cost you thousands if you price it wrong from the beginning. Keep in mind that the first three weeks a homes is on the market is the most important time. By pricing your home to high according to what the other homes are selling for and what they have sold for in your neighborhood can ensure that you won’t sell your home for top dollar. I always tell my clients that you have to either be the best priced home or the best looking home in your subdivision. If you have both of these combined and you’re guaranteed to sell your home for top dollar and a short amount of time. I hear a lot of sellers say “we have time, we don’t need to sell right away, we will feel out the market”. The danger is thinking like this is that homes tend to sell for the most amount when they haven’t mentioned it on the market for a long time. It’s natural for someone to think “what’s wrong with this house” if it’s been sitting. Don’t be that house!
There are currently 30,000 homes on the market. That’s a huge jump from last year at this time. Last May there was only 18,000 homes on the market. Be competitive with your pricing if your seller. Know that there is some wiggle room unless the house is priced extremely well, if you’re a buyer. Make your decisions long before you actually need to. Get the proper information so that you can make the best decision possible!
As always THANK YOU for the referrals. They mean to the world to us. If there is ever anything we can do for you or any information that we can get you please fill free to contact us at any time.
Have a great May and we will see you in June.