It’s been a tough several years in real estate. The pattern of reduced sales and reduced prices is ubiquitous, both locally and nationally. Looking back, we can see the market crested around 2006, stalled for a while, then began its downward plunge through 2007 and 2008. The downward plunge leveled out around 2009, but there has been no great comeback in sales volume or pricing. We still have not returned to the prices of 2005 and 2006. Regional figures for 2013 and 2014 show a glacial market, with 2 or 3 listings for every sale; any signs of a thaw are tentative.
One ignores the market at his or own peril (especially with regard to decisions relating to price), but I think it can be a mistake to let the market be the principal driver of the decision to buy or sell a home. If your circumstances and goals make the sale or purchase of a property desirable now, you should consider acting now. Few of us expected the down market to last as long as it has, and I think that it is still as difficult as ever to predict even the shorter-term future. Buying or selling — there’s no guarantee that you will be able to get a better price next year. Still, understanding how the market is working today can yield certain advantages to buyers and, even in this slow market, to sellers.
In this blog category (How’s the Market?), I will focus on how buyers and sellers can use current market conditions to their advantage. At the same time, I am going to concentrate less than I did last year on weekly variations in market statistics while still describing major trends regionally. For now, let’s not kid ourselves; regionally, I think “glacial” is as good a word as any to describe the market pace. Anyone want to talk to me about how to use that news to their advantage? Please call!
All good wishes,