It's an exciting time in real estate! According to the National Association of Realtors, sales in February were up the second highest they've been in the last three years. But the problem is finding inventory. As the economy recovers, buyers are snapping up inventory and according to NAR chief economist Lawrence Yun, that limited inventory is holding back the market in many areas.
According to Yun, the sure fire way to alleviate this shortage is to build new homes.
"Only new home construction can genuinely help relieve the inventory shortage, and housing starts need to rise at least 50 percent from current levels," he said. "Most local home builders are small businesses and simply don't have access to capital on Wall Street. Clearer regulatory rules, applied to construction loans for smaller community banks and credit unions, could bring many small-sized builders back into the market."
That could bode very well for our local market indeed.
Check out the full article on the NAR website here and watch this video commentary from Mr. Yun about supply constraints slowing pending sales in the Western market.
In this recent real estate news article by NewsGenius.com, respondents to a Fannie Mae survey showed a belief that it is a good time to sell a home. The study found that nearly twice as many people think now a good time to sell compared to a year ago. A record number also believe that prices will rise over the next year.
I'm seeing the same thing here in the Wenatchee Valley. Low inventory levels in all prices ranges, historically low interest rates and pent up buyer demand is creating a sellers market. Recently I've seen several properties with multiple offer submitted. This is welcome news if you're thinking about selling your home. Of course, the home still needs to be priced correctly, staged, clean and always show ready. Landscaping needs to be show-ready as well. Lawns mowed, shrubs trimmed and flowers gardens freshly planted. This is the first impression – so curb appeal is key.
I walked though a tour home today and was really surprised at what I saw. This home was not ready to show. Beds were unmade, there was toothpaste in the sink. Cosmetics were scattered around on the dresser and make up table. One bedroom had the video game and corresponding cables on the floor – presenting 2 problems, one of unsightliness and being a trip hazard. If your agent allows you to show a home in this condition, they need to be fired. It is imperative that the place be spotless everyday. The old saying is as true now as ever, "you only get one chance to make a first impression". If a buyer sees that your home is unkempt and messy, that's all they see. You are not showcasing your home's best features, only your lack of housekeeping.
The market is changing and buyers are buying again, but that doesn't mean that you can't strive to be the best home out there. You never know when a buyer will want to look and you have got to be ready. Keep the house clean, have your agent conduct a pre-inspection with a licensed home inspector, have professional pictures taken, consult with a staging professional – put your best foot forward. Be the home that stands out. You'll be pleasantly surprised by how quickly it will receive an offer and how much higher that offer usually will be.
If you're thinking about selling, give me a call to discuss how to make your home stand out in the crowd.
I, and most of the Realtors I know, would prefer to market a pristine home, yet it surprises me to walk into a newly listed home and see un-made beds, dirty clothes on the floor, overflowing garbage cans, pet stains on the carpet and a variety of other things that we wouldn't want anyone to see in our own home. We've all seen this kind of listing and they usually spend several months on the market, while similar homes, even those priced higher – but in show condition, are selling right and left. Think about how you would expect a home to show if you were looking to buy it and then make sure yours looks better.
When you put your home on the market, do everything within your power to make it a show place. The simple practice of making sure the beds are made, the floors are clean, the dishes are put away and that no one can tell if Fido lives in there will go along ways to getting a sold sign placed in front of your home.
When you're ready to sell your Wenatchee, E. Wenatchee, Cashmere or Leavenworth property, give me a call and we'll talk about my exclusive marketing plan to get the job done.