As a broker, my job is to list and sell homes, so of course, I'm going to tell you that you should invest in real estate if you want to build long term and lasting wealth.
We all know that the housing market took a big hit in late 2008-2009 and the recovery has been slow. Although things are looking better with rising prices and a lack of inventory, causing cases of multiple offers, values have not skyrocketed like they did in the period between 2005-and mid 2008.
Some pundits have insisted that perhaps housing is not the best investment vehicle for long term wealth acquisition. A recent KCM blog offers a little insight on this question. Please click here to read the article.
All in all, it appears that home ownership is still the single smartest and safest way to build long term wealth.
When you're looking to buy or sell a property, please give me a call. I always contribute a portion of my commissions to the Wenatchee Valley Humane Society. With your help we can put some deserving dogs and cats into new homes too!
People often ask me if now is a good time to sell. The answer is really dependant on personal circumstances, but for the most part right now is the best time to sell that I've seen in the past 5 years.
In the previous two post, I covered the aspects of the shrinking existing inventory and pent up buyer demand is actually spilling over and creating a lack of existing homes on the market.
Today we'll talk a little about a recent KCM blog that outlined why new construction homes will be your new competition. Please see the article here.
Here are a few points from the recent article:
- Single-family authorizations in February were at a rate of 600,000.
- This is 25.5% above February 2012.
HOUSING UNDER CONSTRUCTION
- Single-family housing starts in February were at a rate of 618,000.
- This is 18.5% above February 2012.
- Single-family housing completions in February were at a rate of 574,000.
- This is 32.9% above February 2012.
As we mentioned, new construction can be strong competition to a seller of an existing home. It may make sense to list your home before this new inventory makes its way to market. Give me a call to see if selling now makes sense for you. Thank you, Jerry
Last week I was interviewed by KPQ radio for the business beat talking about the health of the real estate industry in the Wenatchee Valley. Pacific Appraisal Associates prepares and publishes a monthly snap shot report showing how the market is compared to the same month in the previous year.
This report shows a vast improvement in the local housing market. See the most recent Snap Shot Report here.
The number of homes sold and the actual dollar volume has increased significantly when compared to April 2012. It also shows that the number of new listings is decreasing and that will eventually lead to a slow down of sales.
In another post, I've been talking about the lack of inventory nationwide and how 2013 will be a great year to try to sell your home. Low interest rates and low inventory equate to the best seller's market that we've seen for several years. Don't miss your chance if you're thinking about selling – now is a great time.
When you're ready to sell your property give me a call and lets talk about how my experience and marketing plan can help you achieve your real estate goals.
Across the country housing inventory levels are dropping like a rock. According to the National Association of Realtors, the average housing inventory is below a 5 month supply, this is 20% below the levels of just one year ago. Please read the KCM Blog about this info here.
Here in the Wenatchee Valley, the same thing is true with extremely low levels in all price ranges under $500,000. With the exception of the price range from $350,000 to 400,000, all other value ranges are showing less then a 4 month supply on the market.
While there is no steadfast rule that will apply to pricing in every category of housing, here is a great guideline:
1-4 months’ supply creates a sellers’ market where there are not enough homes to satisfy buyer demand. Appreciation is guaranteed.
5-6 months’ supply creates a balanced market. Historically home values appreciate at a rate a little greater than inflation.
7-8 months’ supply creates a buyers’ market where the number of homes for sale exceeds the demand. Depreciation follows.
Now is the best time to sell since 2005 according to KCM, and I have to agree.
Call me when you're ready to make a move, I'll put my experience to work for you.
Spring is here and it's time to plant flowers, clean up beds, green up the grass and touch up the paint. The old adage of you never get a second chance to make a first impression is so true when it comes to selling your home. If the lawn and flower beds don't look pristine, then a buyer will believe that the inside of the home is also not pristine. This may not be a fair judgement, but it exist anyway.
A couple hundred dollars spent in landscaping and flowers will go along way to keeping a prospective buyer interested enough to set an appointment and look at the inside of the home as well. This doesn't have to be elaborate or require a landscape architect, but color and clean edges will show off the home and give it that all important curb appeal.
For more expert tips or information on how I can help you achieve your real estate goals, give me a call.