Clearly the weather put a chill on the real estate markets in the first month of 2014. Real Estate Business Incorporated (RBI) reported that January 2014 saw a decline of over 50% in the number of units sold from January a year ago. There were no homes sold priced over $300,000 and the majority of homes sold were priced under $150,000 indicating that demand for mid to higher price homes has still not fully recovered.
The good news for those who currently have their homes listed with a REALTOR, or are considering listing their property, is that according to Experian Marketing Services, which tracks visits to real estate websites, internet traffic was up over 25% from December. There is no question that spring is always a time of recovery for real estate, and with the winter providing so many challenges the past few months, this year is poised for a better than average spring for sellers in particular.
Not only has the winter allowed many the opportunities to view properties online and develop an interest in purchasing, but mortgage rates have also declined over the last month as well. These two factors coupled with historically low inventory of homes for sale and a general trend of increasing home prices are indicators that Spring 2014 may be the perfect Seller’s Market; low supply, low interest rates, high pent-up demand and increasing home prices. The buyers are ready, are you as the seller ready as well?
If you are thinking of selling your home, The Ostlund Team offers unparalleled service, innovative marketing strategies and the experience to best market your home. Remember for all of your real estate needs call the Ostlund Team, and allow them to share the synergy of teamwork to help you achieve your real estate goals. The Ostlund Team will work “OverTime” for you!