If you’re a real estate agent, the question, “How’s the market?” comes up quite frequently in conversations with the general public. Along with our 401k and savings accounts, the value of our home represents a pretty significant portion of our overall financial portfolio, so the value of our home is a really big deal for many of us!
When I was asked that question back in 2005, I was telling everyone, “Fantastic!” but then I started to notice a slowdown in the market, and by 2007, the collapse of the real estate market nationwide was well on its way. By 2011, home values had hit the bottom and lingered there for a couple of years before making a slow comeback from 2013-2015. Then the spring of 2015 hit and we were seeing signs of recovery. By the spring of 2016, the market was getting almost as crazy as it had been before the crash.
So back to the original question of “How’s the market?” Today it continues to be very strong, however, this fall we’ve seen some homes taking a bit longer to sell and are not seeing as many multiple offers as we did in the spring. I think these changes are mostly seasonal. The outlook going forward continues to be excellent. Unlike the run-up (bubble) that happened the last time around, this run-up is looking very sustainable due to record low inventory, excellent interest rates, and lenders that are much more discerning in granting loans than they were in the early to mid-2000’s. All of these factors pave the way for a good market ahead!
How’s the market as it relates to your house? That’s a question I can easily answer. At no charge, I can stop by to take a look at your house and give you an accurate opinion of value as well as advice on staging, marketing, and navigating the minefield of today’s increasingly complicated sales process! Contact me today to set up an appointment or with any questions you might have!
