Next week we will be sharing the February statistics for the Great Smoky Mountain region however, looking at preliminary numbers we expect to have very positive news to share. As in our area, nationally reports of market improvement continue to come in. Let’s see what our sources have to say.
Last week the National Association Of Realtors said it is becoming a seller’s market. NAR reported that the current inventory of homes on the market represents a 4.2 month supply at the current pace, the lowest we have experienced since April of 2005. This is a 25.3% decrease from the same time last year. Lawrence Yun, NAR Chief Economist has concerns that the limited inventory presents challenges for increasing sales volume as buyers are faced with lack of choice. “Buyer traffic is continuing to pick up, while seller traffic is holding steady,” he said. “In fact, buyer traffic is 40 percent above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly. We’ve transitioned into a seller’s market in much of the country.” Yun went on to say, “We expect a seasonal rise in inventory this spring but it may be insufficient to avoid more frequent incidences of of multiple bidding and faster than normal price growth.”
The national median price for existing homes of all types was up in January by 12.3% from January of 2012. In the Smoky Mountains, single family homes remained even with last year and we expect to see them starting to rise as we are experiencing a decrease in inventory as well. As buyer activity continues and inventory shrinks prices will show gains.
We are also seeing properties spending less time on the market as buyers are not hesitating to move forward with offers once a property has been identified. Mortgage rates remain low and buyers are taking advantage of available opportunities. With all of these positive changes happening now is a great time to get a free market analysis of your property and see if now may be the prime time to get your property on the market. Email me or give me a call at 877-678-2121 and I am happy to prepare a detailed report for you.
If you are considering a purchase, there are still plenty of great homes at this time but as we expect prices to begin a rise now is the time to start searching. It is very important with the current market conditions to work with an experienced Buyer’s Agent who will help you to balance between moving quickly on the perfect home and protecting your interests. We also strongly encourage speaking to a mortgage lender to begin the process of getting pre-qualified prior to viewing homes to make your negotiation position stronger once you have identified a property. We are here and ready to help with all the details.
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