It’s a ticking Time BOMB!
We’re starting the 4th week of 2014, and I am polishing up the crystal ball best I can to see what I can see about what the future holds for us in the Real Estate Market.
If I were to put a “Label” on my findings thus far, it would say: “EXPLOSIVE AND EXPONENTIAL POTENTIAL”
Let me ‘splain with a pure stream of consciousness blog post.
When I go rogue with stream of consciousness thought I offer the disclaimer that it’s quite possible what hits the page will unintelligible gibberish – Sentence structure will be random and for sure, spell checker may be less than useful . . . You’re going to get what’s top of mind and nothing more (or less).
This market in Middle TN is excruciating for a LOT of people – REALTORS, Lenders, Vendors, Home Buyers and Sellers . . .
There are only 2 kinds of listings out there . . . Those that get Multiple offers within 48 hours of hitting the MLS (If they even make it to MLS) . . . and those that DON’T!
The ones that don’t might inexplicably be stagnant with very few showings while everything around them sells immediately until that one magical day when suddenly . . . (drum roll) . . . 3 showings happen in a 24 hour period resulting in MULTIPLE OFFERS.
Go figure . . . There’s no rhyme or reason, it’s just the way things are.
Home Buyers don’t seem to be in a hurry – not much urgency.
It could be that they have a house they have to sell in order to be able to buy and are afeared to put it on the market lest it sell immediately thereby leaving them “homeless” in a market with no exciting listings for them to buy
So they wait.
Meanwhile, there’s all this pent up demand of Buyers who DON’T have any impediments and are READY – Pre-approved – Month-to-month renting – and chomping at the bit to BUY ANYTHING that comes even Close TO WHAT THEY WANT . . . but it’s not out there . . . and when that perfect house DOES show up, they find themselves competing with 17 other Buyers to buy it.
Frustration abounds . . . What we need is MORE INVENTORY to loosen things up a bit.
I imagine there are lots of Home Seller “Wannabees” who tried to sell their house at some point in the past 5 years or so and the market wouldn’t support the price they “need” in order to sell . . . so they rented the house out until the market improves enough.
That day may have already arrived.
We have experienced @ 15 months of VERY brisk sales and with those sales, the inventory has dwindled and prices have been rising in virtually every nook and cranny of Middle Tennessee.
I’ve been doing a lot of market research lately and am finding that values have recovered in most areas to pre-market-crash levels . . . and in some areas HIGHER.
One little pocket neighborhood I pulled this morning increased 51.85% since June of 2013 . . . I called my hibernating seller clients in that neighborhood, and we will be listing their house within 30 days of now and finding them another house as they “Move on up”
So . . . I could go on for hours, but maybe it’s time to do more preachin’ and less ‘splainin’
- If you have a house that you would like to sell and have been “waiting for the right time,” NOW is that right time. Want some proof? Call me (or your preferred REALTOR) and ask for TWO Comparative Market Analysis for your house – One for the period October 1, 2012 – July 31, 2013 . . . and the other for June 1, 2013 – Present . . . Compare those 2 and be prepared to be surprised because you will likely see 2 VERY different sets of numbers that will make a GREAT case for putting your house on the market NOW rather than waiting for the “HOT Spring Market” . . . Listen to the elders when they tell you: “Strike while the iron is HOT!” THIS iron is HOT!
- If you want to BUY a house and have been “waiting for the right time”, NOW is that right time. Want some proof? Call me (or your preferred REALTOR) and ask for TWO Comparative Market Analysis for the neighborhoods into which you want to move – One for the period October 1, 2012 – July 31, 2013 . . . and the other for June 1, 2013 – Present . . . Compare those 2 and be prepared to be surprised because you will likely see 2 VERY different sets of numbers that will make a GREAT case for you to BUY NOW . . . Even if it’s not the perfect house . . . BECAUSE . . . Every day you wait, you’re losing ground in the form of the buying power of your money – The prices are RISING and are likely to rise FASTER when the Spring market kicks in. The market could actually price itself BEYOND your ability to buy, if you wait. The early bird DOES get the worm.
- If you are a REALTOR who wants to gets your business CRANKING in 2014 and have been “Waiting for the right time,” NOW is that right time. Want some proof? Call me for some coaching (and to learn more about Pareto Realty) . . . Then pull TWO Comparative Market Analysis for the areas in which you specialize (Your Niche) – One for the period October 1, 2012 – July 31, 2013 . . . and the other for June 1, 2013 – Present . . . Compare those 2 and be prepared to be surprised because you will likely see 2 VERY different sets of numbers that will make a GREAT case for you to take to home Buyers and Sellers intending to make a move within your niche. FOCUS FIRST ON LISTING HOUSES – With some signs in yards and listings on the MLS (and Zillow/Trulia etc), you WILL receive inquiries from unrepresented BUYERS. Develop a “Lead Tracking System” that GUARANTEES you touch base each and every one of them at LEAST once each week . . . Before you know it, they’ll start “Converting themselves,” and the closings will commence.
My crystal ball says: “EXPLOSIVE AND EXPONENTIAL POTENTIAL for 2014”
BUT . . .
If you wait, you’re going to miss the train.
Don’t say I didn’t warn ya!
Good luck out there.
PS – I and the Oh-So-Sharp “Vital Few” agents of Pareto Realty stand poised and ready to serve Home Buyers and Sellers throughout Middle Tennessee . . . and Pareto Realty is poised and ready for growth with the “Right agents” to join us in 2014 . . . Connect with me NOW!