If one of the questions you’re asking yourself today is, “Should I sell my house this year?” the current Housing Opportunities and Market Experience (HOME) Survey from the National Association of Realtors® (NAR) should boost your confidence as it relates to the current selling sentiment in the housing market. Even with all the information overload in the media circling around talk of a possible recession, the upcoming 2020 election, and more, Americans feel good about selling a house now. That’s some news to get excited about!
As the graph below shows, as of Q4 2019, 75% of people surveyed indicate they believe now is a good time to sell a home:In the case of those with a yearly salary of $100,000 or more, the results jumped even higher, coming in at an 82% positive sentiment.
When the study divided the outcomes by region, the results still consistently showed Americans feeling good about selling:
- Northeast: 71% positive
- Midwest: 76% positive
- South: 72% positive
- West: 81% positive
In addition to looking at income and region, the report also divided the results by generation, as shown in the graph below:As you can see, many believe that, despite everything going on in the world, it is still a good time to sell a home.
According to NAR, the unsold inventory available today “sits at a 3.0-month supply at the current sales pace,” which is down from a 3.7-month supply in November. The current inventory is half of what we need for a normal or neutral housing market, which should have a 6.0-month supply of unsold inventory. This is good news for sellers, as Lawrence Yun, Chief Economist at NAR, says:
“Home sellers are positioned well, but prospective buyers aren’t as fortunate. Low inventory remains a problem, with first-time buyers affected the most.”
If you’re ready to list your home, you can feel good about the current sentiment in the market. Let’s get together today to determine the best next step when it comes to selling your house this year.
February’s Eastside stats are in! Month-over-month, supply decreased by 5% to 1.9 months, which puts us solidly in a seller’s market. That said, it’s a stark difference from this time last year where we were at 0.8 months of an inventory—42% lower (70 miles per hour now vs 166 miles per hour then). Evidence of the changed market shows in the number of homes with multiple offers—20% in 2019 vs 51% in 2018. Also, the median amount over asking price is 2% now vs 8% in 2018.
Year-over-year, median prices are down 9%, this is combined condos and single family homes. I don’t put much weight in this number, as there are many, many variables to this. If you look only at single-family we are off by 5%, this feels more accurate, as prices escalated to their height in the February/March timeframe last year. I expect this number to flatten after May.
March is proving to be robust with lots of buyer activity, so I think our more balanced-yet-still-a-seller’s market will be our new normal for the next couple of months which makes it a great time to buy and/or sell.
I am proud of the Windermere Foundation. It’s a huge part of why I love Windermere. I had the privilege to be on the board for 3 years, so I witnessed the integrity and awesomeness of the program. We give back to our communities and the families in those communities. Good stuff!
January’s Eastside stats are in! Year-over-year median prices are up 2%, but for single family homes only, prices are down 3%. Basically, prices are flat, as pricing is tricky to gauge (due to variations in home sizes, condition, location, ect). Also, 12% of homes did sell over asking price, many of these were after a price drop, which illustrates the price sensitive nature of our market.
Months of inventory is at 2.0 based on pending sales, but if you look at closed sales the number is 3.1. Anything less than 3 months of inventory is a seller’s market, so we are still in a seller’s market leaning towards a balanced market. Year-over-year, this is a 122% increase in inventory. This makes sense, as there were 130% more active listings, 23% more new listings, and 17% less pendings in January 2019 versus 2018. It’s clear the market has changed, but is still strong—just not crazy. Again, we are now traveling at 70 miles per hour vs 155 miles per hour.
Yes, the snow has slowed things down, but mostly new listings coming on the market. Also, it is challenging showing home in the snow—what does the yard really look like? That said, homes are still selling. In fact, both my new listings sold. With mid-winter break next week, it will be interesting to see if there is a flurry (pun intended) of new listings after or during.
I’m pleased to present this fantastic, view condo in Washington Square, one of downtown Bellevue’s premier condo high-rises. There are many things to love, but the two walls of floor-to-ceiling windows are my favorite. That said, the location is unbeatable—walkable to shops and restaurants, as well as the Bellevue Library, Bellevue Park and the Bellevue Transit center.
Open: Saturday, January 26th, from 1 PM to 3 PM
Address: 10610 NE 9th Pl, #2202, Bellevue 98004
Details: 2 bedrooms | 2 baths | 1,173 sq ft | Built in 2008 | 2 parking spaces in the secure garage
More photos and information: http://sanditampa.com/listing/90408820
December’s stats are in! We are still in a seller’s market with 2.4 months of inventory, but the effects of having 200% more inventory from last year is illustrated by the flat year-over-year price appreciation. It’s like pricing rewound a year. That said, we are 2 weeks into the new year and buyer activity is strong.
This is a fun recap of Windermere for Kids Day. Three out of four years, Windermere East, Inc uses our holiday party money to provide Christmas gifts for local families. It’s an elaborate process of first finding the families—my office’s families came from Lake Hills Elementary—then meeting with the families to create wish lists for each member of the family. Then, we meet at 8 AM at Target and shop with a child (the ‘little shopper’, who has been pre-shopped for) from that family. Presents are then wrapped while the families enjoy snacks, crafts and photos with Santa. It’s a feel-good day with meaningful results. Many ‘little shoppers’, including mine, are not allowed to be photographed, so you won’t see me, but I was there enjoying every minute. Thanks Windermere!
November stats are in! The market appears to be stabilizing with both October and November having 2.4 months of inventory. Anything less than 3 months of inventory is a Seller’s Market, so we are in a Seller’s Market. Home that are in good condition and well-priced will sell quickly and might go over the asking price. 14% of the homes in November closed over asking price versus November 2017 where 43% sold over asking price (when months of inventory were crazy low at 0.8 months).
Year-over-year we are showing an 11% increase in median pricing; however, this includes condos. If you remove condos from the mix the year-over-year price increase is 4%–this feels more accurate.
Buyer activity in December is strong and there are deals to be had. It’s a great time to be both a buyer and a seller. I can’t wait to see if we will have the typical surge in activity this January.
Saturday, August 6th is the Ken Griffey Jr. Number Retirement Ceremony, and Sandi Tampa Real Estate has two sets of 2 tickets to give away! If you want to 'play' simply go to my Sandi Tampa Real Estate Facebook page (https://www.facebook.com/Sandi-Tampa-Real-Estate-198947938351/) and make a comment on the ticket give away post. I will select 2 names/winners on Monday (8/1) night.