There are 100 single family residential homes under contract today in the Wenatchee valley. This is about 30 to 40 more than the day-to-day average for the past year. Furthermore, there are 436 homes for sale – this is about 50 to 60 less than normal. Could we be in the midst of a minor market surge?
Yes, I think so. What is behind the numbers? In my opinion, impatience tends to heat up the market prior to winter, especially in the NCW region. We have cold winters here and very few people want to move with snow on the ground (usually in December and January).
In addition to the rush to beat the snow, we have been experiencing new record lows for interest rates. This has spurred a lot of the activity as well.
Finally, many sellers take their home off the market this time of year. The homes that got listed in Spring are giving up to enjoy the holidays without a for sale sign in the front yard.
So, demand has gone up about 30 percent and supply has gone down about 10 percent. This may turn out to be one of the best 4th quarters for home sales in several years!
If you are considering listing your home, the next few weeks may be a good time to find a buyer. Before you list, let me add a caution about pricing. First, take a serious look at the comparable sales for your home. You can expect your home to sell for the same or less than the closest comparable. We are still in a “falling price” market so you will have to be extremely competitive.
Do this: put yourself in the buyer’s shoes for just a minute. If you had a huge selection of homes, what would you pay for your home? Don’t just brush this question off. Do some serious market research and be honest with yourself. Otherwise, you may still be on the market when the spring thaw hits.
Have a great November!
Kelly Boyle
Thanks for sharing. October 2011 was one of our best months in the last couple of years. It’s been great to see the spark igniting again in the local housing market.