Continuing the discussion…
After a busy year, all is quiet on the real estate front. The market’s been moving at a more languid pace for at least a month now. And it’s doubtful that this weekend’s ritual orgy of mind-numbing football and tryptophan-laced turkey is going to significantly alter the pattern. Or inspire a lot more of you to run out at halftime and buy a house.
It may be the busiest weekend of the year for Best Buy and Macy’s. But as far as real estate sales go …not so much. We won’t see crowded lines of people camping out at new listings, stampeding open houses or pepper-spraying each other to be first in line to present offers. (That’s reserved for the spring isn’t it? Just kidding about the pepper spray folks.)
So time to take a breath. Take stock of where the market’s at. And perhaps more importantly, take a good look at where your own goals are relative to the market–at-large.
It may be time to rethink your assumptions. Review your options. Weigh your priorities. Consider what you may be willing to compromise on, for the greater good.
Let’s start with all those buyers-in-waiting out there. Earnest homeseekers who finally succumbed to extreme buyer-fatigue after the summer and decided to put their searches on hold for the rest of the year. Buyers who worked long and hard to find something, but for a variety of reasons, weren’t quite able to pull it off
Taking stock of things is precisely what these buyers in the coming year are going to have to do. Because there’s going to be the same frustrating lack of new inventory, reasonable housing stock and quality listings that characterized 2014.
The Sentinel article on November 17 highlighted a few pertinent statistics in this regard. There were 404 active single family listings at the start of November. The fewest for any November in 18 years (think 1996!) The number of active listings each month has now been lower than the same calendar month the previous year for 44 of the past 45 months!
By my count there were 325 active listings left in SC County this past Wednesday. A third of them priced at more than a million. Not exactly music to the ears of an average buyer, with a median income, trying to qualify for a loan.
Bottom line: If you head into next year’s market without examining and tweaking your approach, you may find yourself coming up short again. Next week: Let’s explore a few ideas for shaking up your search.