Fall started out very slow with buyers hanging back and sellers standing their ground. Since early October we have seen a definate increase in buyers, most of them motivated and not wanting to wait until spring (fairly unusual this time of year). Lower mortgage rates and an expected future increase probably kicked that off. Inventory is up for this time last year, but October and November showed great absorption. Prices are still down, but not untypical for this time of year. We see more variation between list price and sales price this time of year, with motivated buyers not being as abundant in spring, and sellers not wanting to pay the mortgage notes on vacant homes for a few more months rather than sell a bit lower.
In general prices are up overall this year, with an expected increase slightly above our typical 3-5% per year. Our growth remains phenominal overall with businesses going in right and left currently.
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