The spring selling season is here! Spring is a time of renewal, spiritually & physically. Spring is a time many folks see as a time for change. Spring is traditionally a busy time in real estate. Economists say the first quarter “underperformed.” It’s easy to see why. Here on the East Coast we have had a record setting winter. More snow and colder temperatures than we have experienced in several years.
Don’t count this spring out yet, we still have several weeks to go!
This year, Jack Frost held things up. Pent up demand and lack of new inventory is setting the stage for a bright market as temperatures warm up. Only time will truly tell, however, human nature factors in as should be expected. Sellers wanting to present their homes in the best light, without snow and snowstorms burning the days on the market with buyers unable or unwilling to venture out. Buyers looking for the right property for them, wait on the bleachers for more to choose from. It’s an unpredictable balancing act in the hands of supply and demand.
Over the next few weeks it will be important to keep an eye on absorption rates. The trends should reveal themselves.
The absorption rate is a measure of how a market area is consuming the homes available in a given amount of time. It is an indicator of market condition and where the market is heading. Total activeinventory divided by the current sales rate gives us the absorption rate. A period of time in months that all the property currently active would sell out if no new properties became available.
Here are the current absorption rates for areas I serve by county:
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Baltimore 5
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Carroll 6
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Harford 7
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Howard 4
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Frederick 4
Polishing and primping should be almost done if your target date for listing your home is the spring of 2014. Buyers are ready willing and able with low interest rates and shiney new pre-approval letters in their email boxes just waiting for the right opportunity.
I’d be happy to give your home a professional evaluation and comparable market analysis so you can hit the market and sell for the most money in the shortest time. That’s the goal after all.
Buyers, if you need assistance getting that shiney new pre-approval letter I can help with that too, just say the word. Call, text or email me and I can have a lender contact you and determine your buying power.
The spring market is here, don’t miss out!
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