Several years ago Tim and I put our home on the market while we saw the home prices were stable but they were gradually decreasing if not dramatically. We had our home on the market for two years and dropped our price $100,000 and still didn’t get any offers. Every single agent said our home was staged beautifully and even priced right but apparently not right enough.
Looking back in hindsight it’s a good thing we didn’t sell because we were able to move back into her home after a two-year relocation to Missouri. We just rented out our home and were able to move back in. I love my home and I love our backyard and our beautiful view of the Cascade and the Olympic Mountains so looking back I’m really glad we didn’t sell. But now we’ve been looking at refinancing our home to get a lower mortgage payment. Just three or four months ago we were unable to do so because we didn’t have enough equity to refinance.
And then June hit.
Looking at the real estate market now all of the homes that even come close to our property are priced $50,000-$80,000 over where they were just three or four months ago. Plus, the supply is down and there are only about 10 homes in our entire city that are anywhere comparable to our home. Some good friends of ours have recently sold their house in the hopes to move up, but are finding it difficult to even find a home. Homes they do find have multiple offers already on the table.
Now this could be a micro market issue as well. People are moving to our city because of the development and several subdivisions were halted due to the housing market crash several years ago and now builders are scrambling to keep up with demand. So this could just be our market but I’m certainly gonna jump on the refinance at this point when I can.
What’s the market doing where you’re at? Are you seeing numbers like this? In several California markets such as Agoura Hills the real estate market is booming and several cash investors are sweeping in before first-time buyers even get a chance. Because I manage and market several real estate agents all over the country I really get a good snapshot of what the market’s doing in their area. The Louisville Kentucky real estate market is up about 11% for the average listing price and median sales price but the number of sales has gone down which is exactly what is doing here. Interestingly enough places in Southern California like the Carlsbad real estate market are down on the listing price but way up on their sales price and number of sales.
This is certainly a volatile market this summer and I will be curious to see where it goes over the next 6 to 8 months.