As we transition to 2015, we also transition into a possible new mind set and ultimately a new real estate market. Next year is less than a month away on the calendar, but in real estate terms, it could feel very far off.
Will the inventory levels begin to rise to more historically comfortable numbers? We hear that lenders are easing guidelines, but how does that translate into buying power for our clients' individual circumstances? What will the weather patterns be for the start of the selling season and how will that affect the market? In our area, the prediction is for higher than normal percipitation in January and February, but lower for March onward. Easter falls at the beginning of April in 2015, so how does that affect the property launch timing with Spring Break vacations for schools? The most important factor for a great 2015 is seller mindset.
I have had several clients discuss putting their home on the market in Spring. This proactive inquiry was not very common in 2014. The only sellers I have represented this year were moving due to "life changes"- job transfer, retirement, divorce or death. So this might bode well for the inventory increasing. Once inventory reaches a level where sellers feel comfortable that could find a new home, it should create a much more healthy environment and ultimately a market that grows more evenly at all price levels.