Here’s how our market is doing now that the first quarter is over.
Not a day goes by where someone doesn’t ask me how the real estate market has been doing or they want to share the story about a home down the street that sold in a matter of hours. Some people are also asking me if we’re heading for another real estate bubble like in 2006. Don’t worry, the market is strong. We’re in one of the best seller’s markets I’ve ever seen in my career for two main reasons:
1. Low inventory. There are very few houses available. From January through March, we had less than half the amount of inventory we had at that same time last year.
2. Many buyers in the market. Buyers are plentiful because interest rates have been low and millennials are entering the real estate market—millennials are the largest generation of homebuyers in history.
We aren’t headed toward another market like the one we saw in 2006 because the number of defaults on the books today is nowhere near the number we saw leading up to the market crash. Homes these days are often worth more than people owe on them, and that’s thanks in part to appraisers keeping prices in check.
If you have questions about the market or anything else real estate-related, please reach out via phone or email. I would love to help you.