If anyone has been following the Real Estate Market they would have noticed at the end of 2013, before the holidays, as long as a home was priced close to market value, it sold quickly. Once the end of 2013 sales rush was over, the market slowed down significantly until mid-April 2014, which was probably the best time to buy a home, as sellers were frustrated, due to the lack of buyers looking at their homes.
1517 Homes Sold & homes in escrow from Dec 20, 2013 to April 09, 2014 (4 Months).
718 Homes Sold & homes in escrow from April, 10, 2013 to May 4, 2014 (25 Days).
I have been helping people find homes for years, so it did not surprise me to see the slowness in market in the beginning of 2014. Rarely if ever have I seen an exuberant Real Estate market in the first quarter of any year. My guess is that once people start working on their taxes, they want to wait to see what they have to pay to the government before they commit to a large purchase.
I suspect with this new rush of end of April buyers, and after home owners see that what their neighbors home sells for in May, we will start to see a lot higher priced homes become available this June, which traditionally is when home inventories and prices are at their highest.
Now is still a good time to find a home before home prices and interest rates escalate again.
You can see all of my past and future blogs at http://www.dnorwood.com/BLOG.aspx – If you would like an update on the Real Estate before my next blog, please feel free to contact me directly at David@DNorwood.com