Finding that great home in the next few months

I am thankful that Thanksgiving is behind us, and as I study my local market, the next few months present some interesting facts:

• Inventory levels are extremely low (lowest in years).
• Home values have stabilized and in some instances are on a slight climb.
• Homes are selling close to asking price.
• Prospective home buyers get general ‘summary’ information about markets from web searches and the media, but they are often delayed or even wrong in understanding local conditions.
• Savvy agents will list homes, which will be sold before the spring market starts (It’s easier for a home to appear as the best value when there are fewer competing options for buyers).
• Prospective buyers that are not prepared to act quickly, have their finances in order, or can present a clean offer, are simply losing out and are stunned at the loss.
• Interest rates do remain attractively low, but TALF and the home buyer tax credit will expire in the spring, which will negatively affect interest rates.

Keep these seven points in mind, and you will find your next home. If you don’t believe them because your market is different, ask your agent what your truths are, and to give you the data behind it.

If you don’t believe them because they sound like ‘sales’ talk’, then insist that your agent provide the data to support their view of the market. Better yet, ask me to give you my source data it; I dare yah, I double dare yah.

Reality is local and it’s very important for home buyers to work with agents that they trust to provide accurate local conditions.

Only when local conditions are well understood, will buyers be able to get from showing to accepted offer.