Thanksgiving & Christmas have passed. The New Year has begun. And most reading this blog have probably finished a week long winter blast of teen and single digits and some significant snowfall. And if you’re like me…your like “Okay…I am ready for Spring and getting back to a normal routine”. But even if your a snow lover…if you are a buyer or seller…this blog is just right for you.
If you read my previous blog, you know I reported there was an upswing in activity during the second half of 2017. Sales were up, days on the market were down, and good activity continued through the beginning of the off season (November & December). So what does that mean for 2018?
So far, 2018 has started where 2017 left off. Despite a decent amount of snow on the ground…buyers are still coming to the area to view property for sale. I personally was able to place four properties under contract in just the first 9 days of the year. Based on the activity in November, December, and so far in January…I am optimistic that the “off season” will continue to be more active than normal for our area. And as we reach warmer temperatures and we start “the season” I think 2018 clearly has the potential to be better than 2017.
So what does that really mean?? So if you have ever been a buyer or seller…or even watched something about real estate on TV, than you have heard the term “Buyer’s Market” or “Seller’s Market”. We are currently in a seller’s market, and have been for a number of years. This means we have in excess of 6 months or more of inventory availablee for sale. And 6 months of inventory means that if no additional homes are placed for sale…it would take more than 6 months to sell what is currently available for sale. In contrast…a seller’s market would be less than 6 months of activity. If 2018 continues to be as active or better than the second half of 2017 was…I feel it is very conceivable that we could be in a seller’s market by the end of 2018. But there are a lot of variables that affect this as the year progresses. If more homes are listed than what are sold or if something happens to affect the country or the economy…we might not see the seller’s market. But so far, SO GOOD!
I feel we are in the “sweet spot” I referred to in a previous blog. The sweet spot is where overall…sellers are able to get a price for their property without having to give up a lot on their current asking price and where buyers are able to make a home purchase prior to the increase of prices that will occur if we get into a stable seller’s market. So if your a buyer…the clock is ticking. You are literally running out of time. If your a seller…have faith, your sale is likely near. But in both cases, regardless if your a buyer or seller…don’t be greedy and make smart decisions. It is still an unstable market. The individual buyer situation and the individual seller situation is the key to the current negotiating situation. Some buyers and sellers are more stable than others. Negotiating with a buyer or seller who is stable (or not desperate) can be different that negotiating with the buyer or seller who NEEDS the sale/purchase to happen. Respect the other side of the transaction and keep in mind, even if this is your primary home…ultimately, this is a business transaction. Try your best to keep emotions out of your decision. It is obvious that the seller wants to sell for as much as possible and the buyer wants to pay as little as possible. But it is truly rare for one side to be “out to get” or forgive the term “screw” the other side.
So in closing, 2018 is expected to be a great year. It truly is great time to sell AND to buy. But every market is different. You need a skilled agent to guide you. And that is where I come in. I have my real estate license since 2005. I am licensed in Virginia and Maryland. I conduct my business between Virginia Beach, Va and Ocean City, MD…with a majority of my clients using my skills on Chincoteague Island, Va. and in the surrounding towns, including the communities of Trails End and Captain’s Cove. Dockside Properties has been a leader in sales for a decade. And I have been a top agent for my office on numerous occasions.
I offer my skills to your goals. Whether you are new to buying or selling in 2018 or if you have had your property for sale in the past, perhaps with another firm, now is the best time to give me a call. I will use my knowledge and skills to bring the best outcome for your goals. I was involved in over 200 transaction side unit sales in 2017. And I would like the opportunity to show new clients why. I can be reached at 757-894-1479 or robertmfaith@outlook.com .
Thanks for reading.
Bob
http://www.chincoteaguehomes.net
