So -- 2016 is over, and 2017 has come. Let's use the data above to draw a few conclusions about what 2016 home sales mean for buyers and sellers in 2017....
HOME SELLERS....
- There were more buyers in 2016 than we had seen in a while -- this is good news -- you are likely to see continued high demand for your home if you decide to put it on the market in 2017.
- Inventory levels have been dropping for several years -- so you will have less competition as a seller than you would have had a year ago, or a year before that.
- It appears that 2017 would be a great time to get your house on the market -- remembering that it must be prepared well, priced well and presented (marketed) well.
HOME BUYERS....- There are more of you than ever (recently) so you must realize that you will have more competition than you would have had a year ago. We may see some multiple offer scenarios this year (OK -- I was in the midst of one today) and you may have to be willing to pay a bit more for the house are planning to purchase.
- You will have fewer options of homes to buy this year, based on current inventory levels. There are 26% fewer homes on the market now as compared to a year ago. When "the good homes" come on in the Spring market, they will likely go under contract quickly.
- In 2017, you must be prepared to act quickly when the right house comes on the market -- you should be familiar with what you want/need in a home, what you can afford to pay, you must know the market, and should be familiar with the negotiating and home buying process.
Ready to buy or sell? Have questions? Just send me an email at scott@HarrisonburgHousingToday.com or call me at 540-578-0102.
You can find out more about the Harrisonburg and Rockingham County real estate market by visiting....
And here are two handy references to prepare yourself to buy or sell a home....
Recent Articles:
