Real Estate Observations for the 2nd Quarter of 2018

We are already in the second quarter of the year, and I’ve been hearing from a lot of people who are wondering where the market is headed as the year goes by. Here are six key things that I’ve noticed over the first quarter that will give you a better picture of where our market’s headed:

1. We’re no longer in a hyper seller’s market. There’s a difference between a seller’s market and a hyper seller’s market. There are still some locales around that are in seller’s markets, but the area overall is no longer in a hyper seller’s market.

2. Rates have gone up. Mortgage interest rates were around 4% at the beginning of the year, and right now they’re at about 4.5%.

3. Appraisals. They’re affecting homes more than they did last year. We have to work through an appraisal issue at least once a week. That’s why it’s very important for you to have a very skilled negotiator and practitioner as an agent.

4. Renovations matter. You can’t put lipstick on a pig and expect it to sell. You need to invest money in improving your home in order to reap the benefits.

5. Fixer-uppers… NOT! People think they want fixer-uppers, but they really don’t. They’re okay with painting and putting new carpet in, but they want everything else to be turnkey.

6. There are a lot of new agents. The last time we saw a huge influx like this signaled a shift in the market was coming.

These are just a few of the things I’ve observed so far in the first quarter of the year. If you have any questions about any of them or if I can help you in any way, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.