Do you remember about 4-5 years ago when properties were selling so fast that we often saw bidding wars between buyers?
Well guess what? Those days are back. Over 80% percent of my clients that have recently purchased a home were involved in some sort of bidding war.
We are, of course focused on the very best deals available on the market, but one thing is crystal clear, there is huge demand brewing in this valley, and the numbers speak for themselves.
For example, home sales in March were up 37% from Feb, and April homes sales appear to be as good as or even better than March’s numbers.
Last year we had the Tax Credit stimulating the housing market into a frenzy, this year we have affordability and a sense that the market is stabilizing.
I am actually thrilled there is NOT a Tax Credit for home buyers this year, because the biggest downside on the tax credit idea was the negative fall-out when the tax credit expired last year, which SLOWED the housing market to a point where we saw significant losses in home prices.
In contrast, the local housing market this year is NOT being fueled by any government intervention, but rather good old fashioned supply and demand.
In fact, the local market is so strong right now that I am convinced that something has got to give. Either home prices are going to go up soon OR something big will have to hit the market to change its current direction.
Regardless, I will keep you posted on what happens.
I am Mike Turner, and this has been Your Real Estate Minute.
Mike Turner
Front Street Brokers
208-740-5000
