We advised buyers who were on the fence one year ago that if they were planning on buying within the next couple years, they should do it sooner because prices would continue to rise for the foreseeable future.
At the dawn of 2018, we have the same guidance. In fact, it's even more urgent than one year ago. The market is in an interesting predicament as we start the new year. Supply is extremely low, and this typically means one thing for prices: ↑↑ ↑
Here are numbers to give you an idea of what the market is doing:
Active listings are down by nearly 14 percent from one year ago (and 9 precent from last month)*
Average sales price per square foot is up 8 percent from last year (while general inflation has stayed the same)
Other factors add to the urgency, including rising interest rates.
So what does this mean for you?
Buyers: If you are in the market, you should probably put the pedal to the metal. Prices look like they are going to increase at an even higher rate this year than last year.
Sellers: Do the buyers a favor and put your house on the market to add some more inventory! You will be rewarded handsomely in this seller's market.
Investors: With all indicators pointing towards increased pricing, this could be a fantastic time to invest in real estate. We would love to show you the numbers.
Everyone else: stay tuned to see what happens. This is bound to be an exciting year for real estate!