The Market is Heating Up!
by Lee Davies
Trying to figure out market trends in these unique times can be a bit perplexing to say the least. At Lee Davies Real Estate, we saw our robust sales growth nearly double from 2009 to 2010 only to then endure one of the quietest winter quarters that we have ever experienced.
The good news is that Spring is finally here and we have seen an incredible rebound which has included selling five homes for over $1,000,000 and, in some cases, multiple offers on homes in the past five weeks. What is unique this time around is that we are seeing strong activity in the higher end properties along with all price ranges. This can be attributed to several things. First, sales on homes above $750,000 have been so quiet that most sellers have made gracious price reductions making their homes incredibly attractive relative to lower priced homes. Second, rising gas prices have economic experts suggesting that we are entering an inflationary cycle that will impact interest rates and that now is the time to borrow before rates go higher. Whether these are the reasons or it’s just the typical buying spike we see every spring, the fact is we have just sold dozens of homes in the past six weeks and we need to see more inventory.
In the event the experts are accurate in their predictions that interest rates will soon rise, the time is now ideal if you would like to lock in to a new home at a sub 5% interest rate. If you are considering selling, call Lee or one of our brokers today.