I am sure this will not come as any surprise to anyone, but thought you might enjoy the market analysis as of today’s date.
Single Family Residential
|Values $500,000 - $749,999||Values $750,000 - $999,000||Values $ 1 Million+||Values $ 2 Million+|
|Average Days on Market||89||187||124||n/a|
|Per Square Foot Total||$162.00||$211.00||$249.00||n/a|
2015 should be monster year for new home construction as buyers take comfort in knowing they have a property locked up – even if it takes 10 months to build.
For the foreseeable future, the scarcity of available homes will continue driving prices up.
Sellers who opt to overprice in today’s market will still generate lots of showings – but no offers. Set realistic expectations.
Seller concerns regarding finding a replacement home is a legitimate concern and can be overcome by building in short-term rent-back contingencies. Buyers should think very carefully what they ask for in the inspection objection because sellers have no problem allowing the deal to fall through and re-listing the property.
Buyers need to be decisive and act quickly – there’s simply no time to “think about it for a day or two.”
Buyers who hesitate will find themselves losing out.
*Source: DMAR Market Trends- February 2015