Superbowl, Shmuperbowl: Let’s Take a Look at the Real Estate Market!

Any successful real estate agent can tell you the current state of the real estate market using very few words. That’s because it’s simple; there is not much grey area in our industry. Our phones are either ringing or they’re not. And by and large, we know what to expect from our “feast or famine” business. Ironically, Thanksgiving kicks off the “famine” and we don’t expect to “feast” again until after Superbowl Sunday.

With Superbowl Sunday just three days away, it has become clear that the “famine” never showed up. Perhaps it caught the flu like the rest of the nation… poor famine.

December showed improved sales figures over November and our offices are experiencing an unseasonably busy January. The strange thing is it appears that only homebuyers got the memo (likely in the form of historically low mortgage rates). The inventory of unsold homes is the lowest we’ve seen in decades. The bunker mentality the nation seemed to adopt when the word “recession” saturated the media appears to be lingering among potential sellers.

That’s not a terrible thing, though. Economics 101 tells us that increased demand combined with decreased supply amplifies value – and home prices are obliging. This is not only great news for homeowners who have spent the last handful of years feeling trapped underneath a home that wasn’t worth its mortgage, but for the economy as a whole.

So, in short: If you’re thinking of selling, don’t wait until spring. You could be moved into your next home by then. If you’re thinking of buying, that house you have your eye on is going to cost more and more the longer you wait.

And, if you ask me how the real estate market is doing, I’d say, “Great!”

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