Team Soli May Newsletter 2014

Team Soli May Newsletter 2014

Team Soli May Newsletter 2014

WHAT'S IN YOUR MARKET???

As we ramp up into Summer Real Estate mode, low inventory is endemic and a popular phenomenon in markets across the country.  Buyers and Sellers are left wondering how this will affect them now and in the future.  This Snapshot of Real Estate Cycles borrowed from an AspenSnowMass real estate blog, shows a great dramatization of the typical Real Estate Cycle and how the housing markets fluctuates.  As a Buyer or Seller the most important part of that real estate cycle is being educated, coached and of course...timing is everything!!!  If you have any questions about the current market, where we are headed or how this impacts you, please contact us.

2014 is a busy year for Team Soli.  We have successfully assisted 19 buyers and sellers with the closing of their properties.  View our 2014 Sold Homes.  We appreciate your continued support of our business and all of your referrals.  

INCLINE VILLAGE MARKET DATA APRIL 2014

Home prices appear to be on the Incline, but home sales overall are down in unit numbers.  Is this due to lack of available inventory?  Good question.  There is less and less for buyers to look at on the market, but when the good listings come on, they are gone before you know it.  Let's look at the April 2014 data together...

Year to Date Home Sales

Condominiums are down -21% with only 42 units sold in 2014 compared to 51 in 2013

Planned Unit Developments or PUD's are up 31% with 13 units sold in 2014 compared to 9 in 2013

Single Family Homes are down -67% (WHAT???) with only 42 units sold in 2014 compared to 70 in 2013.  I had to look these numbers up twice to make sure we had them correct.

Investment Properties are down -100% with zero sales compared to a measly 1 sale in 2013

Inventory Levels...Here's another doozy!  With not much to look at, sellers have been able to ink up those prices and act a bit more strongly when the offers come around.  We are not quite at the crazy stage of the Bay Area with multiple offers going hundreds of thousands of dollars over, but we are holding strong.  We have been running these numbers daily, weekly, monthly and yearly since 2007 on our own and comparing the numbers now to the height of the market in 2008 is pretty interesting stuff:

Currently there are:

72 Active Condominiums

18 Active PUD's or Planned Unit Developments

116 Single Family Homes

2 Investment Properties

At the Height of the Market, August 2008 there were:

187 Active Condominiums

70 Active PUD's or Planned Unit Developments

282 Single Family Homes

5 Investment Properties

Talk about choices...the buyers had plenty to choose from and sellers could not really be choosy (well, if they really wanted or needed to sell!).  So, if you are a Seller, make sure you understand the market when working with your agent.  If you are a Buyer...make sure your agent alerts you right away to any new properties that come on the market so you are ready when the next best one comes up.

To view any of the available inventory on the market go to www.solirealestate.com and have a peek for yourself, set yourself up on an auto notification or call us directly at 775.298.5066 so we can help you decide what you are looking for.

To view the breakdown of April 2014 Market Data Statistics, click here! 

April 2014 Market Data Percentages

 

BUYING A HOME? HOW THE SERENITY PRAYER MAY HELP

You may be frustrated while attempting to buy a home in today’s market. You may feel powerless to the process. How could YOU possibly know whether the current good news about housing will continue? There is no doubt that today’s real estate market is extremely difficult to navigate. However, we want you to know that thousands of homes sold yesterday, thousands will sell today and thousands will sell each and every day from now until the end of the year.

It is totally within your power to decide whether it is the right time for you and your family to move. Even in the current market.

“How?” Let’s look at the simplicity of the famous Serenity Prayer and apply it to buying a home in today’s real estate market.

“God, grant me the serenity to accept the things I cannot change; courage to change the things I can; and wisdom to know the difference.”

Accept the things you cannot change
The two main concerns many talk about when discussing the housing market are:

  1. the current lack of inventory impacting housing prices
  2. the impending raise in interest rates

As an individual, there is very little you can do to impact either of those two situations. The best think-tanks in the country are struggling to discover what impact each of these items have on real estate.

Have the courage to change the things you can
Whether you are a first-time buyer or a move-up buyer and you believe now is the right time for your family to purchase a home – DO IT! Prices will only be higher later this year and though interest rates are rising they are still at historic lows. That means that your monthly housing expense will still be lower than almost any time in the last 50 years – and probably lower than your current rent payment.

The wisdom to know the difference
With the winter ending, the outlook on inventory is positive. Sellers will look to come out of hibernation and list their homes. The question is whether or not it makes sense to delay moving on with your life until everything gets ‘better’. Should you not buy a house and enable your kids to attend the school you have already decided is best for them? Should you spend another winter up north even though your doctor recommends you move to a climate better suited to your current medical situation?

This is where your wisdom must kick in. You already know the answers to the questions we just asked. You have the power to take back control of the situation by moving forward. The time has come for you and your family to move on and start living the life you desire. That is what truly matters.

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