March 2019 Market Update
It’s been awhile since the last post, I apologize. For my first post back I thought it would make sense to update you on the current market and make some projections for the future since that is a question I get asked all the time.
Across the board, prices are still continuing to climb. There are many factors that go into this. Demand is still high, and high rents are pushing more and more people to buy. However, inventory is still low.
In fact, inventory is either stagnant or continuing to decline! I’ve talked about this before, but there are two main causes. Current zoning regulations have identified prime residential building areas into industrial business parks. These areas are sitting empty, mostly because we don’t have the residential population to fulfill staffing requirements. It’s a circular cause & effect.
Here is another similar situation. Although homeowners have realized their massive equity gains, they’re unwilling to move because they don’t see any homes they could move in to. So, they don’t sell, and there’s less inventory to choose from, so others don’t sell as well.
Finally, days on market has seen a slight increase over the holiday season and now is coming back down as we move into peak selling season. Some areas, however, are climbing because what was once affordable for Lewis County residents is now becoming out of reach.
That’s the current state of the market. Now for some projections! We are starting to see price reductions and it appears the low days on market “apex” has been passed. Based on the changes we are seeing, we believe that 2019 may be the last year to capitalize on the equity gains of the last few years. On the flip side, this may bring some needed pricing relief for many of our county residents.
If you are considering buying or selling, consider this. Your equity is high now, so is everyone else’s. If you wait until prices come down a little bit, the selling price of your home will also go down. There is no such thing as “timing the market”. Sell when you are ready. Buy when you are ready. Now is always a good time!