Is this what the market has come to? This home is nicely appointed, upgraded kitchen and floors, but it has just one bathroom, and no garage, and it is listed at $319,000. Last year this home would certainly have been under $300,000 but in today’s market, sellers are running the tables. There still is not enough inventory to force sellers to compete with each other for buyers, and the result is even a very modest home like this can get lots of activity at a price point 10% higher than a year ago.
Nobody has a crystal ball, but unless there are more homes listed and demand finally gets satiated with new inventory, these prices will continue into the spring. The longer time that passes before new spring inventory starts to moderate prices, the over all worse the conditions will be in the spring for buyers. Sellers get used to seeing homes like theirs listed for over $300,000 and they don’t want to look back for historical data when they think they can get more, they will try for more, and that just means higher list prices all the way till April at this point. And if it keeps up like this till June, then there will be no moderation and turn down in prices.
If you want to buy a home this spring, give me a call. I thrive in difficult markets and will find you a deal.