Happy New Year, Happy House Hunting!

There has been a slight change in market conditions in the New Year. Nationwide, Inventory is already improving at a rate of almost 2.0% according to the National Association of Realtors. That’s the first increase since late 2011.  “It will still be a sellers’ market in 2014, given how far we have before inventory is back to normal,” says Jed Kolko, chief economist at Trulia, noting the supply of homes in September was still about 15% below historical norms. “But it will not be as extreme as 2013,” he says. Buyers are still seeking to take advantage of the lower interest and eager to purchase property.

On a local level we are seeing similar trends, with plenty of buyers, more approaching inventory and the need for new product.   We recommend both buyers and sellers to stay current on the ever changing real estate market.