Throughout the winter, my expectation was that as the market progressed into the Spring selling season, we would start to see a good increase in home inventory, getting us back to a more balanced market and taking pressure off pricing. As we now sit on the cusp of the season, it appears I was wrong.
At this point, inventory remains extremely tight – very similar to last year – when we saw prices jump anywhere from 2% – to 4% during the months of April, May and June. The pattern is setting itself up for a repeat in 2014.
If you are a buyer heading into this market you need to be prepared. You need to have your financing lined up and be ready to jump at a moments notice to look at a property and be ready to make an offer. If you come across a deal that meets your parameters, you need to go for it and do what it takes to purchase it. If you don’t act, you will end up waiting for the perfect home, and while you wait, prices will go up another 5% or 6% – basically act now and save. What is a $500,000 home today will be a $530,000 home in June.
If you have a neighborhood preference, direct your Realtor to start turning over stones to find you a home. If your Realtor is not the type of person to go knock on doors, find one who is – it could save you tens of thousands of dollars!!
9 news had a good piece on the situation: