As we say goodbye to 2016 and welcome in 2017 I wanted to reflect back on what a year 2016 was for Farmer & Company Real Estate.
2016 has been a very good year for us. So far we have sold 171 units and we should end the year with more than $15 million in sales. It is an honor for us to to help you sell your homes and properties and also for us to help families purchase new homes or properties that will be used for a business, hunting, etc. I have now owned Farmer & Company Real Estate for 2 1/2 years. While there have been challenges along the way, the smiles on the faces of new home and property owners have made each of those challenges worth it. Earlier this year, there was a dip in the number of homes on the market, but that number has since recovered and there are many homes on the market for buyers to choose from. Does that mean its a buyers’ market? Not necessarily. First, let’s talk about the differences in a Buyer’s Market, a Seller’s Market and also a Neutral Market.
Features of a Buyer’s Market:
- 6 months or more of inventory on the market
- Falling average home prices
- Current listing prices below previous sales prices
- Listed homes spending more time on the market
Features of a Seller’s Market:
- 3 months or less of inventory on the market
- Listed properties spending less time on the market
- Current listing prices above previous sales prices
- Higher overall closing percentage
- Rising average house prices
Features of a Neutral Market:
- Average number of properties on the market compared to past periods
- 3-6 months of inventory on the market
- Listed properties spending regular time on the market
- Current listing prices similar to previous sales prices
- Stable average house prices
- Stable number of sellers and buyers
Our local area is experiencing more of a Neutral Market. I will admit, some of the homes we have listed have been on the market more than six months and some have had price reductions, BUT, several homes we have sold this past year were only on the market for a couple months and didn’t have price reductions before there was a negotiated contract. In fact, our office just negotiated a deal on a home yesterday that has been on the market for only TWO weeks! So what does this mean for you? Well, if you’re a buyer, it means you could find a good deal because there are several properties that have been on the market more than six months. But, if you’ve already looked at those and didn’t find what you want, there is a steady amount of properties being listed so there may be a new listing that will come on the market soon that will be just what you’re looking for. If you’re a seller and your property has been on the market for a while and hasn’t had any offers now may be a good time to consider a reduction in the price. This may get your home into a new price search range for buyers. If you’ve been considering selling, now may be the best time for your to put your property on the market.
We hope that has we say goodbye to 2016 and hello to 2017 you will consider Farmer & Company Real Estate for any of your real estate needs, whatever they may be. We look forward to working with past, existing and new clients in 2017 and hope to make it our best year yet!