Ignore the negative news headlines—today we’ll talk about what’s really happening in the market.
Though we’re having great success as spring selling season kicks off, there are some incredibly negative news stories about our market going around. They’ve definitely been taking their toll on buyers, sellers, and homeowners alike.
Sam Khater, chief economist at Freddie Mac, said it best: “We’re in a mental recession. It’s a constant stream of headlines for a couple of months…it wears on you.”
The issue here is that most of these headlines aren’t even true! Here are a few examples.
A recent Bloomberg article makes it a point that to say we’re at risk of the worst year in the market since the last crash. I don’t know where the writer got that information, but Logan Mohtashami of Financial Truth has a much better insight on the topic: In essence, he says we’re not going to see big declines in demand or huge increases in inventory—not anywhere near 2008-crash levels, at least.
Currently, the market’s hot and inventory is low, so multiple offers are happening all the time. Don’t take my word for it—take a look at the transaction levels projected by noteworthy lending companies at 1:49 in the video.
I’ve sold over 40 homes already this year, and of those, only one failed to sell in less than two days; I even sold one in less than two hours last week! My homes are selling at or up to 8% above list price, and prices are going up across the board nationwide. Take a look at the graph at 2:33 to see the U.S. median sales prices for each year.
The chart looks like a rollercoaster, and it seems we’re at the very top—are we going to come flying down again? Well, there’s another graph at 2:59 that compares historical rates, and you’ll see that prices are exactly where they should be.
Overall, the market is still favoring sellers but starting to slow down a little. If you’re thinking of selling this year, now is a great time to start the process. You can learn exactly how to do so by attending my next Home Selling Sharks seminar on April 6. Find out more about it at www.HomeSharkSeminar.com.
If you have any questions or would like more information, feel free to reach out to me. I look forward to hearing from you soon.