This is as about elementary as it can get
supply goes down and prices go up
A funny thing happened while I was doing a search for a client tonight. I plugged in their price range, deleted all short sales and hit enter. My first thought was “That can’t be right”. I went back and re-checked the criteria. The client was looking for a town home or a single family home in Montgomery County priced somewhere between $300,000 and $325,000. There are only 69 listings that are active.
Chew on that fact for a minute
It may be that I am getting old and my memory is fuzzy, but I sure think we used to have one hell of a lot more inventory available. I thought hmmmm, maybe I should do a quick check of all price points. I did and the results are rather startling at every point.
$200,000 – $250,000 64 active listings
$250,000 – $300,000 109 active listings
$300,000 – $325,000 69 active listings
$325,000 – $350,000 99 active listings
$350,000 – $400,000 145 active listings
So, what does this mean? I am no genius. I do not have a crystal ball. I do know that time is passing and the federal first time buyer credit is just about gone. I know that the same supply and demand laws that govern property prices eventually control interest rates ( money supply down and interest rate goes up ).
Everyone is aware of the bank owned “shadow inventory”. You can wait for it to come on the market. I can only imagine the condition those homes will be in after sitting locked up for months on end (mold is the first word that springs to my mind). It does not take a rocket scientist to understand that homes sitting vacant for month after month might have some issues.
WE ARE RUNNING OUT OF INVENTORY FASTER
THAN THE NEWS MEDIA CARES TO REPORT.
The clock is ticking and I don’t think you really want to wait until the midnight hour.
If you are ready to take that step, don’t do it alone. Give me a call at 301-509-5111 or email me at email@example.com. My name is John MacArthur and I only ask that you
Experience the Difference.