I hope you had, or indeed are still enjoying, a wonderful holiday season.
This is my last blog of 2017 and is therefore a great time to consider what might be in store for us in real estate next year.
We are, of course, carrying record breaking momentum into 2018, with so many amazing sales above listing price characterizing the final few months of this year in our area.
Being the hottest market in the nation right now means that we have a lot to live up to in the next 12 months, but I think the evidence is there to suggest that we'll hopefully see continual market growth, all things remaining equal.
If there's one thing that would help, however, it's that we start to see better levels of inventory of available homes for sale. While it's tempting to suggest that short supply is the sole reason behind the amazing sold prices we've been seeing in the area of late, surely it's also true that so many buyers chasing so few homes is counterproductive, in that it affects the total number of sales and can lead to frustration for some.
So my main wish for the market is that we begin to see a better balance between sales price growth and home availability. I think the potential is certainly there, in that on the fence sellers simply cannot ignore the staggering prices that some homes have sold for recently. This will hopefully act as a major attractant for more listings going forward.
Taking a wider angle view, I can only see positives in terms of a strong economy, both locally and nationally, plus the vibrant IT infrastructure investments and resultant job opportunities that are in many ways unique to our corner of the world.
Changes to tax legislation will be interesting to observe, but clearly anything that results in better actual income levels can only do good things for real estate.
Mortgage rates are ending the year at still very competitive levels and this unquestionably helps to oil the cogs in the home purchasing process. Even though rates have shown some modest increases lately, they are still such good value given any historic measure, so buyers should hopefully accommodate this. 2017 actually proved how that can happen, when the mortgage rate rises in the early part of the year had no tangible effect on homes sales.
Of course trying to look into the crystal ball for the next year is always going to be a guessing game, as we live in a very dynamic world where things can change rapidly. However, looking from the perspective of the end part of December, I can only see fabulous current opportunities for sellers to benefit from what are, in many respects, positives that we've never seen to quite the current extent.
With so much promise, I would encourage you to reach out to us for an informal discussion of how we can help you to achieve your 2018 property goals. We'd love to help. In the meantime, however, I'd like to wish you a very happy, healthy and successful 2018!