I can't believe how fast this year has flown by! Though the holidays are a great time to reflect on the year's highs and lows, it is also a time to evaluate our real estate positions and set new goals for next year. Every month, I research the market and talk with local banks to get a feel for where the market is heading in the next 12 months. Of course, any answer I give is nothing more than a professional opinion; yet it is interesting to hear different perspectives.
I reviewed the past year and conclude that the market has a life of its own. I cannot wait to see what happens! You have to decide what you need or want to happen and then create a strategy to get it. I have been receiving a lot of questions about the market: if someone should be selling now or wait until spring. Here is what I am sharing with my clients...
If you are thinking of selling within the next six months then you should get on the market immediately. The following facts are what I base my opinion on:
- The supply of listings is already declining. As the number of listings drop, you have a better chance of selling and commanding a higher price. Real estate is driven by supply and demand.
- In the spring, the supply will go up because everyone wants to list thinking that buyers are coming soon. Supply increases means an increase in competition which tends to drive prices down further.
- Fewer agents are promoting their listings because they have taken off a few months. We get so much more out of our promotions during this time of year because we are some of the few agents that actually work full time all year around. The impact of this is increased exposure which attracts additional showings.
- People don't window shop for real estate around the holidays. They do window shop for presents though. So, any buyer in the market right now is serious. They don't waste their time around this time of year, because they have so many other things they have to do. I believe the quality of the showings increases this time of year.
There are a few other facts I could share yet I don't want to bore you with too much detail. As for the market, I am afraid the prices are still sliding. Banks are putting more foreclosures on the market. This is great for buyers; yet puts more downward pressure on the seller's value. It appears the market will remain soft for a few more years. It may increase a little bit; yet know that a 2-3% increase in value will be washed away because of the carrying costs associated in waiting.
I think it would be irresponsible for me to tell everyone they need to sell; yet I feel that anyone that has a slight thought of selling needs to look at the research and figure out what is best for them individually.
I am now having phone conversations with all of you who are considering selling in 2012. I want you to be informed. Informed sellers make informed decisions which allows me to help protect your current equity or eliminate unnecessary losses. I invite you to contact me if you are wanting to discuss your options.
If you would like an update of value of your property, simply call or email me. If there is anything else you need, please don't hesitate to ask. As always, I will continue to be your resource for real estate information. I look forward to our next conversation.
Harrisburg PA Real Estate Expert
Ken Huebsch: Your premier real estate agent in the Greater Harrisburg area. I am a specialist in Harrisburg real estate as well as the communities of Palmyra, Hershey, and Hummelstown. My wife Leslye and I have a combined 40+ years' experience serving our clients -We KNOW Harrisburg. When you plan to buy or sell Harrisburg area real estate, allow us to work for you. We are dedicated professionals and are here for your success.
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Cell: (717) 514-1793 Email: Ken@KensHomesales.com
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