State of the Market, First Quarter 2014


Gregg Mitchell, respected Omaha appraiser and real estate consultant addressed a select group of highly motivated Realtors a week ago.  His talk covered the first quarter of 2014 in the residential market.  While sales are strong, they do not meet the numbers of the same quarter last year. 


Spring of 2013 was fueled by historically low interest rates and 3 years of pent up buying demand.  The sales peaked in summer of 2013.  Overall sales (in units) were down 10%.  So what caused the dip? 


 


In the fall of last year, interest rates rose by 1%.  School started.  The government shut down.  The Affordable Care Act rolled out.  All of this contributed to lower consumer confidence in the housing market.  There was extremely limited inventory. 



This spring, if we can call it one, has been fraught with cold weather and still historically low inventory.  With inventory down, there are fewer sales to report. 

So what does this mean?  With fewer units available, prices are rising.  In a 2-year trend analysis, the overall market is experiencing prices up 5.3%.  Pricing is up 5.8% in West Omaha and up 8.5% in Sarpy. 

With stable mortgage rates, solid lending qualifications, and weather moderating, this is a great time to think about getting your home ready to go on the market.  Buyers are still picky; we can thank the market crash and television networks for that.  However, priced, staged, and marketed properly, multiple offers are not out of the question. 

Where do we see ourselves by the end of the year?  Very close to the banner year of last year. 

"But where will I go if I sell?"

This is a great question!  There are numerous options to get your home sold and still secure a final destination.  Call Charlie today to discuss the options.