In real estate, a promising year ahead
Deviating from past years, 2013 promises to be a year in real estate. Expect the good news to be more prominent than the doom-and-gloom we’re all so accustomed to hearing.
Now that the fiscal cliff is behind us and we have an idea of what that will mean, we can move forward with knowledge on firm ground.
The year 2012 found the national real estate market well on its way to recovery. The number of homes sold was significantly up over the past few years, and in various places around the country, home prices were also up significantly.
The Phoenix area saw more than 25 percent price appreciation last year.
Wow… that’s huge and happened very quickly, so those “timing the market” for the bottom probably missed out.
In Albuquerque, the final 2012 numbers are not yet out. Looking at the November statistics, here were the headlines as found on the gaar.com website.
⋄ Inventory of active, detached homes for sale in
November 2012 fell 6.11 percent from the previous
⋄ Home sales of single-family detached homes rose
12.20 percent from the previous year.
⋄ This is the highest month for November Pending
home sales since 2006.
So I look forward to seeing the year end numbers for our market. In looking only at the November headlines above, we can see that the number of homes for sale is down, and sales are up. Home prices year over year are up slightly. We also know from studying the market that the number of “distressed” homes for sale is down. Short sale and foreclosure homes are not as available as they have been in the past few years.
With home inventory down, this presents an opportunity for those who would like to sell their home. The days on market numbers are generally in the healthy market range. We still encourage homeowners to prepare their homes for sale. Freshen them up, fix things, stage them, pack away the things you can to reduce clutter and then price it for the market.
Thinking of buying or selling a home? We can help you. Call or email today.
About Tracy Venturi
For additional information about the Venturi Team and its extensive list of services, please visit their user-friendly website: www.WelcomeHomeABQ.com, or call her at 505-263-2526.