Happy November 2017! As is the norm, I am already planning that I am going to get all my Christmas shopping done in November this year. It never happens but someday I will actually accomplish this lifelong goal. This could be my year! By the way, I strongly recommend www.slickdeals.net for some great deals this holiday season. You can get some gift ideas for that hard to buy for person. I usually scan the front page but then go into the Hot Deal forum. Give it a whirl.
This is also the time of year that the weather cools and we all start thinking about the upcoming holidays. The speed of life slows down a bit…if we allow ourselves to enjoy it. The same slowing typically happens in real estate. Often more casual buyers decide to wait until the New Year and many sellers elect to put homes on the market in January in order to enjoy the holidays.
Ironically, this makes November and December one of the most interesting times for sellers to list a home. The reduced supply of homes on the market means less competition. Also, the remaining buyers are usually very dedicated and want to close in order to enroll children into new schools over the winter break. Values do level off from summer highs but good homes sell quickly if they stand out or offer an excellent value.
As for our market so far in 2017, we have gone up just over 5% in the local area with the average sales price moving to over $400,000. That great gain is due to short supply, improving economy, and buoyed by the increase in the FHA loan limit this year which was raised to $379,500. If you include the mandatory 3.5% down, that means FHA is good up to $393,000 for purchasing a home.
The great news is most economists are predicting another 5% appreciation in 2018 for our local area. Should you find yourself thinking about selling and want to know the value of your home or my thoughts on the long term market, just let me know. Thank you for all your referrals and continued long term business.
Stefan aka Mr. Murrieta