A Balanced Market
Now that we are through the first two months of the year, we can take a quick temperature check on the state of the Talega Market. The last 6 months of 2018 turned out to be one of our slowest 3rd and 4th quarters in the last 10 years. Sales seemed to come to a grinding halt and pricing was very soft. Once we moved into January, we saw the interest rates dropping and the stock market stabilizing. After seeing the previous 6 months of real estate activity, sellers became very realistic on the pricing strategies. All three of these factors combined lit the fire back under the Talega Market.
Talega started out with 15 sales in January 2019, which is 3 more than last year. February is projected to hit over 22 sales for the month, which is up from last year as well. This higher volume is very encouraging and the main cause for it, in my opinion, is the pricing of homes. We are in a balanced market right now, meaning neither seller or buyer has the upper hand. If homes are priced fairly, buyers see the value and are making a purchase. The overpriced homes will just sit, where in past Spring markets overpriced homes eventually sold.
A rising tide will eventually float all boats in the harbor, but in this case the tide is flat and stable. We are not falling off a cliff and we are not setting price records. It’s just business as usual as there will always be a consistent pool of buyers and sellers in any market that need to make a move. It’s has been a while since I have seen a balanced market, and I believe this will be our market for 2019.
To learn more about the current Talega real estate market, check out the GREEN sheet!
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