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2013 = Wait-And-Seers?
Posted By Jim the Realtor On December 4, 2012 @ 7:06 am In Forecasts,Sales and Price Check | No Comments
The ultra-low mortgage rates have certainly contributed to our late-season run, which really kicked off at the end of summer. Here are the NSDCC detached-home monthly sales counts:
But another contributing factor could be the buyers who were waiting for better deals through spring/summer, and who got impatient and added extra mustard to make a deal. Though the November average of $414/sf was a spike from recent months, it still looks range-bound vs. recent history – and it usually gets a little loose in the fourth quarter anyway.
Here is the monthly average cost-per-square-foot:
Here’s a hunch: Sellers are going to come out in force for the spring selling season, and lay an egg. They aren’t going to resist the urge to tack on the extra 10% to their list prices, and give buyers ample reason to be patient.
Look for the Big Standoff in 1Q13.
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