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lotsahouses

In the video below, the economist reiterates that the inventory is so low that there aren’t any houses to buy – that the ‘shelves are bare’.

It is the view of the casual bystander.

This is the new normal – a market for serious participants only.

Buyers have to be grinding day in and day out, and be willing to kiss a few frogs before finding the right house.  Sellers have to be sharp on price, and smartly tune up the house prior to listing in order to make a good first impression.

The confluence of those two groups make for a very active marketplace.  We’ve already closed more NSDCC sales this year than last year, and the 2015 total will easily end up well over 3,000 sales:

Year
# of NSDCC Detached-Home Sales
Avg. Days on Market
2011
2,562
85
2012
3,154
80
2013
3,218
50
2014
2,849
51
2015
2,934
49

Why does it appear that there is no inventory?  Because sales are happening at a rapid pace – 38% of the NSDCC houses sold this year found a buyer in the first two weeks.

An example: A new listing hit the market at the end of last week, and our ready, willing, and able buyer with a 20% down payment made an offer. By Monday the listing agent had received four offers – two were all-cash, and one of those was over list price!

During the week of Christmas!!

The potential buyers who only check in occasionally will miss the hot buys – they don’t have their chops up enough to recognize them, and instead just see the over-priced turkeys that have been picked over by everyone else.  Casual seller-candidates will see the same, and think adding the extra 10% is a good idea – just in case.

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