We have found over the years that the best way to handle an interesting market is to understand it and educate ourselves on the trends and nuances of any changes it might be going through. Before I became an expert, I used to just cross my fingers. That was not a very good strategy.
So, we are seeing pending sales on the rise in our area. This is a good sign. More buyers are back in the market and the move up buyer is back as well. Inventory has come down but is trending up slightly because of the busy summer season. We are trending toward a more balanced market but it is still a buyers’ market with some great values out there. Economists are estimating around 1-3% appreciation this year in our values. This is a very moderate appreciation rate. Our average price of properties that are selling have gone up nicely though. This is just because bigger homes are now selling. Mortgage rate analysts are predicting around 4% by the end of the year which makes now the perfect time to buy. Last but not least, rents are increasing in our area after a decline in the toughest part of our real estate downturn.