Table tops show their tilt if you put a round object on them and things roll off in the same direction every time. Maybe one of the legs is short? Mesas look oh so level and flat from a distance and then up close you can see small rises and low points that make you wonder how your eyes deceived you earlier. But compared to any landscape in New Mexico, the mesas are pretty flat, you know?
Same description of our market behavior recently. The year is very nearly identical to last year and little time remains to expect large changes. In a good news bad news viewing, the upper end has seen an increase in units sold. And the middle price range I report on also has improved while seeing a drop in inventory. The general range of $500K to $1 million might offer a below average selection of inventory right now. At least it is not as bad as the selection under $500K and even under $300K where quality and volume of inventory is very limited.
This year has been a disappointment for many sellers. A recent tour of homes for sale with a buyer couple revealed some quality inventory that I was surprised to see still available; maybe because the number of buyers did not increase this year. There are some homes for sale now that should have sold 2-3 months ago. But apparently they did not sell as of yet due to the lack of growth in buyer traffic. Buyers can still locate what seem to be good deals in all price ranges if they are diligent and proactive. The lower the price the more competitive it might be so a buyer of a home below $500K is wise to have the ability to move quickly on an offer and have loan applications already processed. Sellers will sell to a buyer that needs a mortgage but they will want that buyer to be ready with their pre-qualification letter.
2016 was a year of many surprises, even with a flat market. And I am not going to start a conversation about the national election because I would certainly find someone who did not agree with me. The consensus seems to be: let us stay focused on real estate in this blog. If your take on our market is different from mine, you have the right to have a different opinion and I will defend your right to have a different conclusion about results than I might have. If you tell me I am wrong, I might not vote for you next time because I am a sensitive new-age guy after all.
Bless all of us as we approach the holiday season and remember there are many people less fortunate than the rest of us. Cold weather is difficult to bear without adequate shelter and nourishment. Be kind and be truthful and be thinking of ways to spend money on real estate soon or you might find a lump of coal in your stocking.