This is a GREAT time in the market for everyone (Buyers & Sellers), I’ll explain…
I look at it like the “Playoff’s”, I’ve heard many experienced investors, developers, and builders I that value and respect use terms such as creating TIE BREAKERS or DIFFERENTIATORS that separate your product. Now is the time in the market where these are MORE IMPORTANT THAT EVER.
Here are a few key things to keep in mind when running a project;
1. Know your surroundings, understanding the product around you that is available to buyers will guide you and allow you to determine what specifically those tie breakers need to be in order to win over the buyer and move your inventory.
2. Set up a filter, things can change overnight and setting up a filter for your surroundings will allow you to monitor all activity around you without having to manually check things on a regular basis. Use Trulia, Refin, or another MLS based search engine that you prefer to set up your immediate criteria.
3. Time, running an efficient and productive project is absolutely key! The longer you drag your feet or delay things the more risk you are taking on. In a market where things are volatile and sales are soft you have to move but not to sacrifice quality.
Weather your a BUYER or SELLER its a win in the market. Your either getting the best product on the market as a buyer or as a seller you’ve eliminated the rookies (Playtime is over).
Trulia – Some of the fastest-moving markets have slowed down since last year. While the share of homes for sale that are still on the market two months later in 2014 fell in the fastest-moving markets in 2013 (i.e., those markets sped up), it increased in Los Angeles, Orange County, and Sacramento (i.e., those markets slowed down). The share also increased considerably in Ventura County (from 38% to 48%) and Phoenix (48% to 55%) and moderately in Riverside–San Bernardino (from 49% to 53%). This means that many of the formerly hard-hit markets that led the housing recovery with price gains, investor buying, and bidding wars are now cooling off.
At the same time, markets elsewhere in the country are speeding up. Although the New York metro area isn’t one of the fastest-moving markets, the share of homes for sale that were still on the market two months later dropped from 65% in April 2013 to 54% in April 2014. Edison–New Brunswick, NJ, and West Palm Beach are speeding up at a similar pace to New York, even though homes in these markets aren’t moving quickly enough to land those markets on the top 10 fastest-moving markets list.
In contrast, the slowest-moving markets are in the South (e.g. Richmond, Knoxville) and the Northeast (e.g. Hartford, Albany, New Haven). All but one of the 10 slowest-moving markets had year-over-year price increases below the national average of 10%.
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