Looking at the Howard County Association of Realtors statistics for June 2014, the big trend continues to be…HIGH INVENTORY:
- The number of houses in the $300-$399K price range is 77.6% higher than last year
- Overall, the number of houses currently on the market is 56.6% higher than last year
What does this mean?
- Buyers have more choices: you can find pretty much whatever you want on the market right now; if you’re having trouble deciding on a home, either your expectations or price range are out of whack
- Sellers have to be at a better price and their home in better condition in order to sell fast: otherwise, the home is liable to stay on the market longer before a buyer finally bites
- Home prices are likely to even out, or even drop a bit: basic economics tells us that if supply goes up (more houses on the market), and demand stays the same (same number of buyers looking), sellers of homes in similar condition will have to price competitively to get a contract
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