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Lately, there’s been some inaccurate news stories out about real estate. Contrary to popular belief, I expect a hot market in the Tri-County area this year!
You may have heard about a drop in existing home sales from December. Many pundits haven’t addressed the cause of this. However, experts like me understand why this happened. The new TRID legislation went into effect on October 1st, and this new paperwork delayed closings. TRID requires three to five business days after closing to secure a deal. Interestingly enough, most business deals occur on Friday, just before the weekend break. There you have it -- that’s the single, most underreported detail!
Additionally, new home sales actually annualized in thousands. The reality is our market is incredibly strong. TRID won’t bog us down! The number of increasing home sales in the luxury market prove it.
Foot traffic has also increased. This means more people are walking into and touring homes. Prospective buyers are actively searching for their dream home! They’re looking to take advantage of low interest rates while they’re available. This high demand makes it a great time for sellers to list.
If I haven’t made my point just yet, look at the median years of homeowner tenure before moving. That number has gone down from ten to nine in the last year alone. Plus, consider homeownership as investment. According to the 2-15 Return on Investment graph, real estate earns the best return compared to any other investment market, including NASDAQ and Dow Jones.
If you’re interested in buying or selling a home in the Tri-County, now is the time to act! Give me a call or send me an email today.