After the market downturn began in 2007, it took several years for the industry to find its footing. Now, in 2013, we are finally seeing a definitive upward surge, bringing smiles back to the faces of many homeowners and sellers in Columbia County.
This recovery isn't accidental; it’s driven by a specific set of economic factors that are creating a more active and competitive environment. Here is a look at why the market is heating up right now:
1. Rising Housing Stats and Dropping Inventory
Across the country, new housing statistics are on the rise. At the same time, the inventory of existing homes is dropping significantly. This classic supply-and-demand shift is putting upward pressure on home values and creating a faster-paced market for everyone involved.
2. A Boost in Consumer Confidence
The "wait and see" approach of the last few years is fading. Consumer confidence is on a steady upswing as the economy stabilizes. Buyers who have remained on the sidelines are now recognizing a critical window of opportunity: buy now, or pay more later.
3. Historic Mortgage Rates
One of the biggest drivers of this 2013 surge is the affordability of financing. Most economists are predicting that mortgage rates will remain below 4% for the remainder of this year for qualified buyers. These near-record lows are allowing buyers to get more home for their money, even as prices begin to climb.
4. The Return of Multiple Offers
Despite the market's hurdles over the last few years, prices remain attractive. As a result, we are seeing reports of multiple offers becoming more and more common. This competition is a clear signal that the housing market has moved out of recovery mode and into a growth phase.
A Note for Sellers: Pricing Still Matters
While the market is improving, sellers must remain cautious. Even in a surge, buyers are savvy. Homes must still be competitively priced to attract serious, qualified offers. Understanding the specific trends in your local neighborhood remains the most important factor for a successful sale.
The Bottom Line The 2013 market represents a unique moment of opportunity. Being prepared and understanding local market data is always the best approach, whether you are planning to buy your first home or list a long-time residence.
Thinking of making a move in this market? Contact us today to see how these trends affect your home's value!
