Mortgage rates plunged in December, and we saw a noticeable uptick in buyer activity at that time. But so far lower rates haven't translated into more sales. The 138 Dane County home and condo sales in January fell by 36% from the 215 sales in January of 2008.
Here's how last January compared to the previous 5 Januarys:
Amazingly, home and condo sales this last January were down 60% from the peak January in 2006 - and down 58% from January of 2007.
What are we seeing in the market right now? We actually are seeing a lot of buyer activity. We're working with a large number of buyers right now. We're scheduling a number of showings as well as second and third showings. But many buyers are very deliberate with their approach. They're taking their time and evaluating a large number of properties before they come to their decision. And why not? Buyers have leverage, especially during the winter months.
If you plan to buy, keep in mind the spring and summer markets are very different from the fall and winter markets. Soon you will be competing with many more buyers who are evaluating the same properties as you. A well-priced home can sell quickly at any time - especially in the spring and summer months.
If you need to sell, now is the time to price your home right and get your home sold. Mortgage rates are low, and we're entering the Spring season when more buyers will be out in the market than at any other time of the year. Given the realities of the economy, chances are your home is worth more right now than it will be at the same time next year. Your window of opportunity to get your home sold at a fair market price is right in front of you.
For more on the month of January, you can check out our preliminary report at DaneCountyMarket.com.
Have a good weekend,
Dan Miller, Keller Williams Realty and DaneCountyMarket.com
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