Wednesday, January 17, 2018 / by Josh Cooley
What You Should Know About the Market Right Now
I’ve got something important for you to know about the real estate market. In certain price points,
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I just had a meeting with my team and reviewed some numbers. We saw something that was really important for you to know about if you’re thinking of buying or selling in the Eugene market anytime soon.
Here’s the news. When comparing the first week of this year with the first year of 2017, inventory is up over 400%! That’s a big deal. Here’s how the inventory changes break down by price point:
- For homes priced between $150,000 and $200,000, inventory is actually down by 161%.
- For homes priced between $225,000 and $225,000, inventory is down by 21%.
- For homes priced between $300,000 and $450,000, inventory is up 20%.
- For homes priced between $25,000 and $475,000, inventory is up 40%.
What does all of this mean? Well, if you’re thinking about selling in the $150,000 to $275,000 range, it’s a fantastic time to do so. If you’re listing at a price above that, be aware that things are going to be much more competitive than they were last year.
Now I want to answer a question from a viewer. Laurie asks, “I want to sell in the first half of the year, and I am not quite ready to make the move but I want the best deal. What would you advise?”
Here are a few specifics about Laurie’s situation. Her house is listed at a price of $250,000 and she’s going to be looking to buy a home in the $400,000 to $425,000. Because she is selling in a price range that has extremely low inventory and buying in a price range that has high inventory, Laurie should expect to see an extra 5% on the profits of her sale and a 5% discount on her purchase. That adds up to a $37,500 difference, which is why she should consider listing now.
Here at the Cooley Team, we spend hours a week going through numbers in each price point and each area so that when you call and tell us about your situation, we can give you advice that is backed by the numbers.
If you have any questions for me or want advice on buying or selling a home in 2018, give me a call or send me an email. I look forward to hearing from you.