Wednesday June 19, 2013
Did you lose some great clients in the past few years due to uncertainty in the market? Looking to revitalize your sales this year? If so, we have some great news to share with you.
Luckily our 2013 Market Predictions have been right so far! With steady job gains and low mortgage rates, the good news keeps coming. Based on statistics released last week from CoreLogic and reported in this Richmond Times Dispatch article, U.S. home prices jumped significantly by 12.1% in April; the highest increases we have seen in 7 years. The increases are not just being reported in large metropolitan areas nationally, but locally in Richmond as well.
WHY IS THIS SIGNIFICANT?
Rising home prices can help sustain a housing recovery that our nation is dying for. They encourage more homeowners to sell while initiate possible homeowners to buy before prices increase further.
MATTER OF FACT: THE RICHMOND REAL ESTATE MARKET IS ON THE UPSWING.
Home prices, including distressed sales, increased 6.9% in April from the same month a year ago, CoreLogic said. Level of interest and competition is picking up, prices are increasing and inventory is lower (14% less than last year).
All of these factors should give you strong evidence to re-engage those potential buyers who were once looking for their dream home but abandoned their plan to rent for another year, or re-sign that ideal listing that was taken off the market prematurely.
At Colonial Home Crafters we have seen inquiries as well as sales increase too, matching the trends that have been predicted. The limited supply of homes has made builders more willing to ramp up construction. Applications for building permits rose in April to the highest level in nearly five years. We have new spec homes being built as I type and I’m so excited to share these amazing properties with you!
WHAT DOES THIS MATTER TO YOU AS A REALTOR?
Take this as an OPPORTUNITY to re-engage those clients that may have taken their house off the market or decided to continue to rent for another year instead of buy their dream home. You now have ammunition to help rebuild their confidence in the market.
We hope you find the good news as exciting as we do. We may not be where we were in 2006, however we have come a long way. Let’s keep it up and do our part, by building, engaging, encouraging and selling all the way through this year!