Oh my gosh. It's been 6 months since my last post. I'm so sorry. I get so busy doing things and totally forget that it might be a good idea to post a new blog every once in a while to keep my real estate followers up to date! I'll try to correct that in 2017, I promise!
What a wonderfully long fall we had, with nice, reasonable temperatures, to within a week of Thanksgiving but now, it's the big chill. And, that means most sellers are holding off putting their homes on the market, until the weather warms up a bit, probably in early or mid March. I had a potential client call me just today. I did a search for them of the City of Troy, looking for homes matching their search criteria and came up with one, just one in the entire City of Troy, with it's 82,000 people.
This does reflect a trend we, as Realtors, saw in 2016. Low inventories, driving prices up, resulting in multiple offers on homes. What we call a "sellers market." If you're a buyer and you find yourself in that situation, you and your Realtor have to act fast as, in many cases in 2016, homes were going pending almost as fast as they came on the market.
I had 2 listings in 2016 that sold very fast, one in Troy sold in 2 days for about $3000 over list price, with 14 showings. And another in Warren that we put on the market, then pulled off after a few days when we saw that some work had to be done inside and with the landscaping outside. Then, when we put it back on the market with a $5000 price reduction, it also sold rapidly with multiple showings.
One other important thing if you're a homeowner. The Home Affordable Refinance Program, known as HARP, has been extended to the end of September, 2017. It was originally set to expire at the end of 2016. So, if you're "upside down" or near it and you qualify, now's the time to refinance using the HARP program to save yourself some money on your monthly payments As I've mentioned here before, I used the HARP program in November, 2013 and reduced my monthly mortgage payment about $170 a month!!
Again, Happy New Year and the best to you in 2017. See you next time and hopefully, it won't be another 6 month wait!