Today, we’re wrapping up the residential market report for Howard County for June 2016. Here are the key year-to-date points that you need to know: inventory is down 9%, contracts are up 11.5%, and the number of settlements are up 17.8%.
To summarize, demand is up, and inventory is down. This means that we’re moving towards a seller’s market. Over time, this should have an upward pressure on price. Buyers, if you’re sitting on the fence, you need to get out there and start looking while rates are low and act before prices rise.
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High demand and low inventory is moving us toward a seller’s market.
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If you’re looking to buy or sell, give us a call or send us an email. We’d be more than happy to help.
Everywhere I go in Howard County, people ask me about Zillow’s Zestimates. The Zestimate is their home valuation tool. Zillow has done a great job of driving people to their website and offering this estimation of value, but I’ve seen Zestimates off by as much as 20% online. Sometimes it’s accurate and it usually gives a good benchmark, but the reason it’s so often inaccurate is because it doesn’t take into account many factors that buyers do when determining the true value of your home. For starters, it can’t factor in location. The Zestimate can’t tell the difference between a corner lot on a busy street and a cul de sac tucked back into a neighborhood with its back to the woods.
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Zillow can’t account for home improvements.
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Zillow also can’t account for home improvements. Zillow doesn’t factor in if your house has a new kitchen, a finished basement, updated windows, a new HVAC system, or a number of other improvements. Zillow can’t walk into your house and look at the overall condition either.
Finally, another factor that’s big in this area that Zillow can’t account for with its Zestimates is school districts. At the end of the day, the online estimate is cool and a neat tool, but it can be off. You can avoid this by having a real estate professional put a valuation on your home. If you’d like a free home market analysis or have any real estate questions, please give us a call or send an email. We look forward to hearing from you.
