First Quarter Sales show a marked upswing in Terravita home values

Terravita Housing Market

2013 is off to a great start in Terravita.  As recently as 6 months ago, the median days on market for active listings in Terravita, was 129, whereas today the median days on market is 62.  Median list price has risen from $524,000 to current $540,000, during the same 6 month period.  Median price statistics represents the midline where 50% of the properties are above that price and 50% are below.  With the current inventory of 20 Terravita homes on the market, the absorption rate is 3.5 months.  What does that mean?  If no new listings come on the market it would take 3.5 months to absorb (sell) the 20 homes.  If this trend continues, it is quite likely 100+ Terravita homes will sell this year.  As our market continues to improve, a balanced market of 10 % turnover appears within reach in the next 18-24 months.  All of these indicators demonstrate increased home values.

With prices in Terravita steadily rising, all signs indicate that the bottom of the market is behind us.  And yet, between the low inventory of active listings, and  new loan interest rates remaining at record low rates, the buying energy continues to build.  With many Terravita residents wanting to move up or scale down within Terravita, there is more of a sense of urgency to secure replacement homes, to enable the Seller to take advantage of the current selling season.  If inventory continues to stay thin and buyer inventory remains stable, there is great likelihood that strong sales will occur during the “low season” of summer and fall.

You might question whether it makes sense, given the demographics of the current market, to put your home on the market to sell before you have found and secured the home you want to buy?  There may be a benefit to sell while attempting to find the right home to buy, though that strategy does come with some risk.  If you actively look while you are preparing to sell, you have a better chance of understanding the market and being prepared to make an offer when the right property comes along.  With many of the Terravita buyers from out of state, second home or investment buyers paying cash, there is an increased opportunity to sell with a condition to lease back for a short term time period allowing you to identify, secure and move into the replacement property.  The current market condition atmosphere makes it increasingly more difficult to buy a home contingent on the sale of another unless all contingencies have been satisfied on the house you are selling.

Be as flexible as possible to achieve your goals.
1. Don’t delay another moment; Get your home show ready.
2.  Identify potential interim housing as a backup, which could mean putting your household goods in storage and renting a furnished home in the interim (Off season rates start in May). 3. Get all potential moving and storage cost estimates now, leaving little to guess.
4. When marketing your home, indicate “Seller is interested in a delayed closing or short term lease back.”

Why call Gayle?
With $4,394,000 in closed sales the first quarter of 2013 and listings averaging 35 days on market,  she is your smart choice when selling your home in Terravita.

For more details, call me today:602-850-4335.
I am only a phone call away or just around the corner; your Terravita neighbor.