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The Bridge Team

Wash Park Real Estate Market Review 2016

by

MORE TO SELL=MORE TO BUY

The increase in inventory in 2016 meant an increase in both the number of sales and prices. As I predicted this time last year, some smart sellers sold homes that they were unable or unwilling to sell at the low prices of the downturn. Inventory increased but demand still exceeded it making it another amazing year for sellers.

We also helped many long time homeowners who have gained so much value in the last few years that they have now exceeded either the $250,000 profit for a single or $500,000 for a married couple and every dollar of increase they see from here will be subject to a 28% capital gains tax.  That caused me to move in 2015 and we helped many more do the same in 2016.

What should we expect in 2017?  One thing we have already seen is an increase in interest rates.  Lenders tell me they think we could see a couple of more increases during the year.  This will surely slow the market.  We also should see more inventory.  I think the two reasons to sell that I mentioned above will continue to be a factor along with a motivation to move before rates rise higher.  As inventory opens up, some will move who have wanted to for awhile but just couldn’t find what they wanted.  They also weren’t so motivated that they were willing to endure the stress of bidding wars.  With fewer of those to worry about, moves will become easier.

Managing a bidding war for a seller or getting a buyer’s offer accepted in a multiple offer situation is something that takes knowledge and experience and a long term relationship with other Realtors. The kind of experience that The Bridge Team has can make the difference of many thousands of dollars to a buyer or seller.

If you know someone who is thinking of making a move this year, Shelley would be happy to apply her 34 years of experience to give them an honest opinion of what they can expect when buying or selling in this market. The goal of keeping her clients for life holds her to a higher standard than is commonly found in the real estate industry. Your call to Shelley at 303-331-4562 will be warmly received.

Wash Park Market Stats 2016 - Digital

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