Spring has sprung, and apparently those little buds were already hiding way back in February. Let's take a look back at the month that was to see what the home sales report numbers from the Knoxville Area Association of Realtors (pen name: KAAR) have in store for us. Come on!
- Inventory - It's low. Really low. Like 10 year historic low.
- Sales - They're high. Really high. Like 8 year historic high.
- Rates - They're low. Relatively low. Like still better than renting low.
- Prices: Still correcting, but mostly for the better. Some ranges like 4+ BR saw huge improvement. Like really huge.
- Multiple Offer Situations: Sellers love them!
- Listings - I'm for seriously, you guys. We need more inventory.
- Rentals - Again, it's slim pickins'.
- Multiple Offer Situations: Buyers hate them.
- February continues to show 2016 as a strong sales year, and possibly more of a pricing correction year.
- Inventory is low and that means we're coming into a seller's market for Spring. Buyer expectations of lowballing like gangstas may need to be more than slightly reset, especially with good homes receiving multiple offers.
- The only thing tougher than finding a home to buy right now is finding a home to rent.
- If this is just February, I can't imagine what April, May, and June have in store for us. Hold on to your hats (and your checkbooks)!
All information provided by KAAR (Knoxville Area Association of Realtors). My opnions are just that: opinions. I'm not really an expert in anything, but I do like to write about real estate.