A Look Back at the 2017 Market and a Glimpse Ahead to 2018

Sales figures are in for the Triangle MLS, and there are some really good numbers to report, both for the month of December and the entirety of 2017. Additionally, we’re going to take a look at some predictions for the 2018 market.

In December of 2017, inventory levels were down 5% again versus 2016. A whopping 18% of the listings that sold in December were above list price. Fifty-three percent of resale homes went pending or actually closed. That is a really big number.

When we look at 2017 as a whole, it was a banner year. There were six records that were broken during the year, giving us a real sense of what was going on in the marketplace:

There were 896,000 annual showings.
Annual pending sales were nearly 40,000.
There were 39,436 closes in 2017.
The average price for home sales was $287,800.
The median price was $250,00.
The average days on market was an astoundingly low 35 days.

As far as our predictions for this year, the Triangle-area forecast is very strong. Since our employment forecast is also strong, that should indicate a robust real estate sales market for the coming year. 

When we look at 2017 as a whole, it was a banner year.

It appears as though resale listings are going to continue to be low, and new construction inventories are way up.

One thing that people have on their minds is the new tax reform bill. As far as I can tell, it doesn’t look as though things will be affected too much. The National Association of Realtors predicted that pricing would be affected in a downward fashion due to the tax bill, but I’m not seeing it yet; we’ll just have to see what happens.

If you have any questions about what happened in the 2017 market or the outlook on 2018, feel free to reach out to us.

5 Ways to Make Your 2018 Move as Smooth as Possible

If you are thinking about buying a house in the 2018 spring market, there are a number of things you can do to put yourself in a strong position when getting ready to make your move.

Here are a few pointers on how to get ahead of things if you plan on making a move in the coming year:

1. Check your credit score. Most people think that they’re in good shape, but the fact is that there are some derogatories that can find their way onto your report. Those problems can take time to clean up, so make sure that you look at that ahead of time.

2. Start looking at homes and neighborhoods. Consider things that the home will deliver for you. If you have a growing family, you may need more space. If you are downsizing, you may need a master bedroom on the main level. Start looking around and make a preliminary checklist.

3. Keep tabs on interest rates. Shop for a lender, too. You need to get pre-approved, and it’s better to do that sooner rather than later.

4. If you own your home, you need to put a plan together to get maximum value from your home sale. This includes things like staging, repairs, or making some upgrades to make your home more attractive to potential buyers. Get an idea of what you can net from the sale and put that into the financing for your next home. 

Get approved sooner rather than later.

Do you want to get the equity out of your current home first and move into temporary housing while you shop for your next home? Or do you want to go for a same-day closing on both properties? Each of these strategies has its own set of advantages and disadvantages, so let me know if you have any questions.

5. Interview potential real estate brokers. Find one who can provide the best service and help you find a home or get the maximum value for your current home.

As always, if you have any questions, just give me a call or send me an email. I would be happy to help you.

Have You Set Any Goals for the New Year?

Goals—now that we’re in the new year, what are your goals? Do you have them written down? Are you reviewing them on a regular basis? If not, here are some things that you may want to consider that may help you set, stick to, and achieve your goals.

Most anything you read about goal-setting states that if you write your goals down, you’re 80% more likely to achieve them. For years, I had goals that I kept in my head but never wrote down. I don’t think I was nearly as effective in achieving them.

Some authors on goal-setting even suggest that it’s a good idea to review your goals daily, first thing in the morning when you wake up and as the last thing you do before you go to bed at night. That may seem excessive for some, but the whole point to that conversation is to make sure that once you get your goals written down, you don’t let 12 months pass before you review them again. You should choose whatever is going to be a good process for you to be checking on your own goals.

I’d like to share a tool I use which I’ve found helpful in terms of setting a goal, as well as placing underpinnings beneath that goal that will help you review your progress and overall process. 

If you write your goals down, you’re 80% more likely to achieve them.

Suppose my goal is to lose 10 pounds. This time of year, it’s always especially difficult with the number of holiday dinners that we’re exposed to. To help with that goal, I’ve drafted a “1-3-5” form. To make one for yourself, you should:

  • Write one goal at the top of the form.
  • Devise three strategies that will help you achieve those goals. Write them laterally beneath your goal.
  • For each strategy, come up with five different tactics that you can measure and develop to meet your goal. Write those in the columns beneath each strategy.

For losing 10 pounds, my three strategies are to generally improve my diet, lift weights and work out three days a week, and to do cardio exercises two days of the week. To illustrate the purpose of the 1-3-5 form, I’ve created five tactics for eating better:

  1. Taking a protein shake once a day.
  2. Cutting soda from my diet.
  3. Cutting fast food from my diet.
  4. No dessert.
  5. Stop eating past 6 p.m.
With this, I’m able to develop not only a goal, but put some underpinnings on it as well. I can check this form on a daily basis to hold myself accountable for achieving my goal. 

If you have any questions about goal-setting, please reach out to me. I’d love to hear some of your goals and strategies for achieving them.