We here at Keller Williams Preferred Realty keep a close eye on the market and watch closely trends to make sure we stay on top of the market. We personally hold daily real estate sales team meetings and our whole office holds bi-monthly meetings with all or most of our 170+ agents. Today was one of those meetings where we discussed market updates, new home community builder Meritage, financing and interest rate updates and upcoming training opportunities.
For the month of August 2011 we had a total of 16,631 homes for sale which is a decrease from last year by around 28%. Last year was an anomaly because of the tax credit hype which caused people to show up to the party – albeit a little late since the credit expired June 30, 2010. We did see a jump in inventory this time last year. The numbers this year are more in line with our typical market.
We did see a 14% increase in homes that went under contract from last year. This type of activity combined with lower inventory suggests that a seller is more likely to sell right now because demand is up and supply is down.
New Home Community by Builder
In the world we currently live it’s just the right thing to do to conserve and reuse when we can. The green movement is here and it’s time to get involved. Meritage has answered the call. Focusing on energy efficiency they have developed a home that comes in around 60 HERS compared to the average resale which is around 135 HERS. Here are a few of places where they are building:
North Creek Farms is located across from Larkridge shopping plaza on Highway 7 in Thornton, CO.
Coal Creek Village in Lafayette with close proximity to shopping and major thoroughfares.
Interest rate updates
Rates are hovering right around 4% with an FHA loan. Anytime an interest rate goes up by 1% it buys 10% less house for the same monthly payment. If you or someone you know is on the fence about getting into this market it may be time to get off that fence.
Mega agent camp in Austin, TX, is being held next Tuesday, September 20-21, 2011. The core belief for this organization is that ‘Iron sharpens iron’. This is an intensive couple of days focussed solely on finding out what the best agents are doing in their markets to really help people with their real estate needs at a high level. We at the The Strange Team average 30 days in training each year. In order to stay on top of the market and marketing trends it’s important to learn from people in different markets dealing with different situations.
What do you do to stay on top of the industry in which you work?