Happy New Year! We are excited to welcome in another fantastic year in paradise. And 2015 is shaping up to be a great year for real estate.
Here are several things you can expect in the New Year:
Seller’s Market
2014 was a transition year. Throughout the beginning of the year, it waivered between being a buyer’s and seller’s market. In the last few months, the shift has been clear: it’s a seller’s market. And as 2015 comes in, it will be fairly obvious.
Increased Inventory
Sellers that have been implementing a hold strategy are going to recognize the shift in the market. Which will mean increased inventory in the market. Our prediction is that we will see a dramatic increase of listings within the first six weeks.
More Construction
As with the cycle in the market, new construction comes in waves. The end of 2014 saw an influx of developers entering the market. Just within the first three months of the year, we already have 15 new Coronado construction properties planning to hit the market.
This is a substantial increase from two years ago when we only saw 2-3. What’s unique about this round though is that properties are being locked down before construction is complete, emphasizing the point that it’s a seller’s market. Get a sneak peak here!
Aggressive Buyers
Coronado has become a competitive market. Just as sellers have been holding out, buyers have been sitting on the sidelines waiting for the right property. And once it’s listed, they need to act fast.
Buyers waited several months before a property fitting their needs hit the market. Houses saw multiple offers just hours after listing, with deals being closed shortly thereafter. There was a lot of demand competing against Coronado’s limited inventory.
Even as the inventory increases, buyers will need to adopt an aggressive strategy because the demand is still so high. Toward the end of the year, we were writing offers on properties before our clients ever saw the house. Once it hit the market, we knew it would be gone. And if it fit their needs, we submitted the offer. Many times this made the difference between home ownership and continuing the search.
Inside Scoop
Everyone wants to get a “deal” on real estate. But it’s a highly completive market. Our best advice to buyers, getting a deal in Coronado means you got a property.
Most likely you won’t be able to negotiate and you’ll pay full asking price. Our position still stands: this is the deal. And we can say that with confidence because the market has been trending up. We have helped families purchase a home, paying full price. Then four weeks later, a similar house sells for a higher price. Strike while you can.
Take advantage of Coronado’s rising home values and low interest rates now, because who knows what six months could bring. Interest rates aren’t going to stay this low forever.
Conclusion
2015 will see a lot of movement in real estate. There already is a rise in new construction. Properties on the market will increase. Buyers are proactive. Values will go up. And homes will go fast.
If you have been sitting on the fence, now is your time. If you are a seller ready to take advantage of a strong market or a buyer looking to get a competitive edge on new inventory, contact one of our agents today.
