As noted above, contract activity below $750,000 has dropped, and inventory for properties selling below $500,000 has increased - so supply has increased.
It is another indication of the impact of the stimulus - those price ranges that attracted tax credit-seeking purchasers did exceptionally well in the early spring market and are having a tougher time now.
An example: homes priced between $500K and $750K had a 1.7 months' supply at the end of April, and that has climbed to 2.6 months now.
All-in-all though, 2.6 months isn't bad at all. The market's OK, and it will get better.
If you have plans to buy or sell, now is the perfect time to start preparing for the busy Spring Market. Call me today for up-to-date information on our ever-changing market! I look forward to helping you with your next transaction.
Are you ready for Summer? Get your home ready for barbecues, play time and good fun in the great outdoors. June is a great time to tackle projects because you can enjoy the results all summer. Here's a short to-do list. You can also check out the Washington Post's to do list by clicking here.
Check deck or patio for possible deterioration and safety hazards such as loose boards and protruding nails.
Check electrical outlets for potential fire hazards such as frayed wires or loose fitting plugs. Be sure not to overload electrical outlets, fuse boxes, extension cords or any other power service.
Before you plug in that electric weed-cutter or the rotisserie on your barbecue, take a few minutes to test the ground-fault circuit interrupters (GFCIs) on your outdoor electrical outlets, as well as those in the basement, garage, bathrooms and kitchen.
Check all windows and door locks to ensure correct functioning. Make sure all locks are secure and there are no holes in any of the screens.
Inspect recreational equipment for proper operation and possible dangers (e.g., are swingsets secure with no rusty bolts?).
Clean and/or replace furnace filter.
Excessive lint in a dryer exhaust duct can create a fire hazard. Clean the clothes dryer exhaust duct and space under the dryer. Remove all lint, dust and pieces of material. It's amazing how much lint can build up inside your dryer exhaust. If possible, periodically disassemble the exhaust and thoroughly clean the inside. Replace if it's beyond cleaning.
Inspect washing machine hoses periodically and replace hoses that show signs of leaking. If heading out on vacation, consider turning the water supply off on your washing machine before leaving home.
Have roof inspected by a professional once every few years to identify potential leaks. Also, check your attic during daylight hours to inspect for (sunlight) leaking in around roof pipe collars. If you see sunlight, you have a leak. Get it repaired immediately.
