Loudoun County Spring Real Estate Market Is In Full Effect

The Loudoun County “spring real estate market” is in full effect. The number of available homes for sale is on the rise. And the number of homes going under contract is on the rise as well. If you are waiting for the “spring market” to get here, you’d better jump in now because it’s about halfway over.

That’s right…about halfway over. I’ve been saying it for years (because it’s true) – the “spring market” starts in January. The number of homes that go under contract starts to rise sharply in January and continues through the end of May/early June. In plain English…lots of home buyers get super serious and start writing offers on homes in January and continue doing so through about the end of May/early June. Then the hot, humid, vacation and kids-back-in-school months of July, August and September roll around and the market fizzles out a bit.

To put it in visual terms, here is a graph showing the number of new, ratified contracts on homes for sale in Loudoun County…

And here is a graph showing the number of new listings coming on the market…

There are pros and cons to this time of year. If you’re a buyer, you have more choices. But you also have more competition when submitting offers. As a seller, you have more buyers looking at your property. But you also have more competition from your neighbors who are also getting looked at by the same buyers that looked at your house.

P.S. The same holds true for the rest of Northern Virginia. And this is not just a “2012 thing” – this trend repeats itself year after year in this area.

If you have questions about a specific town, community or subdivision, let me know. I’d be glad to send you a hyper-local report for the area you’re in or thinking about buying in.

 

Curb Appeal – Setting the Tone, Attracting Home Buyers

Two important pieces of the marketing puzzle are web appeal and curb appeal. Getting both right is key to selling your home for top dollar in today’s market. I discussed web appeal in an earlier post entitled, “Web Appeal – Your Home’s First Impression to Buyers” (click on title to read). Today, we’re going to look at curb appeal.

Curb appeal sets the tone and attracts (or deters) home buyers. It makes your home stand out from the competition – hopefully in a good way. If done properly, it informs and attracts those just driving by as well as buyers/agents pulling up in their car to see the property in person. If done incorrectly, it will deter potential buyers and make your competition (aka similar homes for sale in the area) appear better and more appealing than yours which usually leads to the buyer placing an offer on your neighbor’s home rather than yours.

How do you go about getting an A+ grade on your home’s curb appeal? The same way you would go about getting your ready to sell. Give it a full detail. You won’t get top dollar of your car is dirty and doesn’t look well maintained. The same goes for your home.

Here’s a partial list of what should be done…

• power wash the exterior
• replace any damaged siding, bricks, wood, etc.
• give your home a landscaping facelift (mulch, shrubs, flowers, trees, grass, etc)
• fresh coat of paint if applicable
• bay and other window frames, shutter touch-up
• power wash (and possibly re-seal/stain) the deck

There’s more, but this gives you an idea of what I’m talking about.

One part of curb appeal which few agents/brokers talk about is the yard sign in the front yard. Why don’t they talk about it? Because the typical agent/broker yard sign does absolutely nothing to increase the curb appeal. In some cases, it detracts from the home’s curb appeal.

The typical agent/broker yard sign gives buyers only the following information…

• brokerage name and phone number
• agent name and phone number

The irony of it is that we, as agents and brokers are hired by you to market your home in the most effective manner possible in order to attract a ready, willing and able buyer with an offer acceptable to your terms. The bad news is that the typical yard sign gives no information about the property whatsoever which does nothing to attract a buyer which, in turn, does nothing to help sell your home.

The good news is that you don’t have to settle for the norm nor anything less than top of the line. Here’s why…

 

 

This is one example of a custom yard sign I made for a recent listing of mine. Here’s what this sign includes that others do not…

• price
• photos of the interior
• number of bedrooms and bathrooms
• description of other key interior features
• custom property web site URL

Why is this stuff on the sign? Because this is the type of information that buyers want and they want it right then and there. And as the saying goes, “If you got it, flaunt it” – inform potential buyers driving/walking by about your home, what it’s best features are and make them say, “I want to see this house!” This is key, because getting a buyer to want to see your home in person is the first step in getting an offer in your hands.

In the case of this particular listing, while the sitting at the settlement table, the buyer said, “We pulled up to the house and said, ‘Wow, that’s an awesome sign!’” That’s the kind of stuff that will make a buyer remember your home over others (i.e. “the home with the awesome sign”) which plays a part in getting your home sold for top dollar.

The bottom line is this… If you want to sell your home for top dollar in today’s market, you must have excellent and “stand out from the rest” web appeal and curb appeal. If you don’t your home will sit on the market while those around you sell or you lower the price. If your home’s web appeal and curb appeal is better than the rest, your yard sign will look like this,

 

 

Local New Home Sales Trump Rest of Nation

There’s the national new homes sales market. Then there’s the local new homes sales market. And they’re quite different from each other. The Washington, DC metro/Northern Virginia new homes sales market is ahead of the curve and doing much better than the rest of the nation.

There have been many articles and media coverage of how new home sales have slowed down. In some areas, new home sales have “plummeted” and “almost completely dried up”. Builder Magazine just ran an article, “New Home Sales Decline, Prompting Predictions of Worst Year on Record”, which paints a very gloomy picture of the new home market.

But that’s the national market. What about the local market here in the Washington, DC metro/Northern Virginia area?

Builders with developments/communities in this area saw the worst of the local new home sales market 3 to 5 years ago. Things started slowly turning around about 3 years ago. Then, as of about 18 months ago, someone lit a match under the new home sales market and the market took off.

For example, in speaking with several folks who are in the construction business, both builder employees and subcontractors, work finally began flowing about anywhere from 12 to 18 months ago. Rather than looking for side jobs to make ends meet, they’re working full time building homes across the DC metro/Northern VA area.

Another example is builder sales centers. Instead of a lot of green dots signalling open lots and sales reps throwing incentives at buyers as if they were confetti, there are red dots all over the site maps and incentives are few and far between.

And the attitude of builder sales reps is quite different… A look of despair was hard to hide a few years ago while smiles and positive attitudes are the norm nowadays.

The most impressive example is the actual number of new homes being sold and the success of communities and developments throughout the area. At the top of the list is Brambleton (Ashburn, Loudoun County, VA)…

In 2010, Brambleton set a record for the most new homes sold in its’ 10 year history. On top of that…Brambleton has sold more homes January through July 2011 than it did January through July 2010.

The thing that makes that statistic even more impressive is that Brambleton is made up of not just one builder, but 7 builders. And they all build different products and appeal to different home buyer personalities, incomes and demographics.

Why is this information important to consumers? Here are a just a few of the reasons…

1. If you are only reading national headlines, you may get a rude awakening when you walk into a new home sales center and try to negotiate 10% off the base price, get another $50K in incentives and put down a deposit on that awesome lot that was available last week.
2. You may not have believed your Buyer’s Agent when they told you something similar last week or even 18 months ago, but here’s the thing…they were telling you the truth.
3. If you’re a seller, you need to realize that you don’t have just your neighbors’ homes to compete with. You also have nearby home builders to compete with. Buyers are not just looking at existing homes – they’re also looking very closely at what home builders have to offer. And what they have to offer is often very enticing.
4. Builders know that they have the market on their side so you have to be even more careful when working and negotiating with a builder. You should have a Buyer’s Agent well versed in new construction on your side. Remember, a real estate agent’s/broker’s commission is a already written into the sales price. And no, you don’t get that commission refunded to you if you don’t have an agent/broker. So why would you not hire an agent/broker, pay the commission anyway and pad the builder’s pockets with even more profits?

If you have specific questions about the local new homes sales market, new home communities, builders or the new home purchase process in general, email or call me any time.

 

State of the Loudoun County Housing Market

Wondering what the current state of the Loudoun County housing market is and where it’s trending? Here’s a detailed breakdown…

Loudoun County Home Buyer Activity Up

As you can see in the graph below, the average number of homes that go under contract each month in Loudoun County has been around 400 for the last half of 2010. But, starting January 2011, the number of homes going under contract increased dramatically and has been averaging just below 600 per month for the past 4 months. This means that buyers are out in greater force and actively buying properties – almost 50 percent more this year than they were the last half of 2010.

Loudoun County Housing Inventory Up…Down…Up

The number of active listings (homes for sale) in Loudoun County makes me think of the Grizzly in King’s Dominion. After hitting 1742 in September 2010, the number of active listings dropped quickly to a mere 1200-something in December, January and February (that’s a ridiculously low amount). But then it climbed quickly and is back up to 1696 as of June 2011. The increase is a trend that points away from a seller’s market, but don’t be fooled…1700 is still considered low when it comes to the total number of homes for sale in all of Loudoun County.

Loudoun County Median Sales Price Up

While the median home price in Loudoun County took another dip in the last half of 2010, it’s been on the rise in 2011. After going down in the last half of 2010 and hitting a low of $317,500 in January 2011, the median sales price hit $410,000 in June 2011. That’s almost a $100K/32% increase!

Loudoun County Average Days On Market Down

After hitting an average of only 49 days, the average days on market in Loudoun County went up to 86 (which is still not too shabby) in February 2011. Since then, the average days on market has dropped back down to 60. That’s only 2 months and is an important technical indicator that points to a seller’s market (though we need to keep an eye on the increase in active listings which may soon start to put upward pressure on the average days on market).

These statistics reinforce what my clients, myself and other active agents have been seeing on the ground…

• More buyers and investors are out buying a home or investment property this year than last year
• The extremely low interest rates have made a positive impact on the market
• Inventory is down so finding the right home for a buyer takes longer now than it did last year (patience is a virtue)
• Sellers that price, market and present their homes correctly are getting offers sooner than they would have last year
• Sellers have more negotiating power this year than last year (while buyers have less)
• Prices are higher today than they were last year (supply vs demand)

If you’re thinking about buying or selling a home in Loudoun County or would like to know what the market is like in your specific community, click here to contact me – I would happy to provide you with a free hyper-local market analysis and CMA.

River Creek Real Estate Market Update – Single Family Homes

Here’s the latest on the single family home real estate market in River Creek (Loudoun County)…

Overview

The overall single family home real estate market in River Creek is balanced – neither a seller’s nor buyer’s market. Buyer activity is up (though it’s not a buyer’s market by any means) and homes are selling in a timely manner if they are priced, marketed and presented correctly.

If you are a River Creek buyer, you will see everything from overpriced to underpriced single family homes on the market. Have your Buyer’s Agent give you the comps on any properties you’re interested in so you know how the asking price compares to current market value. If a property is at or below market value, don’t expect to “steal” the property from under the seller. If the property is underpriced by a significant amount, expect to battle it out with other buyers’ offers (yes, even in the $1M+ price point).

If you are a River Creek seller, you don’t have an overabundance of competition, but you still have competition. If you price, market and present your property correctly, you will have buyers come through and an offer in your hands in a timely manner. If you are selling your house “short” and under price it to get an offer quickly, you may very well see multiple offers on the property.

Numbers/Statistics

The number of single family homes listed for sale 2011 YTD is up 7.5% from this time last year. Not so good for sellers, but good for buyers because they have more choices. But, in the end, this stat is washed out because…

The number of single family homes sold 2011 YTD is up 28% from this time last year. This increase is much higher than the increase in homes listed which is why it washes out the previous stat. This is great news for sellers because there is more demand and helps with market values. For buyers, it means that there are more buyers actively buying properties in River Creek and you may have to face some of them in competition for the same property.

The average number of single family homes that sell each month 2011 YTD is 3.13. This is a 28% increase over this time last year (2.26 per month average). More activity in the River Creek single family home market is good news for sellers and home owners. For buyers…see the paragraph above.

The current number of active single family homes in River Creek is 21. Based on the absorption rate (3.13 per month), there is a 6.71 month supply of single family homes in River Creek. Generally speaking, anything over a 4 month supply is considered a “soft/buyer’s market”. But considering the price point, 6.71 shows a balanced market. The reason for this is because the higher the price point, the longer the average days on market and months supply of inventory.

Summary

The single family home real estate market in River Creek continues to show increased buyer activity and is considered to be a “balanced market”. Though sellers will be happy about this, some buyers may not. But remember buyers…once you move in and become a River Creek home owner, you’re going to want the exact same thing you dreaded as a buyer – a strengthening real estate market in River Creek rather than a weakening one.

If you would like more information about the real estate market in River Creek or are interested in selling or buying in River Creek, click here to contact me.

Sub-$300K Loudoun Housing Market Remains Hot

The $300K or less housing market in Loudoun County continues to be hot. Properties in this price point are often selling within days and buyers are rushing to see the properties and put an offer in before they’re gone. For sellers, this a good thing. For home buyers, not so much.

Buyers

Just ask any of my first time home buyers or investors looking to pick up a property in that price point and you’ll see their facial expression change instantly. Why? Becuase the process usually goes something like this…

• The property is typically a short-sale or foreclosure
• The asking price is below market value so that the seller/bank will get an offer as quickly as possible
• Multiple offers are received on the property within 48 to 72 hours – sometimes up to 10+ offers
• Many of these offers are cash offers from investors with no contingencies and able to settle within 2 weeks
• Many of the offers are for more than the asking price because the seller/bank has purposefully priced the property below what’s it’s really worth
• Even though your offer (with financing) may be higher in price, the seller may go with a lower priced, all-cash offer because it’s less hassle with a higher chance of closing

Does this mean that first time home buyers in Loudoun County can’t compete with investors?

No. It means that road will be tough and you will need to have a lot patience. You will most likely write several offers on several different properties before your offer gets chosen. Despite the road being tough, every first time home buyer and investor I have worked with in this price point, both in Loudoun County and the rest of Northern VA has eventually found and bought a home that they love and that works for them.

Does this mean that investors will drive first time home buyers with financing out of the market?

Yes and no. Yes because I have heard from other agents that their first time home buyers have either given up from frustration or are waiting for the market to become less hot and cut throat before getting into it. But there are still plenty of first time home buyers out there that are patient and have prepared themselves well for this market through research and/or through their Buyer’s Agent.

Sellers

• There is a lot of demand for properties in the sub-$300K price range (aka lots of buyers looking at your house)
• Even if you’re house needs work, if you price it accordingly, buyers and investors will buy it in its’ current condition
• If you price and market your property correctly, you will have an offer, if not several offers in your hands within days
• If you have multiple offers, you are able to pick the best one that fits your specific situation and needs rather than picking the first one that comes through

Does this mean that sellers can price their property for more than market value and get away with it?

No. Sellers should be confident and smart, not greedy. Buyers are smart – they know what market values are like whether it be from their own research or their Buyer’s Agent providing them with comps (aka the sales price of similar homes that have sold in the same community within the past 90 days). Buyers would rather pass on an over priced property and wait for a properly priced property than spend more on a property than what its’ worth.

Does this mean that sellers should accept an all-cash offer rather than one with financing?

Not necessarily. Seller should always look at the big picture and the small details of every offer. In most situations, an all-cash offer is most desirable. But not every situation nor every all-cash offer is the same. Sellers and their Listing Agent should discuss the pros and cons of each and every offer before making a final decision on which one to accept.

Need more info or a list of homes for sale in the sub-$300K market? Contact me via email or on my cell and I’ll be glad to help.

Loudoun County Housing Inventory and Days On Market

Let’s take a look at Loudoun County’s housing inventory and average days on market (DOM). This is important to know because it gives you a sense of how to negotiate as a buyer and how to position your property as a seller.

Loudoun County inventory – new and active listings

There are just under 1500 active listings in Loudoun County, which is on the low side. To give you some comparison points…active listings hit a decade-low 1087 in December 2009 (seller’s market and values went up). And active listings hit an all time high of 4659 in the summer of 2006 (that’s when everything really hit the fan, prices started tanking and it was a buyer’s market).

Note: Yes, inventory has risen in the recent weeks. But that’s a yearly/seasonal thing called the “Spring market” when sellers believe they can get the most for their homes and put their home on the market.

Loudoun County average Days On Market (DOM)

The general rule of thumb in this area has been that when DOM goes above 4 months (120+ days), it signals a buyer’s market. If DOM is below 3 months (<90 days), it signals a a seller’s market. Right in between 90 and 120 days typically signals a balanced market. As you can see, DOM is below 80 and was even as low as 40 for a while there.

What does all of this mean?

For home owners that are able to sell their home at its’ present value, the market is on your side. DOM and inventory are low, two things that bode well for sellers.

For buyers, it means that your choice of homes is limited. In addition, you’ll see a lot of competition on the current homes on the market and even stiffer competition (aka multiple offers) on the homes that are priced very well and a great value.

Even though the signs point to a sellers’ market (and recovery), don’t get overly excited. Among other things, there is a lot of shadow foreclosure inventory to still get through and lending guidelines are making it harder and more expensive for consumers to get financing.

If you would like statistics about a specific town or community within Loudoun County, don’t hesitate to contact me.

Washington, DC Metro Area Rental Rates Rising

Rental rates in the Washington, DC metro area (including Northern VA and MD) are rising. They’ve risen so much that the Washington, DC metro area came in 9th in the list of metro areas in the U.S. with the greatest increase in rental rates.

Here’s the list in order…

1. Greenville, SC (+11.2%; $669 average monthly rent)
2. Chattanooga, TN (+10.4%; $726 average monthly rent)
3. Savannah, GA (+8.4%; $866 average monthly rent)
4. Portland, OR (+8.1%; $875 average monthly rent)
5. San Jose, CA (+8.0%; $1,716 average monthly rent)
6. Nashville, TN (+8.0%; $786 average monthly rent)
7. Tacoma, WA (+8.0%; $900 average monthly rent)
8. Denver, CO (+7.5%; $873 average monthly rent)
9. Washington, DC (+7.4%; $1,473 average monthly rent)
10. Raleigh, NC (+7.4%; $785 average monthly rent)

Good for landlords and investors

This is good news if you’re a landlord/investor because it’s more money in your pocket and a higher return on your rental property investment. For those that are renting their property out because they are upside down, but don’t want to or can’t do a short-sale, the rental rate may soon able to cover your mortgage rather than you losing money every month.

Not good for renters

This is not good news for renters. It means more money and less negotiating power when getting a rental. For several years now, rental rates have been very low compared to mortgage amounts for the same property making renting a very attractive prospect. But that’s starting to change. For those on the fence about renting or buying, you want to start explore your options when it comes to buying. Rental rates are on the way up yet, prices are at realistic levels and mortgage rates are still very low (for the moment).

Note: This figure is for the general DC metro area – each specific area and subdivision is different. Contact me to find out what the rental market is like in your specific area or the area you’re looking to rent in.

H/T Bill Lublin

Home Seller Tips, Part Three – Pricing (and Reality)

This is part three of my three part mini-series on how to sell your home for the most amount of money in today’s market. (If you missed them, click here for part one and click here for part two). This part deals with the number one most important issue when it comes to selling your house – pricing – as well as the issue of reality.

Pricing

In most cases, the reason why a home does not sell is pricing. If it’s not priced correctly, it will simply sit on the market collecting dust while other properties that are priced correctly sell all around it.

Folks, you can not fool today’s home buyer nor a good Buyer’s Agent.

In today’s day and age, there is an abundance of information available to every home buyer with an internet connection (which around here is pretty much everyone). Buyers can get information on recent sales, historical sales, tax records, assessed values, market trends, market statistics, photos, virtual tours, videos…the list goes on.

Buyers can and will quickly and easily figure out what the fair market value of your property is. If/when a buyer sees that you are priced above market value, they are typically very quick to pass on even seeing your property and will look at another similar property that is priced more attractively. Even if there are no properties similar to yours on the market, if a buyer thinks yours is overpriced, they will wait until one comes on the market that is priced well.

Even in the off chance they have no internet connection or don’t do the research themselves, any Buyer’s Agent worth their weight in salt will let them know whether a property is priced at, below or above market value based on the current market conditions. The Buyer’s Agent will share their opinion with their buyer clients (that’s part of what they’re getting paid to do) and once they do, the buyer will most likely pass on your property.

Tip: Once a buyer gets a list of properties that meet their general criteria, they first sort them by what they look like based on photos, virtual tour, etc. Then they sort again based on price. The remaining properties are then put on the “to see in person” list. If you are not priced correctly, you won’t make that list.

How do you price your property correctly?

Check the comps. Find out what similar properties have sold for within the last 90 days. This will show you exactly what buyers are willing to pay for similar properties. And also find out what similar properties that are currently under contract were last priced at before they went under contract. That will give you an idea of which asking prices are leading to offers from buyers.

Once you have the comps in front of you, add/deduct value based on what your property has versus what the other properties have/do not have. For example…if you have an in-ground basement while the other property has a walk-out basement, you need to deduct for that.

Another example…if the other property has an unfinished basement and yours is finished, that could be a difference of tens of thousands of additional market value for your property (depending on the square footage of the basement, quality of build, etc).

Check the current market conditions. Are prices appreciating, declining or steady? Is the home inventory increasing, decreasing or steady? Is buyer demand on the way up, way down or steady? Is the inventory mostly traditional resales, foreclosures or short-sales and what percentage does each type of property comprise? How many properties similar to yours have sold past month…3 months…6 months? And the list goes on…

Market conditions is very important when it comes to pricing correctly. This is where an experienced and knowledgeable Realtor who has his/her ear to the ground comes in. If they are on top of the market and what’s going on, they can spit out accurate statistics, advice and guidance at a split second even if you wake them up at 3am from a dead sleep.

Check how much competition you have and do some recon. In many ways, this is a battle. Your competition is made up of other sellers with similar properties that have their homes on the market as well. Home buyers that come across your property will most likely come across your competitors’ properties too. If a buyer feels that your competitors’ property is a better value than yours, they will probably place on offer on their house before they place one on yours.

This is what us Realtors call, “Selling your neighbor’s house” – a buyer comes across your house, then sees your neighbor’s house, yours makes theirs look like a better deal so they buy theirs. Congrats! You’ve just helped sell your neighbor’s house and lost a potential buyer for yours. This is the last thing you want to do – especially in a declining market.

Important: If prices are declining, you will probably get less for your home now that your neighbor has sold their house. And the less your neighbor accepted for their house, the less you’ll get for yours (see paragraph 3 above).

And do some recon. Have your listing agent take you through your competitor’s homes so you can see them with your own eyes and in person. This will help you see exactly how they compare to your property and you will know what buyers are comparing your home to and how, which helps tremendously come negotiating time.

Reality

You have to be realistic. If the comps and market conditions all point to a market value between$500K and $520K, don’t list it at $575K. Your property will just sit on the market until A) you lower your price or B) market values appreciate $55K to$75K (and we all have a pretty good idea of how long that could take).

You may say, “But I want $575K!” or “I think my home is worth that much regardless of what the comps/you say.” That’s great.

But it doesn’t matter.

Your home is worth what a ready, willing and able buyer will pay for it today. And the comps illustrate what a ready, willing and able buyer has been willing to spend on a property such as yours in the last 1 to 90 days. If you are not willing to sell your home for what it’s worth in today’s market, you may not want to list it for sale in the first place.

On a related note…If you figure out that what you owe is more than what you’ll make from the sale of your home based on your property’s current market value, you have three options,

1. Don’t sell it.
2. Do a short-sale (click here for more on that).
3. Foreclosure (I strongly urge you to avoid foreclosure at all costs for a variety of reasons).

So there it is folks…my three-part mini-series on how to get the most money for your home in today’s market.

If you have any questions or concerns about anything, click here to contact me at any time. And if you’re considering selling your home and/or are interviewing several Listing Agents in the area, I would love the opportunity to interview with you and see if we would work well together.

Home Buyer Demand, Sales Up Across Loudoun and Fairfax County

Home buyer demand/sales in Loudoun County were up 11 percent in the 3rd quarter of 2009 over the 3rd quarter 2008. And it’s up 53 percent over 2007. (Buyer demand is defined by the number of homes that go under contract during a set time period)

Fairfax County had an 18 percent increase in home buyer demand/sales in the 3rd quarter 2009 over 2008. And it’s up 62 percent over 2007.

Why the increase?

1. Lower prices – prices have come down considerably since the peak making it more affordable and appealing for home buyers. And the less expensive something is, the more people can afford it
2. Low interest rates – interest rates hit historical lows and are still very low. Lower interest rate = greater purchasing power
3. Programs/benefits – Programs such as the $8000 first-time home buyer federal tax credit has helped spark demand (click here for more info on first-time home buyer tax credit). I’ve worked with more first-time home buyers this year than in any of the last 6 years (and it’s only October). Other programs such as the Freddie Mac HomeSteps SmartBuy program have also helped increased demand (click here for more info on Smartbuy program)

Will it continue?

Maybe. If rates remain steady and/or the tax credit get renewed or a similar program come out, then we’ll probably see home buyer demand steady or continue increasing (though I don’t think there’s room for too much more increase in buyer demand).

Maybe not. If rates creep up and/or the first-time home buyer federal tax credit not be renewed and/or (more) bad economic news come out, we may see buyer demand taper off or even decrease.

Who wins?

The buyers that purchased a home at a much lower price than years prior and at a low interest rate while taking advantage of the first-time home buyer federal tax credit made out the best.

Sellers came in at a close second – increased demand and very low inventory make for a winning combination when selling your home.

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