For the tenth month in a row, closed sales of single family homes in Longmont have exceeded expectations and predictions. The experts (me included) are amazed at the consistent monthly increases over 2011. The results from 2011 were not impressive by any stretch, but a 25% increase in October was a huge surprise. Many I polled (an unscientific, non-political poll), had expected the market to kind of take a break last month…or at least a breather for no other reason than it usually does after such an active summer. Last year’s total of 72 and The Predictor’s number of 71 were targets that were generally thought to be tough to reach. Hah! The experts (me included) were wrong once again!
This is about the only instance where I don’t mind being wrong. Who wins in a market like this? Well, of course it’s the Realtors and lenders who get paid commissions, the title companies, inspectors and appraisers who get paid for their work, but the list of winners is much longer in this market. Sellers are enjoying a little more for their properties than they did a year ago (emphasis on a little). Buyers are still enjoying some of the lowest prices in a generation as well as the lowest interest rates ever (emphasis on ever). Those are a given, but how about those underwater homeowners who stuck it out during the tough times? Their home values have stopped falling, they kept their home against tall odds and lots of pressure to just walk away and they persevered through some tough times where job stability may have been in question. Many of those people will again enter the market and sell their home without taking it in the shorts, but more importantly, they represent the foundation for home ownership in America. They are the stability of the market and if they would have thrown in the towel, we would all have been in deep yogurt.
So, thank your neighbor; thank your friends; and give those around you a pat of the back for a job well done. This isn’t the only good thing that will happen to you today, the election will be over tonight and we will all be better off in that we won’t have to listen to all that garbage any more.
By the way, this is an excellent looking stats report. Of the 24 metrics compared year over year, only 4 are not an improvement. In all my years, I’ve never seen such success in just one month…let alone an October.
Thanks for reading,Kyle Snyder