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Hi, I'm Larry Schottenstein with Revealty, and I want to talk about the market update
for the summer of 2013. Things have taken a huge turn-around in the last 5 or 6 months.
It's interesting to look at a couple of quick stats. So, for example, in the last two years,
the inventory of homes for sales is half of what it used to be. Sales are up 30% this
year versus last year. And, not surprising, the things you see next are days on market
going down, prices are now bumping up, and now sellers are starting to flow back into
the market. Those people that have been on the sidelines are thinking, "Hm, now's a good
time to list." Not surprising, 20% more homes on the market this month, in May versus the
previous month of April. What does this mean to you as a consumer out there? If you're
a buyer, you're not going to get away with some of the same shenanigans you have the
last couple years. You need to be much more pragmatic, and in some cases, very aggressive.
I can't tell you how many competitive, big situations and things like that I've been
involved in. If you're a seller, you're going to have more opportunities. Be careful of
agents kind of preying upon you--sending you cards and things about "I've got great buyers
for your neighborhood" and "Call me to sell" and all that kind of stuff. If you're a seller--good
time to sell, but remember, as prices go up, same thing will be happening to the homes
you'll be looking at. Set up a plan of attack about how to transition from one to the other.
In either case, it's nice to see the market really coming together in a nice way.