4 times the number of homes are for sale today compared to the heightened seller's market post-COVID.
Interest rates are more than double what they were back then.
For sellers this means they must accept the new market trends and understand that homes are taking longer to sell. In many cases more competitive pricing & better overall condition are required for buyers to choose one home over another.
Sellers cannot look at what their neighbor's home sold for a few years ago or how quickly it sold. That thinking is simply unreasonable at this point.
Buyers must understand that rates are still favorable when looking at the history of mortgage rates and the 3% rates we saw back then are not coming back anytime soon, if ever.
If rates come down you can always refinance or choose to do a 2-1 Buydown to get a lower initial rate.
The Fed is meeting this week and while we certainly hope they lower rates slightly, we aren't expecting any significant change at this point.
The market isn't terrible; it's just different! And we all know the only constant in life is change. To keep moving forward, we must simply accept the change.
Our team has sold 69 homes so far this year and here is a glance at what the overall market here in the greater area looks like as of this afternoon:
There are 1,653 homes for sale
There are 701 pending sales
2,868 homes have sold and closed
The average sales price is $379,859
The average days on market for a home to sell is 75
And the average list to sales price ratio is 97.8%
If we can answer any questions about the current market trends, property values, or what we're experiencing in the market, please reach out.
