What you need to know to be an informed buyer or seller in our area.
To make the best decision possible when buying or selling a home, it is crucial to be well-informed. Therefore, we’re here today with a market update so you can know what’s going on with this wild real estate market.
First, there are about 900,000 people that live in our area, but in the last 24 hours, only 45 homeowners chose to list their homes for sale, and that number is consistent with what has been happening the past couple of months. Clearly, we are still in desperate need of housing for all the people that still want to buy—and yes, there are still people that want to buy, just not a lot of options.
Then comes interest rates, which are a hot topic lately. Currently, rates are over 7%, while they were around 3% not long ago. To help with this drastic change, many lenders have come up with some creative ways for buyers to lower their interest rates, at least temporarily. This includes rate buydowns.
Also, contingencies are now being accepted. People don’t have to waive inspections and appraisals anymore, which was happening a lot in the last few years. On top of that, 36% of pending homes had to reduce their price at least once before they got an accepted offer.
How do we interpret all of this? Based on the high demand and low supply, it’s still a seller’s market in our area. However, there are more and more benefits for buyers. Overall, there are a lot of great things happening for both buyers and sellers in today’s market.
We monitor this data regularly, so know that you can trust us to be your real estate resource. If you have any questions or would like a one-on-one consultation to discuss your specific situation and goals, don’t hesitate to reach out! Call or email us—we’re always here to help you.