A lot of you have been asking about what’s going on lately with that bit of stagnation in the market, so I wanted to address those questions today.
Real estate during the winter isn’t always the same from year to year. Sometimes our market is quite busy, while other times we see it soften during these colder months. To better assess where we stand as we head toward winter 2019, let’s discuss a few key developments.
First, the average number of days homes are spending on the market has recently increased and is continuing to rise, as is a common seasonal trend at this time of year.
While prices are starting to dip a little bit, price reductions have only gone up by about 5%. Again, this is typical of the fall market that cools off after the spring and summer.
Right now, prices are still really good. They’re not too low, but homes simply aren’t fetching the high prices that they once were. At the same time, we’re seeing a good absorption rate, which shows us that we still have a healthy number of buyers out there.
These conditions don’t mean that every house is selling, but they do mean that you have to be dialed in when it comes to condition and price to get your home sold. The homes with the best price, condition, and location will go relatively quickly in any market. Homes with a bad location or a bad price are starting to sit longer.
Finally, interest rates are still below 4%, which is fantastic. This is crazy cheap money, so buyers will continue to be here as long as they are low.
The time it takes your home to sell in this market all depends on your individual situation. If you have any questions for me about how long it would take your home to sell in this market or sometime next year, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.