Are you wondering how the market is looking? Look no further! The Market is both EXCITING and CHALLENGING! We love the industry and love helping our clients! Please feel free to call us with questions at anytime. We are happy to help!
- Single Family inventory is down 22.3% from August 2015.
- Good news, New Foreclosure numbers have been on a downslide since March and down by 13% from last year.
- Days on the Market is 73; this number is slightly up since April.
- Pending sales are up by 11% from last year and pretty consistent to last month.
- Single Family average price of $271,023 for the month of July is 4% higher than July of 2016.
The Federal Reserve, FNMA, NAR and most economist would suggest rate increase this year to approximately 4.75-5%. Buyer power decrease by 10% with every 1% interest rate gain. Buying now is still a good move for buyers even in a low inventory market.
What Should Seller’s do in this Market?
- Know the price trends. Overpricing is a mistake in today’s market.
- Be positioned as the best conditioned home. You will get top dollar this way.
- Stay positive, It only takes one buyer!
What Should Buyer’s do in this Market?
- Become the most attractive buyer by being pre-approved for your loan.
- Be ready to buy, don’t hesitate when you find the right property.
- Stay positive, the right home is out there waiting for you.