We are going into fall stronger this year than we did last year.
Although we are not out of the woods on a balancing market, we are looking better than we did one year ago. Here’s a quick rundown on the current state of the market:
- Inventory is inching up, not skyrocketing. We have around 2,400 homes hitting the market each week and on average 1,800-2,000 homes going under contract each week. This gives us a surplus of 14-25% extra homes hitting the market each week that aren’t accounted for in sell-thru numbers.
- Are homes still selling? Absolutely. Buyers are writing offers with lower starting prices, so factor that the market is more flexible than it was last June when we peaked.
- Should you wait until Spring to sell? We don’t have a crystal ball so the inventory could continue to go up next spring which would create more competition. We see that the buyers in fall are motivated, serious and want to buy a home. This means that there may be fewer showings but there are certainly less looky-lou’s and tire kickers.
- Move quickly and with boldness. If a home is really well priced, don’t wait for it to sit forever. Odds are it will move. If a home starts overpriced and the Seller is proactive and listening to the market, there is nothing wrong with dropping the price until they are in line with the market and could even generate multiple offers at that adjusted price. We’re seeing it happen a lot!
- Rental Properties are starting to have numbers that work again. We have a strong employment market, so rental properties are still a great fit. Home prices aren’t going 10-15% off list price in many cases, however, this isn’t always necessary to get into a cash flow situation for many homes and multi-family options.
Seychelle & team