Should You Be Worried About the Real Estate Market?

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Real estate is hyperlocalized, so when you hear sensational headlines about the national real estate market, it may not apply to us. However, our local market has certainly picked up steam in the last few weeks.

Our average sale price increased by 11%, but inventory is down by 12%. Homes are selling for a lot more money because bidding wars are happening on good homes. If you have a home to sell, it’s a great time to put it on the market. You can expect a quick sale and a great price.

The number of cash buyers is still pretty high because we have a lot of investors coming in, buying homes, and renting them out. In fact, 34% of our sales were from cash buyers. 

Our absorption rate is at 4.5% which means that we’re situated in a seller’s market. If no new homes came onto the market, our inventory would be gone in 4.5 months. If you’re a buyer you need to hurry up and purchase a home, and if you’re selling, you need to get on the market quickly before other sellers list their homes and drive prices down.

Buyers should keep in mind that interest rates are still incredibly low. Although the market doesn’t currently favor you, you can still save thousands of dollars over the lifetime of your loan by locking in a low interest rate.

Please don’t hesitate to contact us if you need help buying or selling!