The No. 1 question I’ve been hearing lately is, “What is actually happening in the market right now?” Today I’ll be sharing my answer.
There are a few things that you need to know about our current market. First, new listings are up 12.9% from last year. This number hasn’t been changing very much lately, but now we’ve seen a significant jump. Our inventory is also up by 19.8%.
Next, the number of homes that are coming off the market and going under contract is down 6.1%, which is also a departure from the trends we’ve been seeing over the past few years. The time that homes are spending on the market is also up 3.8% from last year.
What does all this mean? If you’re a homebuyer who has been frustrated with running into multiple offer and bidding war situations, now is a great time to enter the market. If you choose to buy now, you’ll have more options, more time to choose, and much less competition against other homebuyers.
For home sellers, you can expect your home to sit on the market for a little longer than usual. You can also expect fewer showings and fewer multiple offer situations. This means that now, more than ever, you need to make sure you’re hiring the right agent for the job of selling your home. The person you hire needs to understand the market, the changes we’re seeing, and how to adapt. If you do that, you can still find great success in the current market.
If you have any other questions about the market or want to discuss your buying or selling plans, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.