Fall is here and we witness the magnificent change of colors and the cool air signaling the change of seasons. We are very fortunate to live in an area that is truly a destination for many and home for a fortunate few. We are in the best and worst of times. Buyers are finally able to afford a home now that prices have adjusted and interest rates are at an all-time low; dipping a little above 4%. That is good news. However, for sellers to benefit from the low interest, it is critical for homes to be priced well, show well and the ease of showing is also desirable.
If you are not having any showings; don’t feel alone. Many sellers are experiencing a lack of activity. The lower price points are seeing the most activity. If you would like to be one of the lucky few that sell (approx. 40%), consider a price adjustment that enables you to succeed in this competitive market. All sellers wish that we were in the market of a decade ago; but here is where we are. Being realistic is imperative if it is the time in your life to make a move. If interest rates go up in the future, we could be looking at an even more challenging time down the road. Sales are up and pricing has leveled off. Short sales and bank-owned properties now represent less than 10% of all sales.
The current market is better than in the past several years. In August, there were 427 active residential listings and 147 homes sold, and 147 homes became pending sales. Average days on market were about 30 days. By no means are we in the market of the mid 2000’s, where prices were bounding upward rapidly. The market is constantly changing. Property sells in any market if it is priced correctly. However, there is uncertainty due to the natural disasters and world political conditions. I always think optimistically and it usually makes things better. If you would like to discuss anything or have any questions, please call us. We continue to market our inventory innovatively and in many venues to capture the buyer’s interest in your property. Thank you very much for giving us this opportunity.