Happy Fall, As your trusted real estate agents, we thought it worth bringing your attention to the state of the house sales market.
We have been used to homes coming on the market and receiving multiple offers. By all accounts, this appears to have changed dramatically.
To demonstrate, I have pulled some stats. This represents a snapshot of the Madison, but the same could be true of all Dane County communities.
Currently, there are 750 homes on the market. Just 98 are under contract in Pending.
Of this 750:
510 homes are truly available.
23 have offers with bump-able contingencies
217 have offers but are still showing.
One more tibbit, of the available 510 homes, 99 (20%) have had a price reduction with in the week and the average time on market is 65 days.
Conclusions, While we do not have the statistics for homes available in the spring, we know that the days on market were significantly less. The ratio of unsold homes to those under offer is high and 20% of homeowners who have realized they are needing to reduce the price indicates homes are not moving as fast as previously.
We are also seeing it benefitting our buyers. Buyers are taking their time, asking questions, and coming in under asking. None of this was happening in the spring.
What are we saying. Buyers, this is a time for you. Lots of inventory, and much more chance to use a diverse array of financing. Even contingent offers are being considered. Make this, possibly the best time of year to buy!
An added bonus, Interest rates remain low, providing affordability for buyers. However, rates are set to climb. As rates increase, buyers will see their affordability drop and sellers will likely see a drop in their prices too.
For this reason, we have an unusual market which is good for both buyers and sellers. If you would like to know more, or discuss the possibilities for yourself, contact us.