Today's real estate environment is different than we saw a few years ago. From 2011 to June of 2018 sellers were in "hog heaven". Put a sign in the yard, buyers will ACTUALLY line up to see your home. Inventories were so low, it was scary. Buyers would almost always have to compete with other offers, and offer prices over market value, and have to bring extra cash to closing.
Those days, thankfully, have gone by the wayside. Today, our inventory is healthy and we see very few multiple offers. The days on market in some areas (neighborhoods and/or cities) are seeing close to 180 days, which indicates a Buyer's market. The latest metro area stat said we have an average of 35 days on market for all the counties in the metro area. BUT, real estate is always local, and it depends on where a home is located within the metro area.
Mortgage rates are still very good, historical lows, and with this year being an election year, the rates most likely won't move much. (my crystal ball is at the dry cleaners though)
Now that we are into the New Year, we shall start seeing new listings hit the market. Just today there were 203 new listings (this if for ONE DAY). On the flip side, we also saw 205 go under contract. Still looks like we are in need of more listings.
If you have contemplated a purchase this year, I would recommend getting pre-approved prior to viewing a property, as you will want to know you CAN qualify for the dream home you are looking for, and there is nothing derogatory on your credit report. If you will be paying cash, proof of funds will be needed to accompany any offer.
If you are busting at the seams, wanting some views, needing to downsize, move closer to family or just a home that is updated (and you don't have to do the updating), 2020 may be the year to do it. Give me a call, and let me help you with this goal!
Comments (18)Subscribe to CommentsComment