Prices are still rising, properties are still scarce, and homes are selling at a faster pace than ever.
JUNE STATS PER LOCAL MLS
- Prices are up +5.4% vs June 2016
- Home supply is down -25% vs June 2016
- Homes are selling faster: The average number of days on market is down -14% vs June 2016
So how long can this go on? I think as long as the scarcity in home inventory continues along with a fairly healthy economy and low interest rates – the growth will continue.
Just my hunch, but I think the most competitive market is the under $250,000 price range – especially under $200,000. (p.s. when did $300,000 become the new $200,000?!?!) It isn’t easy for first-time home buyers these days. The affordable options are limited, but when they do hit the market – they often get multiple offers. Case in point – I sold a home in Waldo a couple months ago which received TEN (10!!) offers and sold for 7% higher than list price. Yes, ten offers. That’s a lot. Granted, it was cute as a button and decorated well, but really it was just a normal little two-bedroom bungalow (pictured here).
I don’t want this post to dishearten those of you who might want to take the leap into home buying. Yes, it is competitive, but the low mortgage rates make it worth it. Plus, I don’t think prices will fall or crash – the pace may slow, but I don’t see prices dropping. And if your agent is good, connected, and experienced, they can help you find something and compete (or help you find something before it hits the market). If you are thinking of buying, I’d love to help; contact me anytime.