Did you know that summertime is the ‘busy season’ in real estate? If you’ve been thinking about buying a home this year, now is the time when inventory is up so you’ll find a greater selection of homes to choose from. However, you’ll also find more competition. There are typically more active buyers during this time, which means you may have to compete for that dream house.
Have you considered selling your home this year? If so, summer is the hottest time of year to sell. This means you can expect a slightly higher sales price and closing the sale in less time.
Let’s take a look at the highlights of last month’s market stats:
Median Sale Price = $608,000
Median Days on Market = 43
If you look back at last month’s market update, you will notice that they have changed just slightly. The median sale price has risen a bit and should continue to do so throughout the summer.
The chart above will give you some insight on the year over year market changes. You can see that homes are taking just a little longer to sell and home values have increased slightly. This is no surprise as the hot market we’ve experienced in recent years is starting to cool. While I’m not anticipating a drop in home values, the rate of appreciation is slowing down. In fact, the median sale price has only increased %1 from the prior year.
So, what does this mean for buyers and sellers in the current market? Each person’s circumstances are unique, however, it’s generally still a good time to buy. This is because interest rates remain low and home values aren’t expected to fall anytime soon. Of course, it’s a great time to sell your home too. Prices have appreciated greatly in the last few years due to high demands from buyers. It’s likely that your house has increased in value since you purchased it and I’d be happy to assess its market value for you.
Would you like to know more about our local real estate market? Or find out how it can impact your goals for buying/selling? I’d be happy to answer your questions or develop a report for specific neighborhoods, cities, etc. Simply leave your request using the button below.
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