Now that we’re near the end of July, what’s the latest news from our market?
There’s a certain seasonality at play right now. Buyers who don’t find what they want during this time tend to check out easier, and sellers are less eager to list their homes.
On a broader level, most of the key statistics show big increases compared to the first quarter of 2019, including listing inventory (40%), the average days to offer (5%), the average list price, and the month’s supply. The only statistics that showed decreases were the absorption rate and the number of closed sales.
These numbers indicate that buyers are being a little more cautious out there before pulling the trigger. On a related note, interest rates have dipped again, which is important whether you’re a buyer or seller.
“The market has been normalizing over the past nine to 12 months, and these trends are in line with this overall pattern.”
What does this mean if you’re a seller? If you want to sell quickly and for top dollar, remember the three P’s:
- Pick an experienced agent who has their finger on the pulse of the market.
- Prepare your property for the market—you only get one chance at a first impression, so make sure it’s staged, has great photos, etc.
- Price it right. You can’t underprice or overprice a home in today’s market. Buyers will make an offer on your property if they see value in it, and there’s nothing better than having an offer in hand the weekend after your open house.
If you’re a buyer, things aren’t happening as quickly as they used to, but you still have to be on the ball, and it’s OK to be a little more cautious. As I’ve said before, the market has been normalizing over the past nine to 12 months, and these trends are in line with this overall pattern.
As always, if you have any questions about our market or you’re thinking of buying or selling soon, don’t hesitate to reach out to me. I’d love to help you.