We are into the fourth quarter and will be celebrating 2016. Most would agree that the real estate market has been very active this year. It even looks like we will get through another year without an increase in interest rates. That is a surprise to me, so we will see what happens next year.
A lot of real estate agents were reporting a slight slow-down in September, yet the last two weeks have been very active. Last week, we had an increase in showings and offers. A good percentage ended up in ratified contracts.
It appears that there are a few ‘slight’ shifts taking place. The average number of days that property is taking to sell has increased a bit, and we are seeing inventory levels increase at the same time. It is tough to predict where our market is headed, and we all need to keep our eyes open. Overall, prices seem to be stable. We had seen an increase in pricing last year and some at the first of the year, although the last few months seem to be flat.
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I believe we are going to have a very strong Fall and Winter selling season. It is a complete myth that our market is seasonal. Because many people think we are seasonal, they wait to list their property until after the new year. That gives those on the market now an advantage because the supply will likely be less than it will be in the Spring when everyone rushes to list the property for sale.
Overall, our market is okay. We did have extensive flooding and there are some neighborhoods that were hit really bad. There are still some families that cannot go into their homes due to water damage. The oceanfront condos were fine because they are built above ground level. Many parking garages had flooding, but that is more of an inconvenience than a problem. Let’s all keep our fingers crossed that we get through the season without another storm.
Let us know if you would like a comprehensive market report on your property. This is always a good time to evaluate your real estate holdings. Even if you are not selling, it is always good to know what is going on with your real estate investment.
Please use us as your Real Estate Resource. Let us know if we can help you in any way.
~Greg Harrelson and The Harrelson Group