This is the question I am getting all the time. Property owners have been emailing and asking us what we think about the market, is it shifting, how long will it remain active and much more.
The truth is, I have no crystal ball but I can share some interesting facts that are worth noting.
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1. Inventory is lower today than it has been in a few years.
We do see the rate the inventory has decreased is starting to moderate a bit.
2. The Days On Market (DOM) that it takes to sell a property is low compared to the last few years.
Like inventory levels, DOM seems to be leveling off a bit over the last 3 months.
3. We have sold many properties for higher prices than we did last year. There are some motivated buyers waiting for properties to come on the market and when a good property is listed, the buyer is willing to pay more to have one.
4. Sales are showing signs of a decrease. We are seeing fewer sales taking place compared to last year at this time. The question is if the slowing sales are based on inventory levels being low or are the increased prices turning the buyers away?
5. Interest Rates have increased and it appears the Fed has plans for more increases in the near future.
When looking at the above, there are things happening that tell us the market is still strong yet there may be some early signs that are pointing to a shift. I mention this because it is my job to stay on top of the market and keep my clients informed as to where we may be heading.
Please let me know if there is any additional information I can provide to you. As always, I am committed to you being the most informed property owner in our market.
In the meantime, if you do plan to sell your property, remember that I offer an EASY EXIT LISTING AGREEMENT which you can terminate anytime without hassle.
We market our properties aggressively to assure you sell in a timely manner and for top price.
Let us know how we can help you.
Enjoy Labor Day!