I loved Halloween when I was a kid. There was nothing like getting dressed up, escaping reality for a couple hours, and hoarding all the candy I could get my hands on. Now, I’m an adult (sort of), and I don’t have to wait for Halloween. I can get dressed up and hoard candy whenever I want. It’s great.
When trick-or-treat time finally came, we knew there were two kinds of houses: the fun houses that gave away cans of soda and full-sized candy bars, and the duds who handed you one tiny packet of candy corn. Gross.
What a great analogy for the majority of our market right now.
If your home is on the market, or you’re thinking about putting it on the market, be like those fun houses. Dress it up, take a little extra care in keeping it neat and tidy, and price it right. The doorbell will always be ringing, and you’ll get your offer.
Sellers, this is still your market.
You just have to exert a little extra control right now, and a little extra patience (more on that in a second). Buyers have more buying power with rates around 3.75%, and a touch more inventory to choose from; active inventory is up ~5.5% from this time last year, and up ~18% compared to September of 2017. That said, average inventory for September is 16,500 homes (1985-2018). We know it’s a buyers market once months of inventory hits five (5). Currently, we’re at 2.04 MOI, so demand is still keeping supply in check.
Regarding patience, it’s important to set proper expectations when your home hits this current market. On average, it’s taking homes 69 days to sell; 32 days active on the MLS, and 37 days under contract. 32 days active is the more important number to consider, here. That might feel like a lot, after hearing the stories the last couple years of homes going under contract with multiple offers in less than a weekend. We’re seeing more price reductions, and we’re seeing final sales prices come in at 98% of the list price, on average.
Prepare yourself to be a little patient for the right buyer, and treat it as a reminder to present your home properly to the buying public.
Buyers, go find those fun houses. Take a couple cans of soda. Only treats for you, no tricks. Take advantage of great rates, and put some miles on your realtor’s car. It’s getting a little easier for you to find your house without having to duke it out with other buyers, or budget for making your own endless updates (unless that’s what your looking for).
As always, there’s plenty more data to nerd out over. Please don’t hesitate to reach out if you’d like to do a deeper dive into our market, or if you have any questions at all.