Welcome to October! If you've been following along this year, the market is strange. We have historically low inventory, low volume and just enough demand to keep prices elevated. With that said, if you would like a free report providing an updated look at your home's value in this market, take this quick survey. An up to date home value estimate is important for more than just selling a home. Other reasons include: updating your homeowner's insurance to cover your home's full value, know how much equity you've built up and thus your borrowing power as well as helping to calculate your net worth, property tax implications (paying too much or too little?), and the possibility of getting PMI dropped from the mortgage payment if you put down less than 20% down when originally purchasing the home. We are heading into the 4th quarter of the year with all the major holidays coming up quickly. Seasonally, the weather cools down and so does the housing market. Will that allow inventory to buildup? That could be a welcomed change for buyers as prices could start to tail off if that happens. Current on market houses are starting to sit longer, we can see this in the slow creep of the average days on market in the regions. Any growth in new listings data would create even more options and help the inventory supply. Ultimately, interest rates are going the opposite direction we wanted, so affordability as of now will lean on a buildup of supply and possible downtick in home prices to end the year. 2024 is setting up to be very interesting. What are you seeing or hearing? I'd love to know paul@guiderealestate.com |
