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Welcome to the 3rd Wednesday of the Month! Halloween is only 15 days away. Is the market getting scary? Let's check it out.
A couple months ago I lost out on a listing to a discount broker offering to do the work for less commission. That's totally fine. I wished him the best. Just recently that same home went on "hold" after 37 DOM. I only bring this up to hammer home the importance of pricing and understanding the current market dynamics. Pricing a home correctly is the single most important thing when it comes to selling a home. I take a lot of pride in being able to properly price a home, and use quality comparable properties as my guide. If you have a question about your home's value whether you're thinking of selling, refinancing or updating your homeowner's insurance for proper replacement value, please reach out, I really enjoy it.
Let's get into the stats. Last month saw a small 2% increase to active listings. This is quite the difference from Augusts 8.2% increase. Seasonal slow down seems to be in effect. The good bit of news for buyers is the 56% YoY increase in listings from this time last year. Simply, there are more options. The interesting bit is the closed sales data down over 13% last month, and another 13% from this time last month to now. Buyers really do seem to be stubborn in waiting for lower interest rates. If we combo this data with 38% of sellers decreasing their prices, I can make a strong argument to start getting into the market action now rather than later. To answer my question, the market isn't that scary, in fact it may be opportunity.
Does the market seem scary? Let me know by replying directly to this e-mail.
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