WE ARE SLOW
More of the same in September.
Not much is different than the last time I dropped into your inbox. Instead of repeating myself, I’ll just keep this one short and sweet. Feel free to give me a call with your concerns or questions.
We had another 5.5% drop in median sales price in September. That puts us right around where we were last year at this time. Days to contract are up to 37, and sellers only getting about 98% of list price. We only had 540 new listings last month and closed 469.
In not as many words; we are slow.
Interest rates are officially in the 7’s and the Fed doesn’t seem to be slowing down on their increases. In turn, buying power is taking a hit and sellers are frustrated they aren’t getting what they could have 6 months ago.
Many buyers are utilizing a seller credit to buy down their rate and mortgage lenders are in fact getting more creative with how they can help folks out. Different adjustable rate options are coming out giving buyers an option to refinance if the rate drops in the next couple years.
With around 3 months of inventory on the market, sellers are having to make sure their home is in pristine condition so when shoppers do see their home, they fall in love quickly.
Investors have been pretty quiet over the last couple months, but I imagine they will start making some more noise pretty soon. With prices dropping monthly, this might be a good time to get something at a good price. Homes are sitting on the market for a while and sellers are getting antsy. Once again, buying at the right time is going to make some people some good money… we just need to figure out when that perfect time might be.