September 2023 Market Updates
Posted by Jamison Durham on Monday, October 9, 2023 at 9:53 AM By Jamison Durham / October 9, 2023 Comment
So after sitting down and looking at the local market numbers for September, one thing jumps out at me-
The real estate market is HYPER LOCAL right now, and what is happening in one area isn't always indicative of what's happening 10 miles away in another area.
However- two things continue to hold true almost everywhere we look:
1) Available homes for sale continue to drop. Why? Builders still aren't building enough new homes, and a huge percentage of homeowners have an interest rate under 4%. They're holding on to those homes (and those rates) for the foreseeable future.
2) Homes are continuing to sit on the market longer. Even with less available selection, prices continue to remain strong compared to last year. The fact that we're seeing pricing remain steady even with higher rates means that buyers aren't as eager to jump on the first house they like. They're being patient in the sense that they may go back and tour a home two or three times before they put an offer in. I still stand by the statement that homes priced correctly and that have tremendous curb appeal frequently go under contract in the first few days. Often with multiple offers. The "I know what I got" sellers that don't price correctly, and aren't willing to spruce up their homes are the ones sitting around waiting on an offer.
So if you ask me if now is a good time to buy or sell, I'd say "it depends". And what that depends on is your particular needs and circumstances. We're ready whenever you are, not the other way around.
What IS ALWAYS A GOOD IDEA is talking to a local agent that is actively working in your market with both buyers and sellers. We can help you cut through the noise, and show you how the market relates to YOUR particular situation. We can also show you what we do different that's working extremely well for our clients right now.