Today I want to give you a market update on what’s been going on in our local market since 2018. Everyone has been talking about how we have no inventory, but is that really the case? Let me show you what has really been going on. The new listings a year since 2018 to 2021 has steadily increased as well as the average sold price. However, the number of days on the market has dropped significantly! From 142 average days on the market in 2018 to 109 days on the market in 2021 – from the time the home is listed to the time it closes.
So why is this happening? The interest rates have been so low that buyers are entering the market that normally would not have entered the market. Since we’ve had such an increase in buyers, the homes have been flying off the market. If you are a buyer in this market, you need to be on standby and ready to buy that house as soon as it goes up for sale. Being pre-qualified, being a conventional buyer, and selling your current house will help you win the deal.
Watch the market daily, stay on top it and once a house you’re interested in comes up for sale, take advantage of it immediately! For more tips on home buying and selling, check out more of my videos on my website! If you want to keep up to date with the market and have homes in your price range sent to you as soon as they hit the market, sign up on my website or send me an email. We look forward to helping you take the smoother road to sold.