Two trends have been occurring as Summer came to a close: First, the number of home sales have dropped slightly. Second, prices have increased. These have been steady statistics that we have been seeing since about June of 2017. The months of supply (the time it would take to sell every home on the market if no new homes were listed for sale) has maintained yearly lows, creating scarcity and driving the prices upward. We were seeing slightly more homes come on the market in the Spring (also a ton of competition and waiting Buyers) and that number has dropped back down as we saw last year. Here's what we are still seeing:
For Buyers, the competition is still fierce. I don't see it slowing down for Winter (for the 3rd year in a row now) since there are just so many more Buyers than there are homes to purchase. That means your best chances for getting a "deal" on a home are to get in early, and allow the equity to start building right away.
For Sellers, as long as your home is in decent shape your odds of sitting on the market for long are slim. Most Sellers I'm seeing are encountering the other side of Buyer competition- multiple offers. At the very least we are experiencing a rush for a Buyer who likes your home to put in an offer and attempt to lock it down. That means you're getting close to your asking price (as long as it is priced appropriately for the market--remember it still has to appraise!). If you are on the fence about selling-- now is still a great time. We also see much more New Construction opening up, relieving some of the competition from the re-sale market for Sellers who plan to move up.
Rates have been slowly climbing up, however not at the rate everyone predicted earlier this year. You can still get an interest rate of well under 5% with certain loans, and that won't last forever. In the past few weeks alone rates have increased by 7 points. Give me a call now to find out how to get started-- and possibly purchase in 30 days!
Dunkirk MD Homes for Sale - Genna Fleming, REALTOR® at EXIT 1 STOP REALTY
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