Another rate drop this week has got us excited but we still need to see what has been happening to understand where we are headed. Let’s dive into the numbers together:
Current Home Prices: The average selling price is $1,074,425, a marginal decrease of 0.8% from last August. With prices slowly increasing and new projections on the horizon, buyers this is your moment!
Timing is Everything: Planning to sell? Expect to receive an offer in around 28 days, with a closing window of an additional 30 to 90 days. Preparation is key, so we recommend starting 1-2 months before you list.
New Listings: In August, the number of homes hitting the market increased minimally by just 1.5% compared to last year. It’s important to note there is a typical slowdown in the month of August due to holidays and back-to-school.
Market Overview: As borrowing costs are projected to decrease over the next 18 months, homebuyers are likely to benefit from reduced monthly mortgage payments and lower home prices. While demand is expected to rise, it will take time for available inventory to be absorbed. This abundance of options in the market should help keep price growth in check, at least during the early stages of recovery.
Let’s Chat About Your Goals: Are you considering a move this year? Send me a message, and let’s explore your options together.
