Here’s what you should know about our real estate market right now.
This real estate market is unlike any other I’ve seen in my 24 years in the business. Let’s start with the numbers from March:
- Median sale prices are up 10.8%
- Average sale prices are up 13%
- Days on market are down 53%
- Inventory is down 68%
- Closed sales are up 6%
With closed sales up and inventory down substantially, the competition for properties is fierce. Prices are getting bid up thousands over list price, buyers are waiving inspections and contingencies, and it’s just a crazy market.
“If you price right from the start, bidding wars will happen naturally.”
How do you navigate it? As a seller, prices are rising pretty fast, but it’s still appropriate to price your home slightly under its value. This is the best way to stimulate multiple offers. Overpricing your home could lead to it sitting without offers. If you price right from the start, the bidding wars will happen naturally.
For buyers, things are difficult. If you don’t have at least $15,000 to put down in due diligence money alone, I’d recommend sitting tight for now. If you really want to move forward and buy a home, it’s more important than ever to work with a seasoned buyer’s agent who understands the market, process, and how to get an offer accepted amongst so much competition.
If you have any questions about the market or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.