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Due to our currently low inventory, most sellers are receiving multiple offers on their homes. Many times these offers are coming within a few days of the home coming on the market. We’re currently in a seller’s market, but a note to sellers: If your home doesn’t show well or is overpriced, it will be a much tougher sell.
What does our current inventory look like? It’s consistently gone down over the last five years. Right now, we have a 2.7 month supply with no indication of an increase, so we should continue to see this seller’s market for the time being.
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Low inventory does have an impact on home values. Home prices have increased by an average of 5.7% from this time last year and have gone up a whopping 26.3% from 2012. It’s not all bad for buyers, however. Interest rates are still under 4%, making it a great time to buy. Thirty-year fixed-rate mortgages are sitting at about 3.6%, but it won’t last. Rates are projected to increase over the next nine months as much as 1.2%.
Both buyers and sellers can benefit from today’s market.
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In a nutshell, both buyers and sellers can benefit from today’s market. Sellers have equity and buyers have low interest rates to go along with plenty of low down payment options.
If you have any questions for us, don’t hesitate to give us a call or send us an email. We would love to hear from you.
