Here’s everything you need to know about our current real estate market.
There’s a lot going on in our real estate market lately, so today I wanted to give you a quick update on the numbers we’ve been seeing and what they mean for you.
Over the last six months, the market has been absolutely on fire. Inventory has been incredibly low, and it’s been common for homes to get over 20 offers within days of being listed. Now that we’re nearing the end of summer, however, a lot of people who were waiting to sell have decided to jump into the market. This has caused inventory to rise slightly, but that doesn’t mean the market is slowing down.
Last year, homes spent around 12 days on the market before they were sold. Now, they’re only around for six. The median sales price has also risen from $400,000 last year to $500,000 this year. Multi-family homes also saw a 32% increase to a median price of $357,000.
On top of all this, the Fed recently announced that interest rates won’t be rising anytime soon. This won’t last forever, though, so it’s a good idea to take advantage of it while you can. With high sales prices and low interest, both buyers and sellers can get an excellent deal in today’s market. Sellers—reach out to us to learn about a program that lets you use your current home’s equity to buy a new one.
If you made it to this point, we have a surprise for you. Reply to one of our social media posts or email firstname.lastname@example.org with the word “monkey” and you’ll be entered into a $50 Amazon gift card giveaway. In the meantime, if you have any questions or would like more information, feel free to reach out to us. We look forward to hearing from you soon.