June Market Update
Interest rates are rising, there are more homes on the market, and the home buying process is still competitive. How competitive though?
Could the reason that homes are still selling at a good rate be because of all of the out of the country investors buying up our homes? Could it be because it’s coming close to summer time and most families like to move in the summer time while their kids are out of school? We know how the market is right now. Last month the median home price in this area went up approximately 42,000 dollars. ALL IN ONLY ONE MONTH. Tis the season for homes to be flying off the shelves in this market.
Although things are looking up and moving steady, it doesn’t mean that it’s as good as we imagine. Homes are taking a little bit longer to sell now-a-days. Especially if they’re in the higher price point. You can’t really get away with overpricing a home anymore. If you over price a house, you’ll receive lower offers. And also, you might end up seeing you home on the market for a few weeks. What used to fly of the shelves now can take a few weeks to sell. We know that the first homes effected by a market shift are the homes priced in a higher range. Though those take longer to sell on a normal basis either way, we see them taking their time to sell these days. What does this mean for the future? We aren’t sure. Zillow predicts that the market will crash in 2020 – Zillow is not the god of Real Estate, but I wonder how much truth there is to that. I’ve read other predictions talking about the next market crash no longer being caused by the real estate market but by student loans. Which is completely understandable with how much people are paying per month for school after they graduate! They might as well call it their second mortgage!
I know one thing for sure though, whether you are selling or buying there are a few things that are important to make sure you do.
1. Find a real estate broker that you TRUST.
2. When you find that agent that you trust, make sure that you listen to their advice. There is a reason to all that they say. They see the market, what it’s doing, and they know how to get you the results that you want. But you must follow their advice to get those results.
3. Ask LOTS of questions. We LOVE what we do and want to ensure that you are fully understanding of all that is going on in this process.
It is a HUGE step to sell or buy a home. And it’s a huge investment of money and time that we are dealing with. We want to make sure to do the best and give you the best results. Even in this crazy market.