Good news for home buyers & sellers! In comparing the 3rd Quarter of 2019 vs. 2018, the number of homes listed for sale decreased, the number of homes sold increased and sale prices have steadily increased by 5.8%. So what does this mean to you as a buyer or seller? Watch this video to find out! Want to learn more? Contact Scott 772.321.2113 | Scott@MyReynoldsTeam.com | www.MyReynoldsTeam.com
If you’re considering selling or buying in today’s market, I have some good information. The market has changed since this time last year, let me explain.
Today I’m excited. I wanted to report some good news! So I looked at the 3rd Quarter of 2019 and compared it to last year. So it’s in several categories. So the amount of homes that are For Sale, meaning not under contract, has decreased by 3.2%, so a little less to choose from. Under Contract has seen an increase by 10.43%, so a little over 10%. The amount of homes closed during that same time period increased 9.4% compared to the same time period last year. Another interesting point that kind of jumped out at me is the amount of New Inventory meaning New Homes to the Market, not to be confused with New Construction, decreased by 10.5%. One other last point is the amount of homes that have Expired, meaning they were For Sale and they unsuccessfully sold and went off the market has increased to 7.4%. So, what does all that mean? It’s interesting data points but what does it mean?
So for sellers, if you’re thinking about selling your home, now is a good time because the amount of inventory is lower, the amount of homes that are getting sold are higher, and the amount prices have increased steadily at about 5.8%. So it’s good for you as sellers.
So one set of numbers kind of really jumped off the page to me-the Days on Market. So when you look at the days on market of the current inventory was 145 days and then I looked over at the homes that were under contract and those days on market were only 85. Why would there be such a distinct difference? Well, there’s 3 good reasons why. So the number 1 reason is Exposure. The marketing efforts and the marketing tools that your agent has is critical. Number 2 is Staging. Your home may need to be staged or prepped for home sale, meaning depersonalized. You want the buyer to be able to see themselves in the home. Number 3 would be Re-evaluate Pricing Strategy. Get a little bit closer to the sales price that you’re expecting and say “no” to low offers. So those would be the 3 reasons why maybe there’s a distinct difference in the Days On Market.
So, if you’re buying, what’s great about all this information is that you can buy with confidence. So there are 3 important things as a buyer that I would do. First thing is I would meet with my Real Estate Professional and put together a strategy of your family’s needs and wants so that you can work out the lifestyle, the needs of the home, location of the home, and also, your budget. The second thing I would do as a buyer, I would do my homework upfront. I would want to know all my costs so that when I am out shopping I can make quick decisions. So you start with your mortgage professional so they can help identify all those costs. If you are paying cash, it’s cleaner but you still need to know all the other costs like your taxes, your real estate insurance, and do you need flood insurance, and all those things. That can also be covered with your Real Estate Professional as well. The third thing is kind of most important but takes the other two is if you find a home that checks all the boxes, move on it! Don’t be afraid to because keep in mind if you like it, and it checks all your boxes, most likely it’s going to check other buyers’ boxes. And you’re going to wake up and the home is going to be gone. So those would be the 3 things I would do as a strategy in this market as a buyer.
So in summary, I actually had really good news to report. So the amount of homes, there is less of them and more of them are selling and the prices are steadily going up which creates actually a healthy market. And what that means for a buyer, you can buy with confidence. And if you’re thinking of selling your home, now is a good time because the market has increased a little bit for you. Just prepare. So if you’d like to talk ahead of time, please give me a call!