Today I want to talk about three changes I’ve noticed in our market over the last month:
1. Schools are in session. It’s pretty typical this time of year to experience a slowdown in the market in terms of the number of buyers looking for homes. But actually, we have seen an increase in the number of showing requests for the listings we have right now. There are two windows that buyers are trying to hit: Many want to be moved into their new homes by the holidays or at least the end of the year so they can take advantage of the homestead exemption.
2. More homes are for sale. The number of single-family homes for sale has increased in the last month, going from between 1,5000 and 1,900 to between 2,400 and 2,500.
3. Bidding wars have slowed down. Recently, we listed a home on a Friday, and by the next Monday, we had a couple offers come in. Around a month ago, bidding wars were still hot, and many more offers could be anticipated. However, I do expect an increase to happen soon, so get ready.
If you’re thinking about buying or selling, there are a few things to keep in mind. First, interest rates might creep up by the beginning of the year. If you’re a buyer, you might think that it’s best to wait for prices to come down, but since interest rates are going up, now may be the best time to act. Sellers should note that the capital gains taxes will increase as well, so now is the best time to act.
If you have any questions about your upcoming transaction or the market in general, don’t hesitate to reach out to us. We’d be happy to help.
