Today we’re standing outside one of our great listings to give you a quick market update.
Inventory is still really low in our marketplace. As a matter of fact, if you’re a buyer or seller looking to make a move below the $300,000 price range, the inventory level is a little bit over a half a month. If you’re above the $300,000 price range, it’s just below two months. The market overall has about a one-month level of inventory. This means that if all listing activity were to stop today, it would take that amount of time to sell every last house that’s listed.
This means that if you plan on selling your home under the $300,000 price range, you should act quickly. Have all the necessary steps laid out and be prepared in advance to find your next home. If you plan on to selling it above the $300,000 price range, you may be on the market a little bit longer. Be patient, though, because the offers will still come, only at a slower pace.
Not too long ago, interest rates spiked a little bit, but they’ve since come back down. All in all, it’s still a really great time to buy real estate.
If you have any real estate questions or topics you’d like to see us discuss in a future video, please don’t hesitate to contact us or a member of our team. We’d be happy to help!