As we move from summer into fall, let’s pause for a quick market update.
First of all, is the market still hot? It depends on the inventory. If you are a buyer or seller in the $300,000 and under price range, inventory is still very tight—with only two weeks of inventory available.
If you are buying or selling in the $400,000 to $700,000 price range, there are some interesting things happening. Sellers are getting a little aggressive and price reductions are becoming more common.
Interest rates continue to hover in the fours or just below, so there is still strong incentive for buyers to get out there and make a move.
“In the $300,000 and under price range, there are only two weeks of inventory available!”
What does all of this mean to you?
If you’re a buyer in the $300,000 and under range, the competition is stiff. Multiple offers are common, so be prepared for that.
If you are a buyer or seller above $400,000, price reductions are more common. If you are a seller, make sure that you are priced a bit more aggressively than the competition. If you are a buyer, there could be some room for negotiation, so be ready.
If you have any other questions about our current market or would like to know more about your specific neighborhood, give us a call or send us an email. We would be happy to help you!