October Market Update:
As we move into the fourth quarter and prepare for the expected seasonal slowdown, there seems to be some signs of life entering back into the market. But I would caution those who think the buying rush is coming and it’s time to get your house on the market at a premium price. The truth is inventory levels are starting to increase, but, is it because more people are listing their homes? Or is it because less buyers are writing offers? We are seeing a bit of both and that is evidenced by longer days on market (homes are not selling as fast as they were last year) and we now have over five months of supply in inventory.
I think this is because interest rates didn’t drop as much as we had hoped and many are waiting out the election to see if they want to get off the fence to purchase. But there is a bright side! There are deals to be made. If you are considering buying, then increasing inventory and increased days on market should be music to your ears! It may make sense to refresh your pre-qualification and see what deals you may find! If you are considering making a move, give me a call and let’s see what opportunities are waiting for you!
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