Hi everyone, I hope your week is going well. Over the past two weeks I have noticed a significant increase in new listings as well as people who were on the fence reaching out to me about selling their home. It is normal to see an 10-15% increase in listings in March and April as the summer selling season kicks off, but we are near a 25% increase in listings from early March. I believe a shift is happening and people who want to take advantage of this hot seller's market may happen so fast that it will cool the market some and we will start to see home prices level or even take small price cuts (~5%). This could happen as soon as this summer; so if you have considered selling, now might be the time while you can secure the best price with the best terms.
For now, the market is still very competitive for buyers and in many cases, sellers are still getting over asking price for their home. It is not however a lost cause, offers are getting accepted each day and I was even able to get a contingent, out of state, VA loan offer accepted at asking price. Who you work with matters, if you are hesitant to sell your home because you fear buying a replacement, give me a call and I can let you know what you can honestly expect given the area and price you are considering.
- 5.06% Average Interest Rate on a 30-Year Fixed Rate Mortgage
- 14 Average Days on Market
- 128 Single Family Homes closed escrow last week in the Valley
- 634 Active Listings as of today
- 106.4% Final Sale Price as a % of List Price