Our market is GREAT for Sellers – it has NEVER been better, and I can’t imagine how it could BE any better:
*Prices are at an all-time high
* The time it takes to sell is at an all-time low.
That means more money faster for anyone who would like to sell their home. The downside?
The market continues to defy history and challenges us to help our clients who want to buy a home. For several years, we’ve had Sellers who were rightly concerned about seeing any appreciation for their home.
Now, they’re often worried – Can I find a house to move to? And it’s brutally difficult to find homes for folks to move up to (nevermind the first-time buyers who are 1 of 3 or even 10 offers on a home!) There just aren’t many homes for sale:
Months supply is under 2, when it should be 6. We’ve been out of whack for 4 years now. That means we need THREE TIMES as many houses for sale as we have.
The median days on market (half of the homes are sold – those that look the best and are priced competitively) is just EIGHT. That means, don’t wait until the weekend to see that new listing – there’s a 50% chance it will be sold. Exactly 1 decade ago – also a hot market – you had a MONTH median days on market.