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My clients ask me all the time, “Is it a buyer’s or seller’s market?” Well, it really depends on the price segment. Generally, we are in a seller’s market right now. We judge that by the number of homes available for sale versus the number of buyers interested in purchasing those homes.
Since January 1st, the number of homes on the market has increased only slightly, whereas the number of interested buyers entering the marketplace has increased. Sales are up 15% since the beginning of the year, which naturally puts an upward pressure on pricing. Looking at our median price Valley-wide, we are up about 8% to 10% year over year.
A big factor in the state of the market is the current interest rate condition. Interest rates are still historically low, with 30-year fixed rates hovering around 4%, which definitely drives up buyers’ affordability.
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We are in a strong seller’s market.
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Overall, these factors have created a seller’s market. Home values are on the rise and buyers are finding themselves in multiple offer situations. Sometimes, buyers even end up paying above appraisal price for a property.
If you’re a buyer, know that you will be competing with other buyers. Since there aren’t many homes for sale, be a little bit more flexible with the homes you are looking to purchase. Keep in mind that you can always update the home, but you cannot change the location.
If you’re a seller, know that homes are selling relatively fast. Right now, homes sell in an average of 60 days. Be prepared to move onto your next destination relatively quickly.
If you have any other questions about our current market, give me a call or send me an email.
