It sure has been a crazy year in real estate! Couple that with opening 73 Degrees Realty and chasing after 2 little boys, I apologize for missing the last couple reports. Here’s the bullet-point punch list:
Rates: At Historic Lows. Most clients are seeing rates from 3.25-3.75
Inventory: Extremely low. As low as it’s been in over 8 years
Sales: Sales are steady & buyers outnumber the active listings
These are the main 3 factors pushing our market right now. I am seeing multiple offers on almost every listing & it has become extremely hard to find a good home for my buyers without paying 5% more than recent comps. There is very little for today’s buyers to choose from. Add in the lowest rates in history and you may have already guessed that many areas have seen home values go up this year. This is most notable in the entry level home neighborhoods where competition is fierce. I expect this upward momentum to continue for the next 3-6 months.
If you’d like to know more specifics about your home’s value or your local neighborhood stats, just let us know!