Market Update

Fall 2018

 There are more homes listed in 2018 than 2017, so more homes are available to buyers.  

 
What this means for sellers
There may be more competition for your home, so pricing and presenting your home at its best is key to getting top dollar.  You still may see multiple offers if your area is highly sought after or if your home offers something that the other homes don’t have. 

 
What this means for buyers 
There are more homes to choose from, less multiple offer situations. 

 

 

Sales price to list price ratio has fallen. 


What this means for buyers 
This means comps from last year may not be entirely applicable.  Some homes received $20,000 over list price, it doesn’t mean you will get the same price as they did last year.  

 
What this means for sellers

Fewer offers means more negotiating power to you!  
 

Home values are still on the rise, 11.2% for the median sales price.  Typical increases are around 4-5% a year.   Experts predict home values to keep increasing, but at a much slower rate for the remaining of the year into 2019. 

 
What this means for sellers
Your home is still increasing value above the national average and is a great investment!  

 

What this means for buyers 
Along with mortgage interest rates on the rise and a lower increase in sales prices, now would be a good time to buy before a larger portion of your monthly payment goes to cover a higher interest on the loan!

 

 

 

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Brokered by JP & Associates REALTORS®