Market Report: August 2022
Demand for our area remains high, but we are seeing a deceleration in the housing market.
What does that look like? There are three reasons why it’s still a great time to buy in a shifting market. 1.) Less multiple offers to compete with. In April sellers were seeing 5 offers on their home whereas now in July there is an average of 2+ offers. 2.) Offers are not going over list price and there are more options available. 3.) Mortgage Interest rates dropped from 6% to 5.5% last week according to Scott at the The Mortgage Firm.
Despite the slow down it is still a sellers market. We are still in an inventory shortage BUT inventory is rising. That means it is still a sellers market but more homes are available due to the housing market shift. Sellers are having to make price reductions in order to get offers much less showings. There are not as many bidding wars either, those buyers are not making offers way over list price. Those days are about gone!
Buyers are still searching but competition is not as fierce. Buyers are getting home warranties paid, closing costs covered and repairs done by sellers which was unheard of just 3 months ago.
If you’re thinking about buying or selling in the next 12 months, now is the time to get a plan in place. I understand the financial and logistical complexity of a move. We sold our home with twin toddlers, so I know firsthand how important it is to have a trusted partner to help manage the details while you stay focused on keeping your daily life on the rails. That’s why I’ve made it my mission to provide my clients with the knowledge and tools needed to prepare themselves for this transition. And thanks to a proven process that works, I’ve had the pleasure of helping 100’s of clients over the past 16 years to get the results they deserve so that they can move on to their next chapter with ease.
Real Estate Market Highlights: Sumner August
|2021 YTD||2022 YTD||2021 vs.
|Average Sales Price||$419K||$518K||23%||Last years appreciation : 18%
Current appreciation: 8-10%
A normal market is: 3.5%
|New Listings||486||479||1.4%||Inventory is slowing…still a sellers market|
|Average.Price Per Sq. Foot||$183||$226||23.5%||Some homes have sold as high as $265 sq. foot.|
SimpliHOM Realty OFFICE: 855-856-9466 Website: AmberCarlson.Com Lic#306652