According to an inventory data from realtor.com, new listings on the market decreased in the last four years, as well as carry over inventory, since more properties are now sold faster.
Disruptions in the supply chain caused almost every industry to struggle these past few years. In the US, this also applies to the real estate market. More people are looking for homes, yet the supply of properties is at an all-time low.
A Word for Buyers
Interest rates creep up a little bit, which are kind of keeping those buyers held back a little bit, but buyers should keep in mind that when it comes to interest rates, 4% is still an amazing interest rate.
If you look at the past 30 years, the average interest rate is 8%.
If you look at a normal stabilized market, interest rates hover between 7% and 8%. The high over the past 30 years was actually 19% and the low around 2.65%, which was about a year ago, a year and a half ago.
So, are we seeing interest rates tick up? Yes, but this shouldn't be slowing down the buyer flow.
A Wake-Up Call to Sellers
We have a shortage of inventory. We have a good market for buyers to continue to buy at a great interest rate and get more for their dollar and be able to afford. Sellers, it is time for you to hit the market.
Waiting this out doesn't guarantee anything. Once newly built homes are completed, the competition will surely increase in your area. If you want to enjoy what the market has to offer, the best time to list is now.
If you want to know what your neighborhood looks like, you want to get specific about your property, if you want to talk about the options that you have as a seller, the process of buying a home, the 22 steps that we have laid out to go from the home search, to negotiating an offer, getting your offer accepted in this crazy market, and getting you to the closing table, give us a call over here at the Island Wide Team!
We look forward to talking to you, have a great day!
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