November 2021 Market UpdateBy D. Michael BurkeGreetings, salutations, and happy … Continue reading...
Greetings, salutations, and happy early Thanksgiving. Now that we’re in the final stretch of the year, you might be wondering if the market is still hot. We’re here to tell you it is- and it’s purely a matter of supply and demand.
Not only are median home prices in the US still up substantially compared to where they were during the start of the pandemic, but the nation is also still in the midst of a significant housing shortage. Also, notable, is that while we typically see 15,000-17,000 active listings during any given month, today, we’re seeing an average of roughly 3,100 listings per month (which means there’s less than a months’ worth of inventory). We also don’t see the market replenishing its inventory anytime soon- even if mortgage interest rates start to go up.
Let’s talk about what this means for buyers, sellers, and homeowners who want to sell and buy something new.
First, sellers want to sell, but they’re concerned that they’ll have a hard time purchasing a new home. Suffice to say, if this sounds like you, it’s crucial that you work with an established real estate agent who understands how to negotiate delayed closings and/or leasebacks.
Second, buyers want to buy, but they’re concerned that they’ll be overpaying. Based on my experience in working in real estate, I’m not sure if this is the case— because I see positive equity trends for the next few years as we try to get back to a more “normal” market (i.e., one where we have an average of 6 months home inventory).
Unlike 2007-2009- there’s no bubble to be burst. We’re also not in a market that’s being overrun with predatory lending (like we experienced during the housing crisis), and there are a lot more restrictions out there that are designed to protect buyers.
When we do get back to a “normal market,” I believe we’ll see a stabilization of prices without a major pullback. The prices we’re seeing will likely be the new normal. Our region is finally catching up to California prices, New York & New Jersey coastal prices, and Florida East coast prices.
The bottom line is this- if you own a home and you’re thinking about selling, you’re sitting on a lottery ticket. If you want to cash it in, we should talk about how we can help you both sell your home and helpline you up for your next purchase.
Our experienced team of professionals is here to help you achieve your residential real estate goals. Whether buying or selling, our tools are PROVEN to help you get the most from your transaction!
Let’s chat! Just give us a call at 239-498-7600. We look forward to hearing from you
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