As we head into November, we see an overall more balanced market.
Some key takeaways to keep in mind:
Interest rates are higher than they were at the start of the year and lenders are providing programs to ease the monetary burden that come along with higher rates. With options like buying down your rate, programs to waive fees when refinancing in the future, and access to down payment assistance, lenders are just as dedicated as we are to make sure that you are happy in your new home!
We have a wide network of lenders that we frequently work with that have extensive lists of programs tailored to many different needs. Questions? Just ask us!
Days on Market
Median days on market has climbed once again, this time to 13 days, more than triple what we saw in July. Since there are fewer buyers on the market, you can rest assured that you’ll have time and ability to make the best decisions for you and your family.
Average Sale Price
Average Sale Price has steadied once again, tribute to the fact that home prices are adjusting down from the crazy increases that we saw throughout most of the past year.
Months Supply
Inventory is still steadily climbing, meaning you have more options to explore before settling down in a home.
FAQ
Is it still a good time to sell?
The answer is YES. With what is still considered limited inventory, your home will still sell fairly quickly. While you won’t expect it to go under contract the same day, you’ll be able to expect a quick closing with terms that fit your needs.
Is it still a good time to buy?
The answer is YES. Inventory is steadily climbing, meaning that you have more options to explore before choosing a home. Buyers have more leeway when it comes to negotiating terms that work for them. If you have concerns about buying, let us know! Things are often presented to be far more scary than they actually are.
