You are probably wondering where all the inventory is? Why aren’t homeowners selling? Is it the corona virus? The Presidential Election? Maybe it’s just that the mortgage rates are so low they decided to refinance and stay in their homes instead of selling. Either way we know it’s definitely a sellers market and home buyers are having a tough go of it.
We have been in a sellers market for months now and it continued in the third quarter with a bigger drop in inventory from 3 months in the second quarter to 1.2 months in the third.
In the third quarter we saw 506 new listings, 418 go pending, and 476 sold. The median sold price was $310,000 up 7% from last year.
Mortgage rates are still at an all time low below 3%. With rates this low it is still a good time to buy. If you are buying, you have to be ready to go so make sure you have a pre-approval, through underwriting is even better. Make sure your terms are competitive, shorten your inspection periods to keep the process moving along as quickly as possible. Underwriters are still overloaded so make sure you allow 45 to 60 days to close for government loans and 45 for conventional.
If you are thinking about selling, it is a good time to sell but if you need to buy a home as well you will be facing the same low inventory and multiple offer situations that current buyers are facing right now.
If you need more information on the value of your home for your specific neighborhood, let me know and I can do a custom report for you.
Until next time…
Disclaimer: This is a summary for zipcodes 32080, 32084, 32086, 32092, 32095
