July has slowed down a little bit compared to June. We saw lower or a flat number of new listings coming on the market but the majority of the zip codes did see an increase in sold listings.
We are currently seeing 3.5 months of inventory which is extremely low. The drop in listings may bring our inventory down even further as we head into August.
We also saw an all time low in mortgage rates last month, dropping below 3%. These low rates have sparked refi’s which may be one of the reasons we are continuing to see lower inventory with Homeowners deciding not to sell but to stay in their home.
With rates this low it is still a good time to buy but buyers need to be prepared and ready to go. Have your pre-approval ready and a pre-qualification through underwriting is even better. Buyers will be facing multiple offer situations in certain areas so be prepared to compete.
If you are thinking about selling, it is a good time to sell, competition is low and buyers are in need of homes.
If you need more information on the value of your home for your specific property in 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