What's Up Southeast Valley? December 2018
We're officially into sweater season at the Amy Jones Group. This month we've been helping clients buy and sell their homes before Santa arrives!
📺 Watch our LIVE!
📈 Market Update
💬 What the Market Says
- Inventory has gotten a little stale, down 26% from last December in nearly every price range under $1.5M
- Seller-assisted closing costs have risen for sales between $175K-$300K
- Price reductions rose 25% in the first week of December compared to last year
- The average rate on a 30-year fixed loan rose from 4.63% to 4.83% between October 4-7, taking winds out of October buyers closing in November
- Rates peaked at 4.94% between November 8 and November 15 and have since been on a downward trajectory
👉 What It Means For You
We generally call the winter months the calm before the storm, as the number of buyers accelerates in the spring. It is also considered one of the best times to buy before those who took a home search vacation will be coming back to the market.
We are still in a seller's market, despite an increase in price reductions and seller-assisted closing costs.
Lastly, we saw a sluggish November and start to this month due, in part, to a rate increase. This meant that those looking in October may have put their home search on pause to see if rates would improve or to save a little more. They peaked at 4.94% during mid-November, but have since seen a downward trend, lowering to 4.75% on average as of December 6.
👩🏻💼 What You Can Do
If you're looking to buy a home, don't wait until April showers to bring May closings. The best time to start your search is now, when rates are still declining, seller concessions and price reductions are up, and there are fewer buyers to compete with. Not sure where to start? See our simple 8-step process for buying a home here.
If you're looking to sell your home, you'll want to act quickly, as experts say that your home will have more competition in 2019 than it did in years past. This means you should be making repairs and improvements now to bring your home to market in early January. Unsure of which improvements will give you the best return for your money or what to look for? Contact us and one of our experienced listing agents can help with a walkthrough and consultation.
🙈 In Case You Missed It...
👏 Congratulations! Mazel Tov! ¡Felicidades!
None of this is possible without our amazing clients.
We'd love to help you or someone you love if we haven't already - or help you again!
Here are the buyers and sellers who made big moves last month...
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