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What's Up Southeast Valley? November 2018

The Amy Jones Group
Nov 8 5 minutes read

We're Thankful for You...

November, the month that follows the excitement of Halloween and gets us ready for the winter festivities.

But let's not overlook this crucial month, where the market is showing signs of shifting and shopping for short-term goods can interfere with long-term goals for the new year.

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📈 Market Update

💬 What the Market Says

  • The supply of active listings without a contract rose 6.7% during the month of October, while total active listings increased by 5.0%. 

These are much bigger increases than we saw in October of last year, so there has once again been an improvement in supply. This was not due to an increase in new listings, in fact, we saw 3% fewer new listings during October compared with 2017.

👉 What It Means For You

The market is simply balancing itself out in a healthy way. We are seeing a decline in the extreme seller’s market and heightened appreciation rates. This cooldown marks an important time for buyers and sellers to consider their current situations.

Price cuts are getting more common - we saw the highest number of price cuts during the end of October since February 2015. This does not necessarily mean a decline in sale price, only a decline in sellers’ expectations for appreciation. Sales price trends may still continue to rise, but perhaps only 5% instead of 8%, for example. Another option is to agree to a concession, such as paying a portion of closing costs or a home warranty.

👩🏻‍💼 What You Can Do

If you're looking to sell your home, you'll want to act quickly, as this shift marks the beginning of a cooldown. You need to balance whether you’d like to sell within the next fiscal quarter or wait 3-5 years for a healthy seller’s market to return. Contact us today to discuss the value of your home and what it will sell for in today’s market.

If you're looking to buy a home, this is a great time for you to start your home search, as inventory continues to expand and there is more wiggle room for seller concessions and negotiation. You can still lock in very affordable rates and see a good rate of appreciation moving forward. Contact us to help you start the buying journey.

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👏 Congratulations! Mazel Tov! ¡Felicidades!

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