What we’re seeing is that the real estate market is mixed. For example, typically when school is back in session, it can signal a major shift. The thinking is that families have already bought a home, moved, and settled in before the start of the school year – halting their house hunting. That’s not the case lately. This month, we’re seeing a pick-up in sales and expect it to continue through September, given interest rates have dropped in recent after a very quick and dramatic increase up through July.
While incredible properties are still selling at some of their highest prices ever, the overall average sales price has dropped, as has the total number of homes being sold each month. The good news for buyers - there is more home inventory available and prices are starting to rein in.
Here are some variables we see:
- A balance between properties that get multiple offers versus some that experience a price reduction
- Other properties are transitioning from ‘for sale’ to ‘for rent'
- Highly coveted properties are selling well over asking price
All in all, our team members are here to guide you through the pivots seamlessly. This is a great time to connect with us to discuss how to best present your home or refine your search.