Today I’m here with your fall market update.
Usually, the fall market is a little bit soft. However, only 10% of homes currently on the market are under the $1 million mark. As a result, home values are definitely higher right now.
Another thing that’s unusual for fall is the number of homes on the market. Right now, there are 156 homes for sale. Typically, there are only about 90 to 100 homes on the market because fall usually turns into a buyer’s market.
In the spring, the average days on market is usually about 30 to 40 days. In the fall, the average days on market goes up to about 70 or 80 days, as homes tend to take a little longer to sell this time of year. That trend will continue through Thanksgiving and Christmas, but you will start to see the average days on market drop again in February.
As for multiple offers, we are not seeing as many multiple offer situations as we were in the spring and summer. If you are priced under $1 million, though, your home can get a few offers. If your home is priced right at or just below market value, you will draw multiple offers, just not as many as you would in the spring.
Finally, interest rates are still very good right now. You can get a 30-year fixed loan with a 3.2% interest rate. The 15-year rate is down to 3.5%. However, depending on how the election goes and on what happens in our economy, we may start to see those rates pick up after the first of the year.
If you have any other questions about our current market, give me a call or send me an email. I would be happy to help you!