Here’s what’s truly happening in our local real estate market.
What’s really happening in our real estate market? You may have heard things from the national media, but they don’t necessarily reflect what’s going on locally. Today I want to give you a quick update on the state of our market.
One thing you hear from Realtors all over the country is that we have low inventory. It’s true that we have fewer homes for sale now than we did before the pandemic, but there’s another way to look at it. At his last seminar, Gary Keller from Keller Williams said that it’s not that we have low inventory; instead, we have instant sales.
“Now is a great time to lock in a fantastic interest rate and start building equity.”
When I look at the numbers, I see that about the same amount of homes are listed now as before the pandemic. In other words, we don’t have low supply because no one wants to sell. Rather, our low inventory comes from incredible demand for houses.
What does this mean for you? If you’re selling, it’s great news. You can get multiple offers on your home almost instantly, and the subsequent bidding war will drive up the price. For buyers, you’ll have to be extremely competitive, but you can still win a house. If you’re a buyer, you’ll have to make an extremely competitive offer, but you can still win a house. You’ll need a stellar team to help you buy in this market, so reach out to my team and we’ll discuss your situation. There’s no pressure; if now isn’t the time for you to buy, we’ll be honest and tell you.
Another interesting thing Gary Keller said is that whenever the market has crashed, it always bounces back stronger than before. If you’re worried about a crash (and you shouldn’t be), just hold on to your home for 10 years. By the time the market has corrected itself, you’ll be sitting on a ton of equity.
If you are looking to buy or sell, please call or email us. My team has options to fit any need you might have. We look forward to hearing from you!
