The Numbers Are In! What does this mean for you?

The Home sale stats for September 2024 are in. Compared to August we have seen a slight increase in the Average Sale Price from $629,259 in August to $641,583 in September. This slight increase in average sale price was largely expected given the recent drops in the key interest rate. We have also seen that the median days on market dropped from 26 to 23. Meaning homes are not sitting for as long. So what does this mean for you?

Sellers

For those of you that are just selling your home and not planning on purchasing a new one the drop in interest rates is bringing more buyers back to the market. Hopefully this results in more showings on your property, which will result in a better chance of getting a quick offer. There is still a lot of choice in the market for the buyers right now though, so make sure you are hiring yourself a great professional that can help market your home and make it stand out amongst all the other options. Having a great Real Estate Salesperson on your side can make a huge difference in your selling Experience!

Buyers

For those of you looking to buy for the first time, or purchase an investment property now may be the best opportunity. With Interest Rates Dropping and Home Prices not increasing by too much it could be a great time to buy. There is also a lot of inventory out there, meaning you don’t have to settle for a home that doesn’t fit your needs. With the average home taking about three weeks to sell, you have longer to think about your decision, plus the ability to bring conditions back to your offer. Having the protection of a condition of finance or home inspection is a much better way to buy a house! Make sure you are using a qualified agent that has your best interest in mind. Starting your search by going to open houses is great, but reaching out to an agent that can search for you, narrow down properties, help you to notice things you may miss about the condition of the home, what conditions to include, and to advocate for you during the offer process can make a huge difference in your stress levels during this exciting but stressful time.

Buying and Selling?

If you are looking to sell your home and buy a new one this balanced market could be the perfect time for you! If you purchased your home before 2020 there is a good chance you still have a lot of equity built up in your current home that you can use towards a down payment on your new home. You also have the flexibility of being able to list your house while you are looking for your new home. With the inventory higher your chance of getting an offer accepted with a condition of sale of your current property is also much higher. Being able to include that condition gives you peace of mind when placing an offer on your new home that you won’t be stuck with two mortgages.

 

So is now the time to buy?

There is never one right answer for everyone. Though with stabilized prices, and dropping interest rates this may be the best time for you! I suggest you reach out to a trusted Sales Professional to see what your options may be. As always I am here and happy to help you with your home buying and selling needs, and I am always happy to meet with you to discuss your options, with no high pressure sales tactics.