June 2021 Statistics
June 2021 Housing Statistics
WHAT DO THE STATS SAY?
They say what they have been saying for the last 12 months; inventory is down and sales are up. For the 12th month in a row, we've seen the same conditions play a role in this. Interest rates are historically low, and demand is up for homes in the area. You can also add that new construction has slowed down to a trickle in most areas.
SO PRICES ARE CRAZY, RIGHT?
Yes and no. If you look at the graph, homes are selling at 100% of asking price. This means that some homes are selling at asking price, but some are still selling at asking price or below. You've heard about the rest of the country having crazy sale prices, but we aren't seeing as much of that here.
The reason is because we are a choice market, not a need market. We don't live in an area where most of our buyers transfer in due to jobs. The majority of our buyers are purchasing second homes or moving here after retirement. Because of that, buyers are willing to hold on to their money if they feel the price doesn't work for them.
WHAT DOES THE MARKET LOOK LIKE TODAY?
A lot of Realtors have seen a bit of a slow-down. A lot of new listings have fewer people walk through and fewer offers. That's not to say homes aren't selling within a few days; they are. But, the feeding frenzy seems to have died down. As we head into what is typically our busiest season, we will see if that trend continues or if we pick back up again.
The advice for buyers is still the same. Come prepared! Make sure you have your pre-approval or proof of funds before you start looking. Sellers are requiring proof of the ability to purchase more than ever. Some sellers are asking for appraisal gaps and cash is still king.
Sellers still need to put their best foot forward. Clean up, declutter, and stage your home properly. Buyers will still base offers partly on presentation. You still have the ability to ask for longer closing dates or even leasebacks so you can find your next home.
Right now this is the new norm. Once our season gets here, we are expecting to pick up again. Be prepared, be patient, and you will succeed!