What buyers and sellers need to know about our local housing market.

Today, I’m bringing you the monthly market update so you can see exactly what’s going on. If you look at the average sales price at 0:13 in the video, you can see that the average sales price is $402,517. This number is still up 12% over this time last year. That means that home values are staying really strong right now.

The next statistic I like to look at is days on market. In September, it was eight days, and in October, it was also eight days. The average days on market is slowly creeping up, but it’s still really low.

Next, let’s look at the list-to-sales-price ratio. That gives us an idea of how much negotiating goes along with purchasing a house. In September, it was a little over 100%. In October, it was very similar, so homes are still selling at high prices.

“Rate buydowns are a great option for today’s buyers. ”

Sellers are still doing very well in this market. So that begs the question: How about the buyers? Everybody knows that the interest rate is up to 7%. However, one thing I love about this country is that anytime we’re in a situation like this, people in the industry figure out solutions.

Right now, buyers can opt for a buydown, where you pay money upfront to lower your interest rate. Another thing we’re seeing, which I haven’t seen since I got in the business 23 years ago, is assumable mortgages. With these, you can take on a seller’s current mortgage and their lower interest rate. 

If you’d like some specific home-buying advice or have any other questions, please call or email me. I am always willing to help!