Two things you need to know about what's happening in our market right now. Here's a market update:
As I mentioned above- interest rates are CRAZY low! The lowest they've been in years. They topped out at over 5% at the end of last year and now they are down to 3.5% (on a VA loan or a 15-yr they are as low as 3%!)
Homes are sitting on the market longer and price reductions are happening. The month of June alone saw 1709 price reductions. out of 3800 homes for sale. That's 44% of the inventory that had a price reduction!
What does this information mean? It means the market may be stabilizing. More homes on the market mean more inventory for buyers to choose from. Sales for the first half of 2019 are really on par with sales for the first half of 2018. So sales are still happening and our market is still going great, but sellers take note when pricing- with more competition out there you need your home to show it's best and be priced well! With interest rates remaining low buyers are still out in full force, but have more options to choose from now. Thanks to my dear friend at Simply Des Moines who is a real estate statistics guru.. he shared these interesting charts to show the current amount of price reductions and also current inventory through June compared to the last 3 years.
