Local Real Estate Market Monthly Update – Sep 2018
Clients are saying to me, “I missed the hot selling season (the spring market). Do you think I will be able to sell my home?” YES. There are a ton of buyers out there looking. With how low inventory is, it simply does not matter. Now is a great time to sell. We don’t have enough inventory to meet demands in the first-time buyer and move-up markets.
According to data from CoreLogic, the inventory for the starter home market is down 14.5% year over year, but prices are up 9.4%. Even though national inventory is up, the starter home market supply is dramatically down. That will likely continue to be the case because young people are driving this market.
Now let’s switch gears and talk about down payments. There is a huge misconception that people believe they need to put 20% down on a home, and that’s simply not true. There are loan programs out there where you can put as little as 3% of the purchase down. There are lots of opportunities in which buyers aren’t pressed to put 20% down on a home and start building equity.
Finally, when will the market change? Well, it is thought that going into the end of 2019 we may experience an economic slow down. So if you are thinking selling, now is the time!