May 2017 Market Report
May 2017 market report saw the listing prices continue to rise slightly. The inventory of homes for sale has been floating below 3 months. The current absorption rate is 2.85. As we have pointed out in our previous reports, this is definately a sellers market. Luckily the appraisals have been able to keep the prices somewhat stabalized in lieu of the major lack of supply.
Finding homes that are available, competitively priced and below $185,000 is very challenging at this point. There are not that many homes for sale in this price range and there is a large demand for them. You will want to try to submit the most competitive offer possible if your fall in this category as a buyer. There is a 35 percent increase in homes sold priced between $200,000 to $300,000 since a year ago. This is due to the appreciation of the homes previously in the next lower price bracket.
If you currently own a home and have been thinking about moving up to a larger home or even downsizing, now would be a great time to accomplish that. Homes are selling fast and interest rates are still fairly low by recent standards. Interest rates are starting to climb though, so you’ll get the most bang for your buck now. Please contact us today to schedule an appointment to find out the best way to go about a sell and buy simultaneously.