In real estate, it’s normal to see ebbs and flows in the market. Typically, the summer months are slower-paced than the traditionally busy spring. But this isn’t a typical summer. The real estate market is having an unusually strong summer season.
Here’s how this summer is stacking up against the norm and what it means for you.
Inventory is increasing.
According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), inventory levels have been rising since February of this year. Currently, there’s roughly a 2.5 months’ supply of homes for sale. Though while inventory is trending up as more houses are coming to the market, it’s still much lower than several of the previous summers.
If you’re looking to buy, some relief is on the way in the form of more homes coming to the market. Just remember, we still have less inventory than usual, so be patient in your search.
If you’re thinking of selling, now is the time. I recommend listing your home before it has more competition on the market.
Time on the market is still shorter than normal.
Unlike the typical summer trend, time on the market is moving at the fastest speed we’ve seen since NAR started collecting this survey-based information in 2011. The most recent Realtors Confidence Index shows that the average home is on the market for just 17 days. This means houses are selling at a much faster pace than a typical summer.
If you’re looking to buy, this means you need to be prepared to move fast. Brace for a quick pace and rely on me to stay in the know on the available homes.
If you’re thinking of selling, data shows your house will likely sell quickly.
Price appreciation is still rising.
The last big factor making this an unusually strong market this summer is home price appreciation. According to the State House Price Index from the Federal Housing Finance Agency (FHFA), we’re currently experiencing double-digit house price appreciation and have an average of 12.6% appreciation across the country. Our current levels are well above what we’ve seen in recent summers.
If you’re looking to buy, competition and bidding wars are driving prices up. Getting pre-approved can show the seller you’re serious and help you know what you can afford. Once you do, work with me to make a strong offer that stands out.
If you’re thinking of selling, seize this opportunity to use your additional equity from this price appreciation to power your next move.
This isn’t a typical summer. Whether you’re buying or selling, contact me for expert advice on how to capitalize on today’s market conditions to sell your house or find your dream home.