We’re now in Q4 of 2019 and consumer confidence is high as we head into this market update. One thing that many clients are asking me is, “how are these China and trade tariffs going to affect the housing market?” From this also comes, “should I sell now or wait until Spring?” These are all very valid questions, but here’s what we know from 25+ years in the market.
Rates are Still Low
Rates are still very low compared to when I purchased my first property and even when I first entered the real estate market as a Realtor. Buying a home has never been more affordable than it has recently, which helps with consumer confidence.
Consumer Confidence is High
This is the one factor that is most impactful on home sales and the most predictable. When buyer confidence is low, we see fewer home sales. When buyer confidence is high, we see more sales. Right now, we are seeing very high consumer confidence and has led us into this current seller’s market. I mean, look at how many businesses are looking for good employees because they are growing. Look at how many dealerships are investing in their businesses to grow. All these things are a good sign that consumer confidence is high and seller’s are in a great position with low inventory in the market.
Inventory is Low
To put this into perspective, we now have 11,000 homes on the market and just 10 years ago we had 30,000 homes on the market. It was a different market back then and we had way more inventory in more of a buyer’s market. What this has shown us over the past few years is that sellers are getting a great price for their home. Then on the flip side, we are being creative in the real estate industry of helping people find the right home once they sell.
If you’re wondering if you should sell your home now or wait, we think you’re going to be fine either way. Except, we like working with a known commodity and right now we know the rates are good and consumer confidence is high. This means there would be no reason to wait at this time. If you’d like to talk more about your current home, please contact us and we’s be happy to help.