This last Quarter, I had the opportunity to attend a national real estate conference where I was able to pick up many great facts on market trends and how to better market my client’s listings. Here is your fall 2018 market update:
95th Month of Job Growth
When we think about job growth, this is a big indicator that affects the housing market. This tends to bring with it a confident buying market because there are more people with jobs to be able to afford a monthly mortgage payment.
DOW Market on the Rise
We’ve seen incredible growth within the DOW recently, which brings high consumer confidence.
Existing Home Sales on a Slight Decline and New Construction Rising Slightly
We’ve seen a slight decline in existing home sales and a slight increase in new construction recently. This is nationwide, as well as, here in the Metro area. One thing that new construction brings to the market is new ideas and right here in Washington County we have a large inventory of new construction homes. What this means for the market is that there are still a lot of lower-end homes that we call our “entry market” and this is a very strong buying market right now.
As a seller, home affordability is going down because of market availability and the rising price of homes. This is why it’s important that we position your home so that it works well for a buyer. As a buyer, we want to help you make sure that you’re making a smart real estate decision now so that when it comes time for you to sell that property you are set up for success.
Mortgage rates are on the rise and will continue to rise, so if you’re thinking of buying a home now would be the time. I also want you to remember that back in 1981 when rates were at about 16%, we are now at 5% and that’s the highest that we have been at in a long time. When I think back to my first townhome, I think I was at 14%.
Right now, 11% of homeowners out there are thinking of selling and 44% of renters are looking to buy. With all of this in mind, it’s still a great time to list your home or purchase a home. Please contact us if you have any questions.