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Real Estate Market Update – December 2016

Posted by kim carpenter on December 1, 2016
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Numbers for October 2016 just came out and the market shows no signs of slowing down just yet. The number of homes for sale in the market continues to be below last year with inventory down 15%. That said, buyers are finding homes and closed Sales are up 11.4% this quarter compared to the same time last year!

What does this mean for you? First for sellers, this means less competition which can mean shorter times on the market and a higher selling price. Median sales price for October is up over 7% over last year! Does this mean that this isn’t a good time to buy for buyers? Not necessarily. Lower inventory generally means that you need to act quicker and be prepared to pay closer to listing price. You might wonder why you should buy now instead of wait if inventory is low and prices are up. The answer is interest rates. Interest rates are still at historic lows today with the average interest rates currently around 4%. If projections are correct and interest rates continue to rise heading into spring, it might make more sense to buy now rather than waiting. Just a .5% jump in rates can make a huge difference in your payment!

If you would like to learn more about the market conditions specific to your area of town, neighborhood or your actual home, feel free to contact us for an in-home market analysis.

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