In the world of real estate summer is typically our busiest season. People are thinking about selling during an active market and buyers are on the hunt. This summer is no different. Homes are flying off the market exceptionally quickly. The median cumulative days on market for Greene, Christian and Webster counties is an amazing 12 days. If you’re a buyer in this market, you have to be ready and you have to be aware of the market. We’d be happy to help you prepare to make your move in this fast-paced environment! Another glaring statistic from the second quarter was the List Price to Sold Price ratio. This figure shows us how close to the list price homes sell. For the second quarter that number stood at a median of 99.86%, meaning most homes sold in the area brought close to full price offers. It probably goes without saying that this makes now a great time to list your home! If you want to sell fast at a very high value, give us a call today!
Inventory is very low right now in the Greater Springfield area, though it has increased steadily since the beginning of the year. This means that sellers are fortunate to have plenty of buyers to look at their home. For buyers, however, it’s been a break neck market. Buyers have had to act quickly to secure the homes they want. Lower inventory usually means that you have to be ready to make an offer in a hurry on any property you like. Luckily, inventory is on the rise this month, which will help buyers by offering more to choose from.
MEDIAN HOME PRICES
Sales prices have maintained their momentum through last year, peaking in the second quarter. We expect this to regulate toward the mean over the next few months, but it is not uncommon to see the average sales price and list price increase when more inventory hits the market. Increasing prices is a very good sign for existing homeowners becuase it tends to mean an increase in value across the board. If you’re curious about the value of your home, please feel free to contact us!
DAYS ON MARKET
As mentioned before, the time it takes to sell a home in the Ozarks is very low in the current market. We’ve seen a steady decline in days on market since the beginning of the year, resulting in the total for last month at a median of just 9 days. That’s nearly a full month faster than homes listed in January. In short, if you list your home with an intelligent pricing strategy this summer in the Ozarks, you won’t be waiting long.
Despite an increase in interest rates over the past few months, rates are still historically very low. They’ve been trending lower for more than 30 years, so a hike in rates comes with little surprise. After rumblings all of last year about increases, we expect that dialog to continue in 2018. At this point, no one knows how much rates will go up over the next year. Now is a great time to lock in a fixed rate mortgage at just above 4%.
Source: New feed