October Market Update
Hey guys! I’m here to give you a quick update on the current housing market. I can tell you things are much different than they were just six months ago. The market is slowing down a little bit and we're seeing soft spots in the market. Now, this does not mean that housing prices are necessarily dropping, but rather the appreciation of homes is slowing down. This is a normal occurrence that needs to happen because there's no way the type of appreciation you were seeing is going to be sustainable.
For Sellers: Homes that were getting 20 to 30 offers and selling for $100,000 over asking price, might only get two offers and $20,000 over asking price. You could even get just the asking price after 5 to 7 days.
That being said, it’s still a great seller's market! But this slowdown means unique homes or homes that are not presented as well sit on the market longer. Presentation is becoming more and more important as we start to see the market shift and luckily, that's one of our specialties! We take everyday homes and turn them into top dollar listings! We call this process our Top Dollar Transformation.
For Buyers: The market is also looking better! We're seeing less competition against others, resulting in more reasonable escalation offers.
So, if you are thinking about buying, selling, or investing in real estate, we would love to take great care of you! If you have any questions, feel free to call us at 253-292-2221 we'll do our best to answer them!
~ Travis Morris