As you follow the news, you’re likely seeing headlines discussing what’s going on in today’s housing market. Chances are high that some of the more recent storylines you’ve come across mention terms like cooling of slowing wheen talking about where the market is headed.
But what do these terms mean?
The housing market today is anything but normal and it’s still an incredibly strong sellers’ market especially when compared to the few years leading up to the pandemic. With that in mind, what can previous years tell us about today’s real estate market and if it’s truly slowing?
We’re still seeing an above average number of sales
Headlines are saying there will be a drop in home sales. But the most recent reports does show a drop of about 2% from July to August. But the month-over-month decline doesn’t provide the full picture.
Today’s home sales are well ahead of some of the more normal years that led up to the health crisis. That means buyers are still in the market, which is great news of you are planning to list your home.
Houses are selling faster than usual
When headlines mention the market is slowing, sellers may naturally wonder if their house will sell as quickly as they would like. According to the most recent reports, homes are still selling at record speed.
Bidding wars are still the norm
A report from NAR shows a drop in the average number of offers homes are receiving in August, and many headlines may simply focus there without providing the important context.
Again, it’s important to compare today’s market to trends from recent years. Currently, the averrage number of offers per listing is higher than 39 of the previouos 45 months.
So, is the market slowing down?
While there are slight declines in various month-to-month data, it’s important to keep historical context in mind when determining what’s happening in todays market.
Bottom Line
Don’t let headlines make you rethink listing your home this fall. Selling today means you can still take advantage of high buyer demand, multiple offers, and a quick sale. If you’re thinking of selling your home, give me a call.