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Today, I’m here with a quick market update for 2016.
The number of active listings on the market has dropped significantly. During the downturn, builders stopped building and lenders stopped making loans, creating pent-up demand for housing. Buyers are out in droves looking for homes, and there are more buyers out there than there are homes on the market.
We have less than six months of inventory available, which means we are currently in a seller’s market. Right now, it would only take 3 months to absorb the active listings on the market. Sellers have an outstanding opportunity to get top dollar on their home.
The average sold price has significantly increased over the last couple years, and 2016 was no exception. A lot of sellers are getting multiple offers and gaining back quite a bit of the equity that was lost during the market downturn.
What does all of this mean for buyers? You should jump into the market right now. Interest rates are hovering around 4% or less. If you borrow $150,000, your monthly mortgage payment will be about $715. You can buy a lot of house for that!
If you have any questions, give me a call or send me an email. I would be happy to help you!
