Monthly Archives: November 2022
November Real Estate Market Update with Dave and Travis!
First, my friend Marty Van Diest with Valley Market Real Estate shares my fondness for putting together the market trends to help predict where things are going. He took a look at the month of October sales for the last 5 years which I think illustrates well where we site right now. His numbers are for the entire Mat-Su Valley residential real estate FYI. There has been a big drop in the number of sales (this is true nationwide as well). 171 closed sales in October of this year versus 183 back in "normal" 2019 tells some of the story. Notice though that the average sales price is up considerably (roughly 35%) since 2019 highlighting the incredible gain in equity we have seen in the last couple years! Most people will say that the higher interest rates are the main cause in the drop in sales. Sure it is part of the reason but the big driver I think is lack of supply (again a nationwide issue). More about that below when we look at supply and demand. Travis & I have about 5 buyers ready to buy if we could just find them the right property, generally in the $300-400,000 price range. Nice homes listing in that range are still selling quickly and for top dollar. And mortgage interest rates dropped nicely of late which is helpful. Read More
Top Questions About Selling Your Home This Winter
Even though the supply of homes for sale has increased in 2022, inventory is still low overall. That means it’s still a sellers’ market. The graph below helps put the inventory growth into perspective. Using data from the National Association of Realtors (NAR), it shows just how far off we are from flipping to a buyers’ market: While buyers have regained some negotiation power as inventory has grown, you haven’t missed your window to sell. Your house could still stand out since inventory is low, especially if you list now while other sellers hold off until after the holiday rush and the start of the new year. Read More
What’s Ahead for Mortgage Rates and Home Prices?
There’s no doubt mortgage rates have skyrocketed this year as the market responded to high inflation. The increases we’ve seen were fast and dramatic, and the average 30-year fixed mortgage rate even surpassed 7% at the end of last month. In fact, it’s the first time they’ve risen this high in over 20 years Read More