Don’t be fooled. Homes are still selling when they are correctly priced. I just sold one today in less than a week. And there are still multiple offer situations for well-priced homes.
Of the 5733 homes on the market today, 44% are under contract in our market. By examining the two charts above you’ll notice that as you go up in price not only do fewer go under contract but also at a slower pace. If there are more pending in a price than active, chances are most of those actives will soon be pending. Look at homes priced between $300k-$350k. While these make up 11% of active inventory, they make up 14% of all pending homes. Conversely, homes priced at $700k-$800k make up 8% of the inventory, but only 4% of those pending.
This is the impact of higher rates: there are fewer buyers in the higher priced brackets causing those homes to take longer to sell and inventory in those ranges to build up.
Looking forward to working with you when you decide to buy or sell.
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