Are you looking to win the home you want in our current market? Here are a few statistics you can use that will help you do so.
The first stat, which is a leading indicator of the real estate market, is the number of new homes coming on the market. At the moment, the number of new homes coming on the market is down 28% compared to this time last year. This means you have almost 30% fewer options than you did last year.
The next stat we look at is homes going into escrow, or however many homes coming on the market that are actually selling right now. This number is almost unchanged from this time last year. Last year, there were 83 homes going into escrow; this year, there are 83 as well. This means if you’re out looking for homes, you will face a lot of competition.
The last stat we’ll examine is home prices and how they stack up this year compared to last year. On average, homes prices are up 6.4% from this time last year.
“Use these numbers to present your best possible offer.”
These numbers mean we’re in a very strong seller’s market. Homes are selling for all-time-high prices—even higher than the homes sold between 2004 and 2006. Any buyers out there looking for homes can expect to face stiff competition from other buyers. We’re seeing many make multiple offers on different homes before finding the one they want.
As a buyer, you must be mindful of this information and do your research on the areas that are most important to you. Use these tactics to present the best possible offer and make sure you have a good agent writing that offer. That’s the best way to find the home you want in our market.
If you have any more questions about our market or you’re looking to buy or sell a home, don’t hesitate to reach out to me. I’d be happy to help.