Q: What Does Our Hot Market Mean for Buyers & Sellers?

Our market is hot, and we need more inventory. 

Summer has arrived, and the temperature is not the only thing heating up. The real estate market is moving quickly, aided by incredibly low interest rates. The average for a 30-year fixed rate for well-qualified borrowers is at or below 3%. 

This means a lot of folks are looking to buy, which has led us to an interesting juncture: We need more inventory. Supply is low considering the number of buyers out there. In the last 15 days (as of the recording of this video), we saw 868 new homes hit the market. Of those, 244 are already under contract. Homes are selling quickly, but not all of them. During that same time frame, 707 homes underwent a price adjustment. 

Why are those price adjustments happening in such a hot market? Perhaps those homes weren’t priced right for their condition. Perhaps their sellers felt comfortable listing them at a higher price. In any case, buyers are being patient. So, if you’re listing your home soon, make sure you use sound guidance when pricing for today's moving real estate market.

There’s a lot going on in the market, and no matter what your plans are, the Upstate Home Team would love to partner with you in your real estate needs. Right now there are actually more real estate professionals than there are houses for sale, so it’s important that you align with someone who will give you the right advice and help you through the transaction. 

If you’d like us to help you with your real estate goals or have any questions at all, feel free to reach out anytime. We’re here to help.