Description

Key Topics Discussed:

1. Detached Market Update

   • Current Average Price: $605,300 (up 9.5% from last year)
   • Sales: 3,092 (down 0.8% from last year)
   • New Listings: 4,333 (up 18.7% from last year)
   • Inventory: 3,402 (up 5.9% from last year)
   • Days on Market: 19 days (20.2% decrease from last year)

2. Interest Rates

   • Current Rate: Dropped to 4.75% from a higher rate

• Impact on Buyers:

  • With the drop in interest rates, more buyers who were waiting for lower rates are now entering the market.
  • Increased buying power for new buyers leads to higher bids in multiple-offer situations.
  • This trend is likely to continue driving up prices, requiring buyers to make more competitive offers.

• Impact on Sellers:

  • As competition increases, property values are expected to rise.
  • Sellers can benefit from the increasing market value of their homes.
  • More buyers entering the market can make it an advantageous time to sell.

• Property Management News:

  • Exciting development: Paula is obtaining her Property Management license. Great news for those considering renting out their properties!

• Annie’s Crazy Birth Story:

• The market's persistent trends provide consistent data, helping guide clients on making competitive offers.
• Sellers can take advantage of the increasing demand and market values.
• Buyers should be prepared for a competitive market environment.