$\"What$ <\/p>\n

As you follow the news, you\u2019re likely seeing headlines discussing what\u2019s going on in today\u2019s housing market. Chances are high that some of the more recent storylines you\u2019ve come across mention terms like cooling<\/em> or slowing<\/em> when talking about where the market is headed.<\/span><\/p>\n

But what do these terms mean?<\/strong> The housing market today is anything but normal<\/a>, and it\u2019s still an incredibly strong sellers\u2019 market<\/a>, especially when compared to the few years leading up to the pandemic. With that in mind, what can previous years tell us about today\u2019s real estate market and if it\u2019s truly slowing?<\/p>\n

We\u2019re Still Seeing an Above Average Number of Sales<\/strong><\/h4>\nYou may see headlines about a drop in home sales. But are those headlines telling the full story? The most recent Existing Home Sales Report<\/em><\/a> from the National Association of Realtors <\/em>(NAR) does show a drop of about 2% from July to August. But the month-over-month decline doesn\u2019t provide the full picture (see graph below)<\/em>: $\"What$ <\/a>As the graph shows, historical context is key. Today\u2019s home sales are well ahead of some of the more normal years that led up to the health crisis.<\/strong> That means buyers are still in the market, which is great news if you\u2019re planning to list your home.<\/p>\n
Houses Are Selling Faster Than Usual<\/strong><\/h4>\nWhen headlines mention the market is slowing, sellers may naturally wonder if their house will sell as quickly as they\u2019d like. According to the most recent Realtors Confidence Index<\/em><\/a> from NAR, homes are still selling at record<\/strong> speed<\/strong> (see graph below)<\/em>: $\"What$ <\/a>Again, if we look back at data from previous years, we can see the average time on market<\/a> \u2013 17 days \u2013\u00a0 means homes are selling faster than a normal pace. <\/strong><\/p>\n
Bidding Wars Are Still the Norm<\/strong><\/h4>\nThe Realtors Confidence Index <\/em>from NAR also shows a drop in the average number of offers homes are receiving in August, and many headlines may simply focus there without providing the important context (see graph below)<\/em>: $\"What$ <\/a>Again, it\u2019s important to compare today\u2019s market to trends from recent years. Currently, the average number of<\/strong> offers per listing is higher than 39 of the previous 45 months.<\/strong> That means the likelihood of a bidding war on your home is still high. And the number of offers your house receives can have a major influence on the final sale price.<\/strong><\/p>\n
So, Is the Market Slowing Down?<\/strong><\/h4>\nWhile there are slight declines in various month-to-month data, it\u2019s important to keep historical context in mind when determining what\u2019s happening in today\u2019s market<\/a>. Odeta Kushi, Deputy Chief Economist<\/em> at First American<\/em>, put it best recently, saying<\/a>:<\/p>\n
\n
\u201cIt\u2019s not the white-hot market from earlier in the year & it\u2019s not the 2020 market benefiting from a wave of pent-up demand but make no mistake this is still a hot housing market.\u201d<\/strong><\/em><\/p>\n<\/blockquote>\n
Bottom Line<\/strong><\/h3>\nDon\u2019t let headlines make you rethink listing your home this fall<\/a>. Selling today means you can still take advantage of high buyer demand, multiple offers, and a quick sale. If you\u2019re thinking of selling your house, let\u2019s connect and discuss why this fall is the perfect time to do so.<\/p>\n<\/div>\n\n<\/body>","protected":false},"excerpt":{"rendered":"
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