If you’ve been thinking about selling your house, you’ve probably heard that the market’s cooling off, or “resetting” (as Federal Reserve Chairman, Jerome Powell, recently put it.) So you might be wondering if that means you won’t be able to get as much money for your house as your neighbors did a few weeks back.
On the other hand, there are still reports that house prices are still rising, like in this realtor.com article, which makes you wonder if you could actually get more money than they did!
So, what’s the truth?
There’s no one-size-fits-all answer to that question. Real estate functions on a very local level, and much of what you read is referring to the broader, national market. Indiana is not Phoenix or Las Vegas (where the major price reductions are occurring.) Not only does the general area you live in matter, but the specific price range or neighborhood your house is in can affect whether or not you get more or less for your house. Know that I am here to help you with this!
Prices are up 20% over a year ago and appear to be accelerating, with the average home now selling for an even 300k. (Call me if you want to sell this summer, it’s still looking good!)
Closings were up 9% from May but down 6% from a year ago. (Not sure how to figure that one out!)
The BIG news may have been New Listings increased 16% from the previous month and 11% from a year ago. (That’s WELCOME NEWS for HOME BUYERS.)
Active inventory is now up a whopping 64% over last year this time!
