It was an interesting end to the summer in the real estate market. As is normal, sales volumes always decline in the summer. This August was no exception. The difference is that this was the lowest number of sales in the last 5 years for August. Just slightly below this same month last year.

This is due to two parts. The first is that many buyers are sitting on the sidelines with our interest rates at multi-year highs. Higher interest rates coupled with the additional 2% “stress test” qualification simply knock a lot of people out of the market. The ones that are moving forward are doing so slowly and are waiting for the “right” home to show up. This leads into the second part. Many homeowners are choosing not to list their homes for sale to keep their lower interest rates. Inventory is staying low. This low inventory is keeping pricing stable, however, it’s making it harder for the buyers who do want a new home to find the one that they want.

This setup is giving us low sales volumes that are relatively in balance.

If you’re thinking of making a move, one of the key things you can do is prepare your home well. Smart, small, cost-effective updates can be a game changer when it comes to selling your home right now. We provide a pre-listing consultation that helps with just that. We can come by your home and let you know what you should and shouldn’t do when preparing your home for a move. It doesn’t matter when you’re thinking of making a move, even if it’s still a year or more out. Getting together early can help you earn tens of thousands more on your sale.

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