2 minute read
Realtor® Jessica Andrus Featurette
Market Trends
How’s the market doing? This is the question we in the real estate profession get asked daily, even before being asked how we are doing or how’s the family. It’s a hot topic for sure, and a complex one. The easy answer: If you are thinking about selling, absolutely NOW is the time to do it. Nationwide real estate inventory is low and interest rates are creeping up. The National Association of Realtors predicts that home sales will decrease by 2-4% with the increased mortgage rates. If this trend continues and worsens, it’s predicted we could see up to a 10% decrease by the beginning of 2023. In our local market, prices continue to trend up. As of April in Lee County, the average sales price has risen $40k in the past 12 months. In Auburn city that number is a shocking $70k increase in average sold price. How long can this kind of trend be sustained, especially considering that the average home buyer is paying $300-$500 more on their monthly mortgage payment now than they would have at the beginning of the year due to interest rates? At some point, purchasers who can afford these high price tags and higher interest rates will balance out with the number of homes available for them to buy. Multiple offers will decrease. Homes, especially in the higher price ranges, will begin to sit on the market longer. In my opinion, this will slowly bring balance and “cooling” to our local market. But when will it happen? No one can say for sure. What I do know for sure is that sales prices are at an all-time high. Demand for homes in our market remains high. We are at the peak and on the verge of heading down the other side. So, I go back to my original answer to the question….if you are thinking about selling, NOW is the time. Contact your trusted realtor to discuss the market and your options in it. If you don’t have an agent, you can always call me! 334.704.4442 • jessica.andrus.realtor@gmail.com
Advertisement
Opelika Business Directory Find the business or service you need by category or location using this interactive map!
