According to Redfin, In the four weeks ending on September 23, homes that sold above asking price dipped below 2016 levels.
Their reporting stated only 22.9% of homes sold for more than asking price, declining from 25.5% of homes the same time last year. Notably, the share of homes that sold above asking price has been steadily decreasing from June, when it was at 29%.
Obviously this is a report based on a nationwide survey, as this is not the case in the Silicon Valley. The stats show 102.2% of list price with 26 days on the market in Santa Clara County. True this is down from earlier in the year. Santa Cruz County did decline to 99.2% of list price with 50 days on the market.
Things are definitely changing and everyone has their own idea of what to think of it. Just ask any of the agents in my office. Some sellers are cancelling, saying they will wait. Others are refusing to lower their price and still others look at comps from earlier in the year and believe they can get the same prices or higher. Different market, Different time unfortunately.
Then of course there is this: The Federal Open Market Committee (FOMC) met last week and, as expected, voted to raise the benchmark interest rate for the third time this year.
According to RealtyTrac and realtor.com®, October is the best time to snag a deal on a house.
RealtyTrac analyzed more than 32 million sales of single-family homes and condos between 2000 and 2015, finding that those who purchased in October paid 2.6 percent below the average estimated full market value for their property.
Here are five reasons to buy now:
- Less focus on landscaping
- The market pressure has lessened.
- Agents may have more time now
- Better deals
- Fewer bidding wars in some areas
If you are looking to buy or sell, make sure you align yourself with a professional Realtor who follows the code of ethics and has your best interest at heart.
Remember to Vote on November 6th. Registration ends October 22nd.