What is going on in the market today? Here is an update for Lane County.
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Today I have your monthly market update for Lane County. In terms of home activity for the month of April, there is actually some good news: the number of listings is up 42% from the month before.
The bad news is that we’ve had an upswing in pendings, as well. As a matter of fact, those have wiped out all our inventory gains. We’re down to 1.4 months’ worth of inventory. That means if we have no additional listings come on to the market, we will sell all of what we have in about 42 days.
Of course, this makes purchasing a home quite a bit more difficult for buyers, especially because there are a lot of multiple offers going on at the moment. What does that mean for all of us?
Recently we’ve seen a small increase in the number of homes people are putting on the market. The reason they’re doing that is simple: they know that at this time there’s a shortage of listings, making it a good time to sell.
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Don’t let the market situation scare you one way or the other.
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We also know that interest rates are starting to creep up. If you’re thinking about selling a home but aren’t sure if you should list now or wait until, say, the fall, the interest rates will be higher then. That won’t work to the advantage of the buyer or seller. Now is certainly the better time to put your home on the market.
You also need to remember that, yes, our inventory is lacking, but it’s going to improve. The average amount of inventory is six months’ worth, and the average interest rate is about 6%. We are well below both of those numbers.
If you have any questions or need help buying or selling a home, please feel free to reach out to me. I’d love to sit down and discuss your situation.
