We're definitely in some interesting times right now. While 6,138 homes sold in October, there were less sales than a normal market of about 9,000 sales. The major contributor to this is a worry by many buyers about the trade negotiations with the US and China, fearing a negative impact on the economy and perhaps their jobs and businesses.
The sales in October, represent those buyers who are confident about the economy as well as those who wanted to take advantage of the lower mortgage rates and the great choice opportunities available in today's market. Once we have more certainty on the economic front, including trade with the U.S. and China, home sales will increase.
As interest rates keep dropping and the government continues to further stimulate the economy, more buyers will enter the market, and sales levels will increase to normal levels. The great opportunity is not really price as prices have only changed moderately, but the variety of homes available for sale is high. This good inventory allows a buyer to truly find the house (or investment) that they want and gives them the time to negotiate with the seller for favorable terms.
If you are considering a move or an investment, now is a good time for us to get together and investigate your options. Give me a call, let's chat!
Have a great November!
