Overall, our local markets continue to experience low inventory which is helping to keep prices relatively stable. As we enter the spring market, we are hopeful that inventory will improve as this is the time more buyers are looking to move. Interest rates dipped the beginning of February which helped spur buyers to snap up the available homes. We have been seeing that updated well priced homes are in demand and have seen multiple offers. Prices have settled and may continue to remain flat or decrease. Inflation and interest rate hikes will continue to affect our market. At of the beginning of March, interest rates are climbing again and are in the upper 6’s to low 7’s. The good news is that we are settling into this new market and whether you are a buyer or seller everyone has adjusted their expectations to the changes. Another bit of good news is that home value appreciation over the past 3 years has remained strong, so if you’ve owned your home for a few years or more you are in a very good position to sell.
In both the North & West Valley, we have seen appreciation of over 25% when looking at prices 3 years ago. These are enormous gains in value!! While each neighborhood may be different, this is an important perspective to keep in mind if you are considering selling. Not just to see the gains you have made, but also where the reality of an appropriate list price will be.
If homes are priced properly, they will have a better chance at spending less time on the market. As I’ve discussed previously, the rise in interest rates and continued inflation are causing changes in our market and affect the buying power of those looking to purchase. Ultimately, when it comes to price, it will always come down to condition, area sales and what others are willing to pay for the same house. If you are interested in learning more about your options or to discuss this in more detail, please feel free to call or email.