Contrary to Popular Belief, It’s Still a Seller’s Market…
Yes, it is still a good market for selling in Washington Park. As you can see, we still only have a two month supply of inventory which is considered a Seller’s Market. The number of closed and pending are better than they were a year ago. They are down from last month which is normal for this time of year due to the holidays.
The differences are more subtle and hard to see in the statistics. However, we are seeing them in our day to day practice of selling homes. This is particularly true in the area of Seller concessions. We have seen that in 39% of the sales, the Seller is giving the buyer a credit at closing so they can use those funds to get a lower interest rate. A quick check shows those credits vary from as little as $1000 to as much as $30,000. We also are being asked to make more repairs as a result of the buyer’s inspection.
We have seen a slight drop in interest rates in the last few days. If this continues, I would expect to see a more robust Spring market. We shall see. If you are thinking of selling in the Spring, this is a good time to start planning for that move. Get in touch and we can help you prepare.
Your call or text to Shelley at 303-981-4560 will be warmly received.
