January statistics reveal a significant uptick in housing prices. Single-family homes have seen a notable increase, rising by 6.7% year over year. Condos are also experiencing a growth trend, albeit at a slower pace, with a 1.8% increase compared to the previous year.
The time it takes to sell a home has shortened, with the average now standing at about 30 days on the market. This decrease in time indicates a more dynamic market where properties are moving faster than in the previous year.
Inventory levels present a mixed picture. While the overall inventory remains low, there’s a divergence in trends between houses and condos. For houses, inventory has declined year over year, pointing to fewer options for potential buyers. Conversely, condo inventory has seen an uptick, thanks to an increase in new listings.
If you’re a potential home seller or buyer in today’s market, here are some suggested next steps:
Sellers
With inventory remaining low and demand high, sellers have the advantage in this market. With strategic home prepping and pricing, a proven marketing plan, and an experienced agent, you’ll find your home may sell easily — and for top dollar.
To get started, with the selling process click HERE for a free home valuation. You can also give us a call at 562.896.2456, or fill out the contact form at the bottom of the page. We’d love to chat with you about your plans!
Download your free seller’s guide HERE.
Buyers
If you’ve been waiting on the sidelines to purchase a home, it might be time for you to start up your home search again. It’s beneficial to start preparing for your home search ahead of time and create an effective search strategy since inventory remains low. The right real estate agent will be able to guide you through the home-buying process and take away some of the stress that comes with buying a home.
Give us a call at 562.896.2456 so we can set up an appointment for you with a lender and start talking budget. We can also set up a personalized home search for you so you can be the first to know when new listings hit the market.
Download your free buyer’s guide HERE.
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