The Local Real Estate Market Is Constantly Changing
Scott P. Rogers
Over the past two years as home sales and home prices have rapidly accelerated upwards, we couldn't assume anything about pricing...
We know - your neighbor's identical house sold three months ago for $350K.
We assume - your house will sell for around $350K.
And then - your house actually sells for $380K.
Home prices were increasing so quickly that a recent sales price of $___ did not necessarily mean the next similar home would sell for that same price.
And now, as the market seems to be slowing down a bit, we still can't assume anything about pricing...
We know - your neighbor's identical house sold three months ago for $375K.
We assume - your house will sell for around $375K.
And then - your house might sell for $350K, $375K or $400K.
These days...
[1] There are certainly plenty of homes that are going on the market and selling very quickly, often with multiple offers.
[2] There are some homes that are going on the market and sitting around for a bit before having an offer.
[3] Some homes are still selling for more than we would have thought based on recent sales prices.
[4] Some homes are selling for a bit less than we would have thought based on recent sales prices.
I don't think we're seeing a wholesale shift at this point. We're still seeing more sales, at higher prices.
But I don't think we can assume as reliably that home prices are steadily marching upwards at a rate of 10% per year right now.
