Hello, it’s Mark Gellman and welcome to another edition of Mark’s Market Update.
Now back to Mark’s Market Update.
What happened in the month of January 2021 vs 2020? The market continues to be an incredibly strong seller's market.
- We have seen inventory levels, year over year, hit historic lows.
- In many markets right now, we are seeing weeks of inventory; not even months of inventory.
- Months of inventory, in a balanced market, is 6 months, in a seller’s market the months are approximately 3 months. Meaning that if there were no new homes on the market, in 3 months all homes would sell out.
- In comparison, we are seeing the most historic low inventory levels, with some areas and price points having 3 weeks or less of inventory. If you are a seller, it is an incredible time to get your house on the market.
If you are a buyer, same message, you have to be patient.
- There are certainly great homes on the market, it’s just buyers are struggling to be the only one bidding on that home.
- In many cases, we are seeing over asking and multiple offers.
- Interest rates are still amazingly low. They are actually the lowest interest rates we’ve seen in the last 5 years.
See the graphic showing interest rates from the 1970’s through today; by decade.
- It is incredible to see that in the 80’s interest rates were in the teens, while today rates are below 3%.
- It is still a great time to buy, as buying power has increased, as a result of the low interest rates, but again prices are going up exponentially.
If you have any questions about buying, selling, the value of your home, or our really cool new program: STL Rocket Listing, please reach out.
- The rocket listing program is where we are buying homes from individuals that “want to skip the hassle of selling” and sell “as is.
- Skip the details of the listing process.
- Don't hesitate to view STL Rocket Listing if you would like an offer for your home or you know someone interested. We would love that opportunity.
If you have any questions please call, email or text. Thank you so much.