Well, 2020 has been a wild ride for all of us. As we bring the year to a close, I hope you and yours have a very Merry holiday season.
In Northwest Arkansas Real Estate, we just keep getting fewer and fewer houses in the market.
As of December 9th, we only had 878 houses in the market, so we still have less than 1 Month of Supply right now. That’s keeping our prices high as we go into the winter.
In fact, in November, we broke another record! Our average sale price jumped back up, all the way to $291,064. That’s above our previous record month, which peaked in August 2020 at $288,327.
Remember the “Hidden Inventory” Home Buyer Program!
The single biggest problem with Real Estate this year has been a lack on homes in the market. So many people would love to move into a new home that better suits their needs, but they’re afraid to sell their current home. It’s tough to make that transition if you don’t know what else you’re going to move into.
So here’s the solution I’ve worked out for you. I’ve partnered with Local Home Builders to take contracts on their brand new homes, even with a contingency that you’d need to sell your other home first. We’ll do our best to line up the closing dates to close at the same time, in order to make the transition as smooth as possible for you.
You can grab one before anyone else realizes these homes exist, because they’re not even in the market yet. They really are “Hidden Inventory, Off Market Homes.”
This is my #1 Strategy to get you and your family into your dream home. Let’s go see what they have!
Just book a Showing Appointment with me Here to block out your own time on my calendar.
What it all Means for You
If you’ve been thinking of selling your home, right now is a historically good time to do so. Hopefully, our record high prices can withstand the economic storm that has been brewing during this pandemic.
However, that may not be the case, and we may see prices fall a bit as we head into 2021. It all depends on getting new inventory into the market, which I do expect to happen in January and into the Spring.
It’s unclear if we will see a bigger wave of the virus causing problems for our Spring selling season, along with some increased inventory due to the Foreclosure and Eviction issues. It’s possible that you may not be able to sell your home at these kinds of prices if you miss this window of opportunity.
Now, for Buyers, I see a lot of people hoping prices fall so they can get a better deal next year. Especially, in the starter home category, we’ve seen prices climb so high that many first time homebuyers have been priced out of the market. For their sake, I really hope we can get some more affordable homes into the market soon.
However, with interest rates staying low, and with job growth coming back, we may continue to see bidding wars and high buyer demand continue to push those prices higher. Waiting might not be the best solution for buyers either.
I book Free Strategy Sessions for all my clients. No pressure or obligation, but I’d be happy to help you put a solid plan in place to guide you through these uncertain times.
Would it make sense to chat for a few minutes?
Just book a FREE Strategy Session with me Here to block out your own time on my calendar.
You could also Send me a message or give me a call today! (479) 777-3379