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Real estate market updates

Is the real estate market going to crush?

According to Realtor.com article:

  • Number of new listings jumped 8% year-over-year. This is the largest increase since 2013.
  • Median listing price growth has slowed down compared to September last year from 10% to 7%.
  • Number of listings in 45 largest markets is up 6% on average compared to number of listing last year.

People are wondering is this a sign of a potential recession or is market finally leveling up. For several years, we had low-inventory problem that was slowing down real estate market overall.

What’s different today compared to 2007 when it comes to inventory levels?
In June, 2007 prices started to rapidly depreciate. At that time we had a 9.1-month supply when it comes to unsold inventory. In April, 2008 we had a 11.1-month supply. According to the latest National Association of Realtors Existing Home Sales Report, as of today, we have a 4.3-month supply, and about one year ago month supply of unsold inventory was 4.1.

According to that, 4.3-month supply of unsold inventory is a slight jump compared to last year, but compared to 2007, this still is a twice less month supply of unsold inventory. To have a normal market supply of unsold inventory, we like to see 6-month supply of unsold inventory.

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Is this the beginning of market crush?
Some are saying it is the first sign of market crush, while some are saying it is a long time waited and welcomed change from the lack of inventory that has been slowing down real estate market for a while.

There are many Buyers who are waiting for this to happen. Many families can not find their home due to lack of inventory. So, with the current levels of buyer demand, an increase of unsold inventory supply to 2007 levels, is highly unlikely.

As Danielle Hale, realtor.com’s Chief Economist explains:

“After years of record-breaking inventory declines, September’s almost flat inventory signals a big change in the real estate market. Would-be buyers who had been waiting for a bigger selection of homes for sale may finally see more listings materialize. But don’t expect the level to jump dramatically.Plenty of buyers in the market are scooping up homes as soon as they’re listed, which will keep national increases relatively small for the time being.”

We definitely needed inventory increase. This will allow many people and their families to find a home and finally become homeowners.

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For Sellers
If you are a Seller, this is still a great time to list your home. Inventory supply is not at critical levels. With effective marketing and professional market analysis, you should have no problem selling your property. Being an real estate expert and holding Master’s Degree in Information Technologies, I would love to present you a marketing that effectively reaches millions of potential Buyers. This marketing strategy has sold many properties quickly. This is still considered a strong market, so don’t wait. Contact your Steamboat Springs real estate expert today.

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For Buyers
If you are a Buyer who has already given up on property search, give me a call and let’s discuss available inventory. Your dream home might be waiting for you right now. Honesty and strong work ethic is what I take pride in. Whether you are looking for a primary residence or an investment, I would love to hear about it, and help you accomplish your real estate goals. I still didn’t have one unhappy client, so I will not disappoint you either. Check out what my clients are saying about their experience working me and let me hear your story.

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Your Happiness Is My Motivation
Sunny Brstina | Steamboat Sotheby’s International Realty
2020 Global Summit Award | 2020 Largest Production Increase Award
Real Estate Broker | 970.846.1574| sunny(dotted)steamboat(at)gmail(dotted)com
Website:www.SteamboatHousesForSale.com

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