February 13th, 2019
More good new for potential home buyers: the number of homes selling above list price dropped to a 3-year low in December, with only 19.4% of home selling above list price. The factors driving this? Increasing inventory and rates. As we saw last week, inventory has (finally) been improving over the past few months, giving homebuyers more purchasing power in the market and balancing out competitive pressures. Furthermore, the average price above list also declined. According to Zillow, this data points to a rising trend: buyers and sellers are starting to jibe on home price expectations. This trend could start alleviating buyers’ home-search processes and affordability concerns, so make sure you are discussing the market opportunities with your purchase clients!