I find it almost spooky how closely showing stats follow previous years… just lower, at the start of the slow decline into autumn followed by a drop into winter. The upcoming dip corresponds to the State Fair, Labor Day, and Back to School… then picks up again the second half of September.
Weekly stats show a slow, steady decline in new listings typical for this time of year. Pending sales have responded to price drops, now declining as initial list prices are also responding to market changes. Coming soon listings are flat, multiple offers aren’t going away but they aren’t as fierce as they were. My buyers had their offer accepted last night, on the first day the home was open for showings… 7 showings and more scheduled for today but ours was the first offer and they accepted it, buyers are thrilled!
Looking year-over-year, new and coming soon listings continue to be way below last year. Pending sales are also below last year but not as far below. The big downward spike last year around Memorial Day makes me smile… people rejoicing as they finally got out after more than a year of Covid restrictions.
All homeowners can rejoice at price appreciation the last few years. Increased equity is good for moving up, but also great for retiring seniors. See what our blog post below from Keeping Current Matters has to say about it.
Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com
Planning To Retire? Your Equity Can Help You Reach Your Goal.
Whether you’ve just retired or you’re thinking about retirement, you may be considering your options and trying to picture a whole new stage of your life. And you’re not alone. Research from the Retirement Industry Trust Association (RITA) shows 10,000 Baby Boomers reach the typical retirement age (65) every day, and only 47% of the people in that generation have already retired.
If this sounds like you, one thing worth considering is whether or not your current home will suit your new lifestyle. If your home doesn’t have the features or benefits you’re looking for, the good news is, you may be in a better position to move than you realize.
That’s because, if you already own a home, you’ve likely built-up significant equity, and that can help you fuel your next move. According to the National Association of Realtors (NAR):
“A homeowner who purchased a typical home five years ago would have gained $125,300 from just price appreciation alone.”
In fact, over the last twelve months, CoreLogic reports the average homeowner in the United States gained roughly $64,000 in equity due to home price appreciation.
You can use your equity to help you achieve your homeownership goals. Whether you want to downsize, move closer to loved ones, or buy a home in a dream destination, your equity can help get you there. It may be some (if not all) of what you’d need as your down payment on a home that better fits your changing needs.
To find out how much equity to have in your home, reach out to a trusted real estate professional today.
Bottom Line
Retirement is a big step and so is buying or selling a home. As you move into this new phase of life, let’s connect so you have an expert to guide you through the process as you sell your current home and give you expert advice as you buy one that’ll better suit your needs.
