Inventory is increasing, prices are dropping, and interest rates are low in our St. George market. The time is now for buyers and sellers.
We all know about the “one that got away”! The car, home, guy, gal, eBay auction……it might even bring tears to your eyes just thinking about it! In today’s video Jeremy Larkin describes the current St. George Real Estate market as that “one that MIGHT get away” for many home sellers! And how to avoid it. Enjoy!
If you’re a home seller in our St. George market, what are you waiting for?
If home prices had peaked and were starting to decline, wouldn’t you want to know about it? Of course you would. Well, that already happened. In fact, home prices peaked all the way back in July 2018.
Right now, we have 1,647 homes for sale, which is an 18% increase compared to how many were on the market last year. As we know, real estate is all about supply and demand. As supply goes up and demand goes down, prices go down too.
Along with home prices, interest rates are falling too. Right now, they’re hovering around the 4.5% range, which is almost half as low as the historical average of 8%.
Essentially, this means in about six months, a whole bunch of sellers will look back on this moment and wish they had sold their home. Buyers are going to wish they had purchased a home, too, because interest rates will only go up from here.
Every day, your home’s value drops little by little. We’re not in a bubble, and we’re certainly not headed for a crash—I’m simply saying there is downward pressure on prices right now, so the sooner you can get your home sold, the better.
If you’re a buyer, the good news is our market is becoming more flexible, so you won’t have to worry as much about competing against other buyers for the same home. You may even have some additional leverage when negotiating with sellers.
If you have any other questions about our St. George market or you want to get started buying or selling a home, don’t hesitate to reach out to me. I’d love to help you.