What’s happening in our market, and what it means for buyers and sellers.
I’m sure you’ve all heard that the market is changing right now, but don’t worry. It is still an excellent time to buy or sell a home. We’re still seeing record prices for houses, but at the same time, there are more homes for buyers to choose from, and there’s less competition compared to a few months ago. However, why are we seeing these changes in the first place?
The leading cause has been our rising interest rates. For the past several years, we’ve had historically low rates. As of March, we’ve seen the Federal Reserve raise those interest rates. Our current rate is 5.635%, which is a significant increase that can truly hurt your buying power.
“Our market is just evening out.”
We have a little under 1,200 active homes in Douglas and Sarpy County, including both new construction and existing homes. At the beginning of the year, we only had 700, so we’re starting to see more homes available, which gives buyers more opportunities. There also aren’t as many multiple-offer situations as there were.
How have all of these changes affected home prices? Our average closing price has gone up about 10%. Last year, we were at $261,000, and this year we’re at $289,000. New construction is also something we should keep an eye on. The average new construction closing price increased by 19% to $449,000 since last year, which is mindblowing.
The other big trend we’re seeing is more days on market. Instead of homes selling in hours, they might stay on the market for days or a couple of weeks. However, that’s not a bad thing—our market is just evening out.
If you have any questions or are looking to buy or sell, I’d love to sit down and talk with you. Every situation is a little different, and I’d be more than happy to help with yours. Just call or email me!
