Welcome to our comprehensive Market Trends Report for November 2023, shedding light on the dynamic landscape of real estate for prospective buyers and sellers. This report is designed to provide valuable insights into the current market scenario, helping you navigate the complexities of buying and selling properties.
Exciting Incentives for Buyers
In the real estate market, new builds are currently offering remarkable year-end incentives. These incentives include permanent rate buydowns, all-inclusive appliance packages, and landscaping offerings. For potential buyers, these incentives present an excellent opportunity to make their dream home purchase more cost-effective and appealing.
Seller Planning: Pre-Inspection Reports
Sellers gearing up to list their properties this winter can benefit from obtaining pre-inspection reports. These reports allow sellers to address necessary repairs in advance, offering a preemptive solution to potential objections from buyers. By presenting a well-maintained property, sellers can attract more confident buyers and streamline the selling process.
Changing Dynamics in Offers
Buyers are increasingly submitting “contingent” offers on homes they wish to purchase, even before their properties are on the market. However, this trend has brought complexities to the table, especially with the significant increase in days on the market. Managing these “contingent” offers has become a challenge for buyers and sellers, creating a dilemma in the negotiation process.
Quick Stats Overview
- Average Seller Concession: In October, 57.9 percent of closed transactions included an average seller concession of $9,390, indicating an increasing trend compared to previous months and years.
- Active Listings: The average active listings for October stood at 14,755 (1985-2022). While this figure is substantial, it’s important to note the records – the highest in 2006 at 29,722 listings and the lowest in 2021 with only 3,376 listings.
- Seasonal Expectations: October usually witnesses a significant decrease in active listings, historically averaging 6.97 percent. However, this year’s decrease of 1.93 percent deviates from the anticipated seasonal change, signaling a notable shift in the market dynamics.
The real estate market is constantly evolving, and these trends provide invaluable insights into the ongoing changes. For sellers, understanding the significance of pre-inspection reports and the impact of concessions is crucial. Meanwhile, buyers can capitalize on the current incentives and navigate the complexities of contingent offers.
Stay tuned for more updates and analysis as the real estate landscape shifts. Remember, being informed is the key to making well-informed decisions in the ever-fluctuating real estate market.
