I bet you guys already know what I’m about to say, but… That’s right, we need more houses, and it’s a sellers’ market. Surprise, surprise, am I right?
In the month of July, we saw 120 new homes to market in the Jackson area, which is down 23% from last year. Likewise, in Madison County as a whole there was 139 new homes to market, which is down 21%. Despite this, we’re still seeing an increase in sales, with 118 in Jackson (up 3% from last year), and 132 in Madison County (up 8%).
Due to the less competition on the market, we are seeing sellers get higher prices, with a median price of $185,850 in Jackson (up 6%) and $182,500 in Madison County (up 4%).
However, as far as average days on the market, we are seeing things move pretty quickly. In Jackson, the average time on the market is 38 days, which is up 7% from last year. In Madison County as a whole, the average time on the market is 39 days, which is actually down 2% from last year.
I’m sorry that I sound like a bit of a broken record here, but I’m here to deliver you the truth, and this trend continues on.
Now: Let’s get to the good stuff. What’s this mean for you? Well, I’m happy you asked. For all my buyers out there, because of fewer homes on the market and quick moving sales, it is more important than ever to be pre-approved. Seriously, I am seeing my buyers in some pretty crazy bidding wars on some of these houses, and without a pre-approval letter your bid will get thrown out of the ring pretty quickly. I work with some amazing lenders who make the pre-approval process easy, so make sure to head over to my resources tab to get in touch with them. Also, don’t be worried that this crazy market means you won’t be able to find something you’ll fall in love with – we will. This market just means moving a little bit faster, and being ready to jump when you find the one. Making sure that you tell me all your goals and wishes in your new home will help me find the best houses to show you. For more information on the buying process and how it can go smoothly, check out my purchasing page.
For all my sellers out there… What a time to sell your house! Seriously! These low interest rates and low inventory has the market moving fast, and you will likely to be able to get a good cost per sq. ft return on your home. However, it is imperative to make sure that you are working with a marketing agent who is going to strategically position your home within the market. Just putting a sign in the yard isn’t enough – you need someone who will market your home and understand the current trends. For more information on what it means to be in the market, check out my selling page.
If you’re still wondering where this leaves you and your unique situation, don’t hesitate to reach out to me. Send me a text at 731-697-8558, or feel free to call me at the office 731-668-1777. I can’t wait to work with you!