Before I get into today’s regular content, I wanted to say thank you—we received a lot of great responses about our little walk down memory lane last time where I talked about how I got into the business and how things have changed over the last eight or nine years. Your feedback is much appreciated.
Now, back to today’s message, which is actually threefold: First, I’ll brief you on what’s happening in our market; next, I’ll discuss our upcoming “September to Remember” event; and third, I’ll talk a little about how we get our clients to the finish line of the escrow process.
Real Estate Market Update: September 2019
In our market, the number of homes available are down by 10%, and the number of actual sales dropped by 8%. The year-over-year drop in new listings was even more significant—there was a decrease of about 40%.
We have been noticing more price reductions, which shows us that even in this market, overpricing your home means you’ll end up making an adjustment. We’re still getting multiple offers in certain price ranges for well-priced homes.
Ours is a fairly normal market, so we’re used to trends like these. The only unknown is all the new homes that have been planned; a few of them have just come on the market, so that could affect what happens going forward.
A September to Remember
Our clients who are just now going into escrow are getting amazing interest rates—around 3.375% for a 30-year loan. Some FHA and shorter-term loans are even lower! Buyers who can take advantage of that will benefit from many years to come.
This month, we’re committed to helping over 30 families take advantage of these conditions, and we’re calling this initiative our “September to Remember” event. It’s so nice to call a client after a few years and learn that they’re so grateful to have been able to get a great property at an amazing rate. They’re saving hundreds, if not thousands, of dollars.
Navigating the Escrow Process
There are many external changes going on that affect the real estate industry, particularly our clients’ abilities to navigate the escrow process. The following are a few examples of things that can complicate the process:
- Fire insurance
- Solar panels
- Sewer lines/septic systems
- Requirements for new homes to be all-electric (no natural gas)
Our team collectively has over 180 years of experience, so we can help you spot the pitfalls we’ve encountered before to get you to the finish line of closing on your home. If you’re going to anticipate going through a home purchase yourself, we would love to apply for the job of helping you from beginning to end.