This week, we got some great information from NAR and some good news for the market.
We've had this kind of trending downline with home sales across the country. Now we've had a sharp turn in sales:
Sales are up 7% compared to September.
So why would we have this kind of dramatic increase in sales right now coming into fall?
There's a couple of key reasons:
1. There's more listings coming to market
We're seeing more listings coming to market every single month. The market is building with listings right now, which means buyers can finally find what they're looking for. So if you've got buyers on the sidelines, encourage them to come back in, because now there's more and more listings piling in. And there's listings coming back on the market as well.
2. Interest rates have stayed low
But the biggest reason why buyers are coming back to the market?
3. Prices are moderating
People are finally bringing their prices down to meet the market. And that's key.
We look at April and May as probably being the peak of this market — roughly 20-23% appreciation depending on what part of the country you're in. Now, that's moderated all the way down to 13.8% — still double digit gains is great. NAR expects that to float down to about 11.5% for the year.
But overall sellers are bringing those prices down. And why is that? They're feeling the pressure from this competition entering the market.
This is all really good news guys.
We don't look at this as a negative. We look at this as a positive because we don't want 23% appreciation because it's unsustainable.
What we really want -- and what we're expecting next year in 2022 -- is between 4% and 5% appreciation.
We want boring, steady, stable appreciation. We want to normalizing the market, which is exactly what's happening. And that's really good news for all of us.
Now, what are you going to do about it?
You need to set an active listing goal for yourself coming into 2022. How many listings do you want to be carrying on January 1st, 2022?
If you're looking for more listings, now's the time to dive in there. Some people would think that would happen in spring or summer, when more listings are coming on the market.
No, we're in a really different world today. There's a new normal. And right now there's a ton of listings coming to market — unlike any other market we've seen. So take advantage of it, get out there and work your sphere of influence, and dive into your markets.
There's opportunity everywhere guys.
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