What’s been going on in the market here in the St. Charles area?
There are currently 482 homes actively for sale, 211 are under contract, and 506 total homes have closed in the last six months. With these market conditions in mind, there is some great news for home sellers. When your house is staged and priced correctly, it will sell for top dollar.
From a technical perspective, we know that the current market absorption rate is about eight months, which favors homebuyers. That means if no new houses came on the market, it would take a full eight months to sell all the currently available homes for sale at the present pace.
The current market conditions provide an incredible opportunity for the savvy homebuyer as well as the savvy seller since we’re near this equilibrium point of housing inventory levels. That’s why it’s so important to list and/or buy your house with a top producing agent.
Interest rates are another key factor in the marketplace. The Federal Reserve recently increased the short-term interest rate about 0.25%, which was actually anticipated by the market, so mortgage interest rates have actually dipped just below 4% for the average 30-year fixed rate mortgage.
With these conditions, having the right Realtor in your corner can make all the difference in the world when buying and/or selling real estate.
If you’d like to learn more specifics about our market or you’re planning on making a move, give me a call or send me an email soon. I’d love to help you get the most out of this market.