I’m sure we are all wondering what is happening in the real estate market. 

No matter what, homeowners are likely to fret over the larger housing market and home prices, and whether it will impact the value of their own home.

After two years of rapidly increasing home prices, the market has slowed. High interest rates combined with high prices have placed a crunch on affordability and many buyers have opted not to purchase right now. Houses that are on the market are experiencing a modest increase in the average days on market and the year-over-year increase of home prices has slowed.

But perspective is key. 

“We can’t talk about the slower market growth without talking about last year’s growth, which was really an anomaly,” says Anita Mutumba, associate real estate broker in the District of Columbia metro area for Houwzer, a real estate brokerage with offices in multiple markets across the U.S.

In 2021, home prices increased 16.9%, according to the National Association of Realtors, the strongest price appreciation on record for homes. That growth has significantly slowed, but prices are still higher than the year before: Redfin reports the median home price in the U.S. in September was $403,797, a 7.6% increase compared to September 2021. (US NEWS- Devon Thorsby)

If you feel that this is not the time to sell your home, you may want to consider tackling a few jobs while waiting for a market turn. 

1) Take a good look at your kitchen. If your appliances are outdated, take a little out of your budget, when convenient, and add a new appliance. New countertops and cabinets will always give your kitchen the face lift it may need.  Pendant lights above the countertop can make a world of difference and not at great expense. The No. 1 room in a home is the kitchen. How updated and current may make the difference in your home selling compared to your competition.  

2) The bathroom may need to be updated. Keep the fixtures clean and in good working condition. The bathroom can make the sale if it does not need a renovation.   

3) Your Heating and Air are a main concern for the buyer. The buyer will always want a reduction if the roof, HVAC, and the exterior of the home is in needs of repair.  

4) Take a good look at what the buyer will see from the curb.   CURB APPEAL — so important!

The good news is homes are still selling in the Lake Country Area. We are still getting close to asking price. If you are ready to sell your home, LIST IT. Consult with a Real Estate Agent and have them do a MARKET ANALYSIS. They will arrive at the price that will be competitive to the other homes that are comparable to yours.  Today there is low inventory in the Real Estate Market. If your home is priced right and in tip-top condition, you will see an offer within days. 

RESIDENTIAL SALES SEPTEMBER 2022

·     LISTED: 108

·     SOLD: 94

·     DAYS ON MARKET: 81

·     AVERAGE SOLD PRICE: $710,755

Thought for the Day: Being happy is the Greatest Form of Success.   

Contact Information: Shirley Smith/Paul Kautza RE/MAX LAKE COUNTRY, 706-453-6333