Get the latest updates on the trends coming out of the October market.
The October real estate market was a continuation of the trends we observed in September. It’s clear that inventories were on the rise, while sales were dwindling. Let’s break it down:
Inventory
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Single-family homes: The inventory of single-family homes grew to 4,493.
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Condos: Condo inventory also increased, reaching 737.
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Townhomes: Likewise, townhome inventory saw a rise, reaching 517.
Sales
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Single-family homes: Sales dropped significantly to 1,521.
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Condos: Condo sales dipped to 221.
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Townhomes: Townhome sales declined to 198.
The numbers for sales, across all these property types, took a hit. What does this mean for the market? Well, it’s essentially a continuation of the trends we’ve been observing over the past few months.
“Increasing inventory and decreasing sales are defining the landscape.”
One significant factor contributing to these dynamics is the interest rates, which are currently hovering around 8%. Buyers have responded to this by including an interesting twist in their offers. Many are requesting closing costs ranging from $8,000 to $10,000. These funds are used to buy down the interest rate, making homeownership more affordable.
This strategy is gaining traction in the market, and sellers are increasingly open to accepting such offers. If you’re considering buying a home but find the interest rates too high, this approach might be worth exploring. You can submit an offer with a request for closing costs in the range of $8,000 to $10,000. It can make a significant difference in bringing down your interest rate and creating a more manageable monthly payment.
If you have any specific questions or need guidance on buying or selling in this evolving market, please don’t hesitate to call or email us. We’re here to assist you in making informed decisions and navigating the changing real estate landscape.
