What Do You Need to Know About the Market?

Real Estate Podcast with Donald Payne

I recently sat down for an interview on Facebook Live, during which I answered a few common questions about the real estate market. I wanted to share those questions and answers with you today. What type of properties are hot right now and what’s driving that demand? Right now, homes that are priced under $300,000 are pretty hot, as well as homes that are updated. Buyers like to walk into properties and not have to do anything. If kitchens and bathrooms are re-done, those homes are flying off the shelf. What’s driving that is our low inventory (1.8 months). A lot of buyers are searching for these kinds of properties. What types of homes are not hot right now and why is that? The upscale homes are moving, but with spending an average of 100 days on the market, they’re not moving quite as fast as the rest of the market. “Our median price has gone up by about 8% already this year.” What’s the median price in the area? Right now, it’s around $212,000. We’ve gone up about 8% so far this year, again due to the low inventory. If buyers see something, they need to move fast. If someone was looking to break into the market for the first time, where should they start? I think the first thing that you need to do is get with a good Realtor. Then you need to make sure you’re pre-approved with a reputable lender. If you see a property you like, make a move on it immediately because tomorrow will be too late. If you have any questions for me about the market, your home’s value, or anything else relating to real estate, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.