How our local real estate market is doing and what it means for you.

In today’s March 2022 real estate market update, we want to cover a recent change to our team, what’s happening in our local market, and what that means for our buyers and sellers.

We’ve only worked with two companies in the last 25 years, and we spent the last 15 years with RE/MAX. They were wonderful, but we decided to move to Keller Williams for a few reasons. The technology, support, and training they offer will let us better serve our clients. Please understand that it is still my team. We are still in the same office, and everything will be even better than before.

What can I say about this market? New listings, sales, and pending sales are all down 30% to 40%. Prices are the only thing that is up, and it’s all because of our low inventory. On average, the price per square foot went up 25% year over year in February. The closings that we’re doing right now will probably show even higher gains. If you are thinking of selling, there has probably never been a better time.

“Prices are the only thing that is up, and it’s all because of our low inventory.”

As a buyer, this market can be challenging. Competing with multiple offers can be discouraging, so there are a few things you have to prepare for. You’re probably going to have to pay $50,000 to $100,000 more than you expected for a house. That might sound horrible, but offering $50,000 more with our current rates only means an extra $200 to $250 a month. If you’re renting, your rent could go up by that amount this year.

As prices keep rising, more buyers will get priced out of the market. We know that our market is strong today, and we don’t see how it could change since there aren't enough homes. Moving forward, we will probably see increased prices, despite everything that’s happening in the world. 

If you’re looking to buy, want to sell, or just have some questions, feel free to call us at 805-781-3750. We would love to hear from you.