Fall State of the Market
With the start of October, we have felt the first true feeling of fall weather! With kids back to school and the days getting shorter, there is no denying the change of seasons. In the real estate world we have seen a change as well moving into the fall selling season. Typically in the area, the end of July and most of August seem to slow down. Most buyers who were trying to find the perfect home in a certain school district, had their home contracted early in July giving them enough time to settle before school started. The month of August usually sees many people and families getting their vacations in also before summer ends. With these months in the rear view, the buyers are back out in full force! We have found that the inventory is low creating a sellers market. This does all hinge upon the homes being listed at or around market value. If properties are listed competitively, they are selling quickly. We are beginning to see more multiple offer situations, including some with escalation clauses. This is making things tough for the qualified buyers that are out in the market. Sellers must know that with lending regulations and appraisals on most of the closed deals, you can stretch pricing, however the comparable sales still dictate the market value. When listing your home it is imperative to have a knowledgeable and experienced agent who will help you set your pricing to a number which will not only get you the most money, but will sell in a reasonable amount of time. Our team year to date has sold 30 of our 74 closed residential listings in 30 days or less. This shows that the market truly has improved from the days of a 6-9 month typical time on the market.
My opinion of the market moving forward is one of furthered optimism. The interest rates are still in the low 4% range and the federal loan programs are still available making it easy to buy a home with little to no money down. As long as these two factors continue to be reasonable and obtainable, the real estate market shall remain strong in our area.
Sussex County has 3,866 residential sales year to date.
The average sales price countywide is $335,203.
The western Sussex market has had 564 residential sales year to date.
The average sales price in western Sussex is $170,099.
The Griffin Higgins Team has contracted or closed 205 transactions year to date.
I sincerely thank all of our clients for their business throughout the year. We have 12 hardworking agents who strive to provide excellent customer service and top of the market knowledge!
On a personal note, my family has started to enjoy the change of season. My daughter Harper has started Kindergarten, my son Crew is in preschool at our church, and my 1 1/2 year old Tilghman is enjoying playing, talking, and learning at home with my wife Jessica! This past weekend we took a trip to Lancaster and visited Cherry Crest Adventure Farm. This place is AMAZING!! Here are a few pictures we took on our trip.