Today we are excited to talk about what’s going on in the local housing market here in Middletown. While each neighborhood market can vary, overall we are seeing an increase in the number of sold properties. We’re up by 21.3% from this time last year! At the same time, we are only seeing a slight increase in the number of new homes available, at 1.3%. There is a pretty big gap of what’s been sold and what’s coming on the market.
Buyers will be competing for your home
For sellers, a well-priced home in good condition should have competition. Buyers will be competing for your home, and you should sell in fewer days than the average days on market. On the buying side, be prepared to act quickly, because the competition for these homes will be stiff. Don’t be surprised if you have to put in a really strong offer in order to get that really great house.
The real exciting piece to all of this is that interest rates are still very low, below 4% in most cases. We don’t know how long this is going to last, but an increase is inevitable, so take advantage of the situation now.
If you have any questions for us about the market or if you’re looking to buy or sell a home, don’t hesitate to reach out to us via phone or email. We’d love to hear from you!