What’s on the horizon for our local real estate market in 2019? We’ll explore this question in today’s market update.
Buying a Jonesboro home? Get a Full Home Search
Now that we’ve entered another new year, it’s time for another market update. This time, we’ll recap the conditions we saw in 2018 and review a few predictions for what might lie ahead.
Let’s kick things off with a look at how Burch and Co. performed last year. We worked on a total of 350 transactions in 2018, which is relatively the same as what we did in 2017. This indicates that we’ve kept a strong grip on our share of the market.
Moving on, 2018 was also an interesting year for our market, overall. One of the most notable developments we observed here in Northeast Arkansas was the approximate 10% increase in overall sales price since 2017.
And despite this rise in price, homes actually sold more quickly in 2018 than they did the year before, with homes spending an average of 91 days on the market by the end of the year.
Let’s kick things off with a look at how Burch and Co. performed last year. We worked on a total of 350 transactions in 2018, which is relatively the same as what we did in 2017. This indicates that we’ve kept a strong grip on our share of the market.
Moving on, 2018 was also an interesting year for our market, overall. One of the most notable developments we observed here in Northeast Arkansas was the approximate 10% increase in overall sales price since 2017.
And despite this rise in price, homes actually sold more quickly in 2018 than they did the year before, with homes spending an average of 91 days on the market by the end of the year.
“
We’re in for a great year.
”
So, with these conditions in mind, who has the upper hand: buyers or sellers?
Well, given the current lack of inventory, we are still technically within a seller’s market. However, this doesn’t mean there is a lack of opportunities for buyers. It’s actually a great time to make a home purchase.
Interest rates are expected to rise into the 5% range as we progress further into 2019, but this is still a historically favorable rate. To put things into perspective, when I bought my own first home, my father went out of his way to congratulate me on securing an interest rate that was below 10%.
In other words, don’t let the doom-and-gloom headlines about rising rates dissuade you from making a move. Rates are still very low.
The bottom line is that we’re in for a great year.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.
