{"id":2118,"date":"2021-10-14T13:17:48","date_gmt":"2021-10-14T13:17:48","guid":{"rendered":"https:\/\/phphouses.com\/blog\/?p=2118"},"modified":"2021-10-14T13:17:48","modified_gmt":"2021-10-14T13:17:48","slug":"past-years-tell-us-todays-real-estate-market","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/past-years-tell-us-todays-real-estate-market\/","title":{"rendered":"What Do Past Years Tell Us About Today\u2019s Real Estate Market?"},"content":{"rendered":"
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What Do Past Years Tell Us About Today\u2019s Real Estate Market?<\/p><\/div>\n

As you follow the news, you\u2019re likely seeing headlines discussing what\u2019s going on in today\u2019s housing market. Chances are high that some of the more recent storylines you\u2019ve come across mention terms like\u00a0cooling<\/em>\u00a0or\u00a0slowing<\/em>\u00a0when talking about where the market is headed.<\/p>\n

But what do these terms mean?<\/strong>\u00a0The housing market today is\u00a0anything but normal<\/a>, and it\u2019s still an incredibly strong\u00a0sellers\u2019 market<\/a>, especially when compared to the few years leading up to the pandemic. With that in mind, what can previous years tell us about today\u2019s real estate market and if it\u2019s truly slowing?<\/p>\n

We\u2019re Still Seeing an Above Average Number of Sales<\/strong><\/h4>\n

You may see headlines about a drop in home sales. But are those headlines telling the full story? The most recent\u00a0Existing Home Sales Report<\/em><\/a>\u00a0from the\u00a0National Association of Realtors\u00a0<\/em>(NAR) does show a drop of about 2% from July to August. But the month-over-month decline doesn\u2019t provide the full picture\u00a0(see graph below)<\/em>:<\/p>\n

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Existing Home Sales Exceed Pre-Plandemic Levels<\/p><\/div>\n

As the graph shows, historical context is key.\u00a0Today\u2019s home sales are well ahead of some of the more normal years that led up to the health crisis.<\/strong>\u00a0That means buyers are still in the market, which is great news if you\u2019re planning to list your home.<\/p>\n

Houses Are Selling Faster Than Usual<\/strong><\/h4>\n

When headlines mention the market is slowing, sellers may naturally wonder if their house will sell as quickly as they\u2019d like. According to the most recent\u00a0Realtors Confidence Index<\/em><\/a>\u00a0from NAR, homes\u00a0are still selling at record<\/strong>\u00a0speed<\/strong>\u00a0(see graph below)<\/em>:<\/p>\n

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Homes Are Selling Quickly Today<\/p><\/div>\n

Again, if we look back at data from previous years, we can see the average\u00a0time on market<\/a>\u00a0\u2013\u00a017 days \u2013\u00a0 means homes are selling faster than a normal pace.<\/strong><\/p>\n

Bidding Wars Are Still the Norm<\/strong><\/h4>\n

The\u00a0Realtors Confidence Index\u00a0<\/em>from NAR also shows a drop in the average number of offers homes are receiving in August, and many headlines may simply focus there without providing the important context\u00a0(see graph below)<\/em>:<\/p>\n

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Number of Offers Still Well Above Average<\/p><\/div>\n

Again, it\u2019s important to compare today\u2019s market to trends from recent years. Currently, the average\u00a0number of<\/strong>\u00a0offers per listing is higher than 39 of the previous 45 months.<\/strong>\u00a0That means the likelihood of a bidding war on your home is still high. And\u00a0the number of offers your house receives can have a major influence on the final sale price.<\/strong><\/p>\n

So, Is the Market Slowing Down?<\/strong><\/h4>\n

While there are slight declines in various month-to-month data, it\u2019s important to keep historical context in mind when determining what\u2019s happening in\u00a0today\u2019s market<\/a>. Odeta Kushi,\u00a0Deputy Chief Economist<\/em>\u00a0at\u00a0First American<\/em>, put it best recently,\u00a0saying<\/a>:<\/p>\n

\u201cIt\u2019s not the white-hot market from earlier in the year & it\u2019s not the 2020 market benefiting from a wave of pent-up demand\u00a0but make no mistake this is still a hot housing market.\u201d<\/strong><\/em><\/p><\/blockquote>\n

Bottom Line<\/strong><\/h3>\n

Don\u2019t let headlines make you rethink listing your home this\u00a0fall<\/a>. Selling today means you can still take advantage of high buyer demand, multiple offers, and a quick sale. If you\u2019re thinking of selling your house, let\u2019s connect and discuss why this fall is the perfect time to do so.<\/p>\n

Contact us:<\/strong>
\nPHP Houses
\n142 W Lakeview Ave
\nUnit 1030
\nLake Mary, FL 32746
\nPh:\u00a0(407) 519-0719<\/span>
\nFax:\u00a0(407) 205-1951<\/span>
\nemail:\u00a0info@phphouses.com<\/p>\n

Let\u2019s Connect:<\/strong>
\nFacebook<\/a>
\nLinkedin<\/a>
\nTwitter<\/a>
\nInstagram<\/a><\/p>\n

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The author does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. The author will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.<\/em><\/h5>\n","protected":false},"excerpt":{"rendered":"

The housing market today is\u00a0anything but normal, and it\u2019s still an incredibly strong\u00a0sellers\u2019 market, especially when compared to the few years leading up to the pandemic. With that in mind, what can previous years tell us about today\u2019s real estate market and if it\u2019s truly slowing? Finish Reading What Do Past Years Tell Us About Today\u2019s Real Estate Market?<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[69],"tags":[10,18,25,49,42,23,106,406,20,12,48,108,13,28,326,197,54,253,47,19,17,332],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/2118"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=2118"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/2118\/revisions"}],"predecessor-version":[{"id":2123,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/2118\/revisions\/2123"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=2118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=2118"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=2118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}