On a recent Facebook Survey users were asked: “What is the question you are most often asked?” As a Licensed Buyer’s Specialist, I am most often asked “What is the market like in our area?”
One of the goals of The Four Corners Home Team at Keller Williams Realty is to stay knowledgeable of the current local market trends in order to communicate with and equip our Buyers and Sellers so that they can make the most educated decision possible to meet their Real Estate goals. (We offer no-cost consultations to both Buyers and Sellers.)
A snapshot of the current local market trend for San Juan County is:
Average Days on the Market:
Overall: 84; Aztec: 95 (down from 96); Bloomfield: 110 (up from 98); Farmington: 76; Kirtland: 111 (down from 112).
What does that mean?
Average days on the market gives us a good idea of how long homes in certain areas of San Juan County are currently taking to sell.
For sellers we can give you a closer snapshot of the average days for your neighborhood in our free consultation.
For Buyers this number can give us an understanding of how the home is priced in comparison to the current market, and how motivated the sellers are.
Median Home Prices:
Median list price for San Juan County is $186,500; Median sold price is $173,500.00 and Average Sales price is $191,505 up from $186,189.
What does this mean?
When selling or buying a home, the most useful information associated with Median Listing Price is the trend displayed in the numbers. If the figures show a downward trend, it means that sellers are dropping their prices in response to a softening market. A "soft" market is also referred to as a "cold" or "buyers" market. If Median Listing Price is trending down, it may take longer to sell a home and buyers may have more bargaining power. If Median Listing Price is trending up, the market may be "hot" and homes will likely be selling more quickly. Sellers will have the advantage when prices are going up.
The nitty gritty: How do the numbers compare to 2015?
In August 2016, 63 listings were sold up from 56 in August of 2015.
Average list price is up 1.02% from 2015
Average sales price is up 2.86% from 2015
Median Sales price is up 1.02% over 2015
One in four homes sold in San Juan County involve a Keller Williams Broker.
You can see that there are several reasons to buy this fall in San Juan County.
Looking for an outside opinion? Keeping Matters Current has a great article titled "4 Reasons to Buy this fall" offering additional insight.
1. Prices Will Continue to Rise
CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.4% over the next year. The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.
2. Mortgage Interest Rates Remain at Historic Lows
Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have remained at or below 3.5% for 13 consecutive weeks. The Mortgage Bankers Association, Freddie Mac & the National Association of Realtors are in unison, projecting that rates will increase by this time next year.
3. Either Way You Are Paying a Mortgage
Everyone should realize that, unless you are living with your parents rent-free, you are paying a mortgage - either your mortgage or your landlord’s.
4. It’s Time to Move on with Your Life
he ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.
But what if they weren’t? Would you wait? Look at the actual reason you are buying and decide whether it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer or you just want to have control over renovations, maybe now is the time to buy.
If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.
Like the read? get more here: http://www.keepingcurrentmatters.com/2016/09/26/4-reasons-to-buy-this-fall/
Shout out and great big thank you to Amber Hale, Realtor at Keller Williams Realty Farmington for putting together the stats for our office and used in this blog.