Community Marketing & Real Estate Update
Yet another pivot in Landing’s real estate?
Along with fall, change is certainly in the air with real estate in The Landings. A few notable thoughts and/or changes are listed below.
- Inquiries through our national and local marketing are up 4% over last year-to-date and are coming from an even broader geography.
- Resulting Discovery Visits are down slightly from last year but are 9% over the last “normal”/pre-COVID year of 2019.
- Interest rates remain historically low at about 6.75%, but given how spoiled we have all been with such low rates for some time now, when combined with much higher home values, national home affordability is at a three-decade low.
- This impact on affordability affects us directly, as fewer people can afford The Landings, and indirectly, as it makes our buyer’s sale in their departure city more challenging.
- Buyer/consumer sentiment, particularly for those buyers we see who are in or entering retirement where they will rely on 401k/IRA savings, has been impacted by the stock market.
- The inventory of homes for sale (listings) is up from 0.2 months at this time last year but remains very tight at a 1.1-month supply. Given that a four-month supply is considered balanced, this low supply/still strong demand is supporting home values, but they have softened a bit as the voraciousness has subsided a bit.
- Our lack of inventory continues to impede sales to our backlog of buyers.
- Landings sellers shouldn’t necessarily expect to receive a price like their neighbor received as recently as six-to-18 months ago. Initially setting the appropriate price is critical.
- Multiple offer situations are happening but are much fewer in number.
- In spite of the above, sales continue at pace, even at the high end, as we’ve had a number of sales from $1.1M to $2.1M in the last few weeks.
Here’s what conditions look like vs. last year at this time using four key metrics: homes sold, months of inventory, days on the market, and homes on the market.
If you’re a current resident considering a move, The Landings Company continues to be involved in 80% of the housing transactions in The Landings. We can guide you to properly position your home to sell in this quickly changing market or help you find your next dream home in The Landings.
We have large numbers of buyers visiting every month and many working with us in The Landings every day. Proper preparation, pricing, and promotion are the keys to success in maximizing your value and decreasing your home’s time on the market.
If you are interested in selling your home and/or looking to buy another and want to learn more, please call one of us today (912-598-0500).
The Landings Company is 100% self-funded and can only continue with your support when selling your home, referring friends and family, or renting your home. Thank you again for your support this year!
Your Company, The Landings Company!
This article was originally published by The Landings Association on their website. Visit landings.org to read the original article. https://landings.org/news/2022/11/07/community-marketing-real-estate-update