Community Marketing & Real Estate Update

Landings Housing: Good News, Bad News, or Both?

As a reminder, let’s define what the residential real estate industry considers “a normal market”. A balanced/normal housing market commonly is considered to be an inventory of available homes that corresponds to a four-month supply based on the demand or the rate of homes sold.

If you are a seller:

• June 2023 Landings’ housing supply was even lower than last year at 1.04 months -- nowhere near a balanced 4.0 months. Low supply and continued demand are putting positive pressure on values.
• May YTD 2023 median home value was $799,000 and averaged $898,104 -- both up 5.8% from year-end 2022.
• Our Landings Company agents still have three-to-five buyers ready to purchase as soon as they find the right house. However, they have become much more discerning.
• Homes closing at more than $1M are up 27% at 38 vs. 30 at this time last year. For many years, we only saw eight-to-12 of these closes annually.
• 101 homes closed in the first five months of 2023, but this was down 15% from a year ago, almost completely due to inventory constraints.
• Inquiries and Discovery Visits are down, as buyers don’t yet see enough inventory to make an initial trip or that second or third trip to buy and/or have a current mortgage of less than 4% and, in many cases, less than 3% for their current home.

If you are a buyer:

• Given the lack of housing supply in most areas nationally, regionally, and locally,  there appears to be no foreseeable end in sight to price escalation. Delays only make home value higher.
• There’s an old saying, “Marry the house, not the rate”, meaning that when rates do come down, you always can refinance. So if you find the right house, buy it…there aren’t a number of homes coming for sale behind it any time soon.
• If you see a home that you like or our contacts reach out to you to say the “right” house just came on the market, act quickly. The typical house goes from newly listed to closed in a scant 38 days. Amazing when you consider that it often takes 30 days after a home is under contract to complete inspections, appraisals, title work, mortgage processing, etc.
• Investing wisely in a home’s kitchen, bathrooms, décor, and landscape are adding to value nearly all the time. Don’t be afraid to buy a Landings home that has needs in key areas. Our agents can help advise you on what will and will not add value in today’s market.

The market is changing, and one can rest assured it will continue. As it does, we will keep you up to date.

If you’re considering a move, The Landings Company can guide you to properly position your home for this changing market and/or guide you to making a solid purchase choice. We still have many buyers visiting every month and many working with us in The Landings every day.

If you are interested in selling your home and/or buying one 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!