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The inventory has continued to roll in
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Median Sale Prices (across all home styles) have increased slightly vs March,
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Detached homes actually slightly decreased in price vs. March
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With more listings but a similar # of actual sales to last month, we are seeing an increase in months of inventory
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With more options, days on market has increased to 13 from10 in March
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Something to note: The latest Consumer Price Index numbers released this week show inflation has DECREASED to 2.7%, which is an important consideration for the next interest rate annoucement (happening June 5th)
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BUYING? With an interest rate decrease likely coming soon (popular opinion says June, we'll see) now is the time for buyers to take action before more come off the bench
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SELLING? Spend time really thinking about your goals. With a possible interest rate decrease being announced soon, there could be more buyers coming into the market. Get ready NOW so when the right time comes you can stay ahead of your competition.
CURRENT MARKET TRENDS
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Meet Fisher.
We added a new member to our team this week. Fisher is an 8 week old Portugese Water Dog who loves to be outside, chew on wood chips and lay on his families feet. We are having a blast getting to know each other. We think he'll be a great contributor to the team.
Noteworthy news.
Next interest rate announcement: June 5th
All eyes are on the next interest rate annnoucment, especially after the latest inflation numbers showing a "cool" 2.7% (the lowest it has been since March 2021. This has swayed the majority of industry experts to expect a rate cut with the June announcement. Stay tuned...
You should know about: "Open Offers"
Why? because it could impact the way you submit OR review offers during your next move.
As of December 1st, 2023, a new way of managing offers on your home became available. If you bought or sold a home previous to this time you most likely participated in a "Blind offer" system, meaning as a buyer you have no idea what the contents of the other offers are, as a seller you do not disclose the contents of individual offers. Now, you have the option to use an "Open Offer" system for reviewing your offers. What does this mean? With an Open Offer system, the Seller can disclose information about each offer to all buyers who have submitted an offer. Giving the buyers a chance to change their offer, if they choose.
If you are a seller...
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You decide how much information you want to share about the competing offers.
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Your agent will advise you based on the characteristics of your property, market conditions, the content of the offers you receive and other things.
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You need to provide clear written direction to your agent before the content of any offers can be shared. Personal or identifying information contained in offers cannot be shared.
If you are a buyer...
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You decide whether you want to participate in a process where the content of your offer might be shared with other buyers.
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Your agent can tell you the steps to take to avoid having the content of your offer shared with other buyers.
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Be aware that the seller can make the decision to share the content of offers at any time. You may not know in advance. You may not know what parts of the offers will be shared.
As always, we are HERE to help guide and support you through the full process.
Client Congratulations
We could not be HAPPIER for J, D and K who have sold the home where they became a family and are ready to move onto the next chapter in a home that meets all their needs. The hard work and endless energy you have put into making your home shine it's brightest is absolutely inspiring. We could not have asked for more collaborative partners who were open to all of our suggestions and hopped right into "work mode" :). Cheers to your new home!
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