Hey everyone, it's Scott Poland from Chestnut Park West. In today’s video, I want to cover a few topics. First, let’s discuss the recent 25-basis-point decrease in interest rates. While this adjustment might seem minor, it is a step towards building buyer confidence. Over time, even small changes like this can encourage more buyers to look at and potentially purchase homes.
Looking at July's data, we are seeing the highest supply of homes in recent years, with a slight decrease in the number of sales and prices. The number of new listings is also gradually increasing, which means our inventory will continue to grow. The government likely wants to avoid a significant drop in home prices. If the economy is indeed heading toward a recession, as some suggest, we might see interest rates drop more quickly. The goal here would be to stimulate spending and boost the economy.
For homeowners concerned about decreased home values, remember that if you're buying and selling in the same market, the impact can be neutral. While you might not get as much for your current home, you will also spend less on your next one. If you have any questions about your specific situation, our team is here to help guide you through the process. We understand that navigating the current market can be confusing with all the news out there.
Locally, the market seems to be holding steady. Prices have fluctuated, as expected, and August is typically a slow month with prices often dropping in summer. However, we anticipate a stronger market in September, October, and November. If you’re looking to buy a home, summer might be a great time due to the wide selection and less competition.
If you're considering buying and selling, this month could be a good time to act. Just keep an eye on property conditions and other factors. If you have any questions or need more information, feel free to reach out. We’re here to help!
Best regards
Scott