Is Your Home An Asset?
Have you ever heard the expression, “It’s a buyer’s market?” That phrase
describes what’s happening with today’s residential real estate: homes are
selling for under their asking price and are taking longer to sell. Good
news for buyers; not good news for sellers.
I’m not a real estate professional, but I do understand that a home is often
a critical asset for families. So, I would be remiss if I didn’t periodically
update you on real estate trends and statistics.
As you can see, homes are selling at nearly 2 percent below the asking
price. Perhaps even more concerning, homes are taking 56 days to go
under contract–the longest in almost five years. So you may be seeing
“for sale” signs up in your neighborhood for longer than you expect.
As you would expect, higher mortgage rates are the main reason for the
slowdown. Higher mortgage rates mean monthly payments are near
record highs.
If you have questions about your home, I encourage you to speak with a
real estate professional with insight into your local market. But if you have
questions about your home’s role in your overall personal finances, please
let me know.
I’ll continue to pass along any information I have, including any updates
on the outlook for interest rates.
RedFin.com, February 12, 2025
